Abstract:

Single Family Offices (SFOs), private structures dedicated to managing the wealth of a single family, are increasingly facing a strategic tension. Their legacy-driven governance, entrepreneurial history, and strong relational anchoring tend to reinforce conservative investment logics, characterized by a high degree of path dependence. At the same time, the rise of impact investing—driven by emerging generations and shifts in private markets—encourages them to integrate environmental, social, and governance (ESG) criteria into their allocation decisions. This article draws on a single case study based on an in-depth interview with Rajaa Mekouar, founder and CEO of Calista Direct Investors, to analyze how a Family Office can reconcile the preservation of family legacy with an impact-oriented investment approach. The findings highlight the coexistence of deeply rooted allocation routines and early signals of transformation toward impact sectors such as health, green transition, and DeepTech. The study also identifies organizational and cultural conditions likely to foster strategic change, including value alignment, intergenerational involvement, and the family–expert partnership model.

Keywords: Family Offices, impact investing, legacy, business families, family governance, succession, ESG