In April 2013, JPMorgan’s Capital Introduction Group released its tenth annual survey of institutional investors, including family offices that have invested approximately $50.7 billion in hedge funds.  Survey respondents shared their views on various topics, including their preferences regarding hedge fund manager size, investment strategy, fee terms, liquidity terms and transparency levels.  This article summarizes the primary findings from this report.  For a discussion on how to market to family offices, see “How Can Hedge Fund Managers Effectively Raise Capital from Single-Family Offices, Multi-Family Offices and High Net Worth Individuals?,” Hedge Fund Law Report, Vol. 6, No. 20 (May 16, 2013).