Family offices have hit pause on new deals in 2025, as investors wait for clarity around tariffs and global geopolitics. According to data from Fintrx, private investment firms tied to ultra-wealthy families made 375 direct investments in the first half of the year — marking a 32% decline compared to the same period in 2024.
While interest in sectors like tech and healthcare has cooled, family offices are still allocating capital selectively — particularly towards infrastructure supporting artificial intelligence, such as data centres. “They’re leaning into the underlying assets that power AI, rather than speculative bets,” said Jonathan Flack, who leads PwC’s global family office practice.
AI-related investments were the only category to see an uptick, rising from 55 to 71 deals. Healthcare also remains somewhat resilient, buoyed by demand pressures and new biotech ventures using AI — especially in areas like diagnostics, where policy changes are expected to impact rural care.
Despite having capital ready to deploy, many family offices are in wait-and-see mode. Some are holding off on U.S. investments until there is more clarity on trade policy under President Trump. “They’re being much more selective,” said Vicki Odette, a partner at Haynes Boone. “There’s greater scrutiny on profitability and near-term exit potential.”
That caution hasn’t meant a full stop. Family offices are showing interest in secondary funds, as institutional investors seek liquidity. Others are looking internationally. Odette noted a growing appetite for European and cross-border deals, even among U.S.-based investors. “We’re seeing more syndication across borders, with family offices collaborating in the search for alpha abroad,” she said.
Looking ahead, modest deal activity may resume by the end of the year. “There’s still a significant amount of capital sitting on the sidelines,” said Flack. “As we get closer to year-end, I expect family offices to start putting it to work.”
