Family offices
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Family Offices Scale Back Deal Volume, But AI Still Attracts
Deal-making among ultra-high-net-worth family offices slowed significantly in 2025, with direct investments down 63% year-over-year in October. Despite the downturn, AI remains a key focus, attracting substantial capital. Notable deals include Winklevoss Capital’s investment in Crusoe and Hillspire’s investment in Reflection. Family offices also participated in fusion energy funding rounds. While deal volume decreased, overall ticket size remains substantial, driven by AI’s surging valuations and a shift towards larger, mature deals, as family offices seek greater returns and build in-house expertise.
