Global family office direct investments more than double in 2025

Family offices are making more direct investments into companies and other assets such as real estate, rather than through traditional private equity funds, with such investments rising 123.3% year-over-year to $12.9 billion across 158 transactions in 2025.

Last year's total deal value was the largest since at least 2021, according to S&P Global Market Intelligence.

Direct investments include global whole-company, minority stake and asset acquisitions, plus funding rounds where a family office or family trust is, or is among, the investors. The total deal value excludes investments made through private equity and venture capital funds.

Families are partnering with each other to invest in large assets rather than going through small private funds, said Manju Jessa, vice president and head of family office and strategic clients at Royal Bank of Canada.

"As family offices have matured both in size and sophistication, direct investments have become more appealing," Jessa said.

Greater control over investments, reduced fees and better valuations are prompting family offices to invest directly in companies, added Michael Kosnitzky, private client and family office partner at law firm Pillsbury Winthrop Shaw Pittman LLP.

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In 2025, most family office capital was invested in the US and Canada, where deal value totaled $6.5 billion, or 50.4% of the total.

Europe saw $5.3 billion in deal value, while Asia Pacific recorded $1 billion.

North America was a safe and stable bet for family offices last year amid geopolitical uncertainty in Europe and the Middle East, said Jessa.

This year, however, family offices, particularly those based in North America, are already reviewing their US exposure amid market volatility and dollar weakness, she added. North American family offices are either increasing allocations to APAC, excluding China, or shifting more capital to Europe.

North America is home to 7,800 family offices as of 2025, according to PricewaterhouseCoopers LLP.

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Across sectors, materials recorded the highest deal value at $4.8 billion across five deals, accounting for 37.4% of the total.

Among the sector's five deals was the largest family office investment in 2025: the $4.5 billion acquisition of manufacturer Verallia Société Anonyme by BW Gestao de Investimentos Ltda.

Within the materials sector, mining is gaining significant traction, particularly in the rare mineral space, said Joshua Becker, partner and co-head of private client and family office practice at Pillsbury.