Throughout his decades-long career, from the trading floors of SG Warburg in the 1980s to launching venture-backed biotech solutions across Asia, Hopkins has cultivated a rare perspective:

Capital can either chase the past or fund the future.

In one of a Connect Group's exclusive interviews, he opens up about market crashes, impact investing innovation, and what legacy-minded capital needs to do differently. His insights are both surprising and deeply relevant for family offices, particularly those thinking generationally.

Here are five standout lessons that challenge conventional wisdom - and offer a blueprint for the future of family capital.

1. “Investing in Emerging Markets is Like Running Up a Descending Escalator”

Hopkins describes emerging market (EM) investing not as a playground for thrill-seekers - but as a gruelling, nuanced battle.

"The challenge lies in generating sufficient alpha to offset the relentless devaluation of EM currencies. It’s like running up a descending escalator.”

Most global investors avoid the pain. But Hopkins argues that’s precisely why opportunity exists.

His solution?

• Back local managers who deeply understand their markets—linguistically, culturally, and politically.

• Prioritise custodial safety, transparency, and liquidity in every transaction.

• Avoid the outdated practice of wiring funds into blind pooled structures.

Why it matters to family offices:
Family capital is naturally long-term. That gives it a unique edge in EM markets, where patient capital paired with smart local partnerships can outperform—with lower headline competition.

⚠️ Insight: “The alpha tourists are gone. It’s time for the builders to step in.”

2. Back Science, Not Speculation

In a time when much of the venture world is chasing “hot” trends, Hopkins doubles down on something different: incontrovertible science. 

His approach at Milltrust Ventures? 

Support ideas that are already proven in the lab, protected by IP, and rooted in the world’s most respected institutions.

“We don’t chase unicorns. We back the scientists who will change the way we live, eat, and heal.”

Highlighted investments:

• Vaccitech (Oxford): Delivered free COVID vaccines to 2.8+ billion people in developing countries.

• Polymateria (Imperial College): Pioneered biodegradable plastic tech—already rolling out in Asia.

• Oncoshot (Singapore): Democratizing access to global cancer clinical trials across Asia.

• BugEra (Roslin Technologies): Turning fly larvae into sustainable biofuels.

These are not pipe dreams. They’re real, scalable innovations changing lives and solving problems no spreadsheet can capture.

Why it matters to family offices:
This is where legacy and returns converge. Backing science allows you to generate alpha while creating a tangible, measurable impact on the world.

🔬 Hopkins says it best: “Impact isn’t idealism. It's an intelligent capital—directed with purpose.”

3. Avoid Fads. Follow Decades-Long Themes That Will Shape the Future

Hopkins offers a sharp warning to long-term investors:

“Don’t make the mistake of buying passive or closet index-huggers. If you can’t find alpha, go find higher beta somewhere else.”

Instead, his strategy is built around secular themes that will define the next 20–30 years of human development:

• Health

• Food security

• Climate and biodiversity

• Decarbonization

• Human genetics

• AI in medicine

Why it matters to family offices:
Most family offices are set up to preserve wealth. But to stay relevant, they must also fund what’s next. These long arcs of innovation offer a rare combination: resilience through macro cycles and consistent capital inflow over time.

📈 Trend to watch: Sectors like regenerative agriculture, gene-edited livestock, and climate tech are no longer niche—they are necessary infrastructure for tomorrow.

4. Structure is the New Alpha

Hopkins is obsessed with investment structure—and for good reason. As he puts it:

“You don’t just lose money from bad picks. You lose it from bad custody, poor transparency, and locked-up liquidity.”

At Milltrust, client funds are held in managed accounts, not pooled vehicles. This ensures:

• Full control over assets

• Visibility into underlying holdings

• Exit flexibility if things go sideways

• Lower reliance on third-party middlemen

Whether working with boutique hedge funds or early-stage tech companies, this structure de-risks the relationship while empowering the investor.

Why it matters to family offices:

Many families have learned the hard way that how you invest is just as important as what you invest in. Hopkins’s model offers a masterclass in operational resilience.

💼 Core Principle: “Safety, liquidity, and transparency are not negotiable. They are structural alpha.”

5. Stress Comes with the Territory—But It Should Be the Right Kind

Hopkins doesn't romanticize entrepreneurship. He’s honest about the pressure that comes with being deeply embedded in your mission.

“The stress is constant. But it’s not the stress of dealing with people whose values clash with yours. It’s the stress of building something that matters.”

What fuels him now is not just profit, but purpose. He’s investing with long-term colleagues, global scientists, and innovators—people he believes in. And yes, his family. Hopkins credits his wife and children with grounding him and shaping his values.

Why it matters to family offices:
Values-driven leadership is not just a personal trait—it should be a structural filter in how you deploy capital, choose partners, and assess risk. The most successful family offices of the next decade will be those that integrate values and vision from the inside out.

🔁 Hopkins’s reminder: “Legacy isn’t what you leave behind. It’s what you build now—day by day, decision by decision.”

Final Reflection: The Future Is Built on Intentional Capital

Simon Hopkins has seen it all—from Black Monday to the GFC, from Madoff to Milltrust. What makes him relevant today isn’t his longevity—it’s his clarity. He knows the world has changed. And he’s challenging the next generation of family offices to change with it.

“There’s no free lunch. But there is an outsized return—if you’re willing to back science, structure your risk, and think like a builder, not a trader.”

Want to build a forward-looking family office strategy inspired by leaders like Simon Hopkins? Let’s talk. Or subscribe for more deep insights, global voices, and generational thinking.

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