Episode
Inside Marc Andreessen & Ben Horowitz's Multi-Family Office (Part II)
- Podcast
- Sourcery
- Published
- May 22, 2026
- Duration seconds
- 3432
- Processing state
not_requested
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Summary
Michel Del Buono, Chief Investment Officer of a16z Perennial (Andreessen Horowitz's multi-family office), returns to Sourcery for a deep dive into pre-liquidity event planning. Yes. You can earn a billion dollars. With the SpaceX IPO on the horizon and massive secondary activity around Anthropic, OpenAI, Stripe, and Anduril, Michel breaks down the three pillars of wealth optimization: trust & estate structuring, tax-advantaged investment strategies, and philanthropy. In this conversation, Michel and Molly cover QSBS stacking, the difference between L1, L2, and L3 SPV structures, the hidden risks in today's secondary market, the BDC liquidity gate situation, tax loss harvesting vs. trust strategies, real assets and depreciation, AI's impact on private equity, and why most founders show up to their liquidity event unprepared. Whether you're a founder approaching IPO, an early employee considering a tender, or just want to understand how the ultra-wealthy actually structure their balance sheets β this episode is essential listening. We cover: Pre-liquidity event planning QSBS stacking strategies Secondary market SPV risks Trust & estate structuring BDC liquidity gates Tax loss harvesting Real assets & depreciation Michel Del Buono: https://www.linkedin.com/in/mdelbuono Molly OβShea: https://x.com/MollySOShea Sourcery: β https://x.com/sourceryy πππππππ πππππ YouTube: https://youtu.be/U_Ia9xKL0vI ππππππππ β’ Brex βThe modern finance platform, combining the worldβs smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery β’ Turing β Turing partners with frontier AI labs to improve model capabilities in coding, reasoning, tool use, & multimodality, as well as with Fortune 500 enterprises to build &β¦