Private investment activity among the ultra-wealthy slowed sharply in July, with family offices completing just 42 direct investments — almost 60% fewer than a year ago, according to figures from private wealth platform Fintrx shared with CNBC.
The decline has been building for months, with uncertainty over President Donald Trump’s tariff policies dampening deal flow. In the first half of 2025, the number of direct investments by family offices was down 32% year-on-year.
Advisors note that those still deploying capital are increasingly looking overseas, even U.S.-based investors. Europe accounted for nearly one-third of July’s direct investments. Among them was Hillspire, the family office of former Google CEO Eric Schmidt, which backed two Paris-based AI ventures — document automation firm Retab and robotics startup Genesis AI, which also operates in California.
Swiss family office Infinitas Capital, led by co-founder and CEO Robin Lauber, has taken a more active stance in 2025. Originally focused on managing the Lauber family’s residential real estate portfolio, Infinitas has broadened its scope, investing in xAI and SpaceX earlier this year through its secondaries arm, Opportuna. Lauber expects three of its portfolio companies to list on Swedish or German exchanges before year-end.
In July, Infinitas made its 12th direct investment of the year, co-leading a $5 million pre-Series A funding round for Berlin-based lingerie and hosiery brand Saint Sass. The brand plans to launch swimwear and expand into the U.S. and U.K.
Despite volatility, Lauber sees reasons for optimism — from recent record IPOs to the potential for U.S. interest rate cuts and a possible softening of Trump administration policies ahead of the 2026 midterms. “From an allocation point of view, I think it’s actually a good time,” said the 32-year-old third-generation heir.
Infinitas has also capitalised on market dislocation, with portfolio company Kanaan Sellers Group — a collection of e-commerce brands in kitchenware and outdoor furniture — acquiring assets at attractive terms. “Institutional investors have pulled back from consumer and asset-heavy businesses,” Lauber noted. “That’s created space for family offices and high-net-worth individuals willing to take a longer-term view.”
