Key Takeaways
- • Prominent single family offices built AI-infrastructure exposure in public markets in Q2 2026 while retreating from Chinese equities, according to an analysis of 13F data on Dakota Marketplace.
- • Leon Cooperman's Omega family office held Vertiv Holdings untouched at more than $700M, roughly a fifth of its portfolio, while Appaloosa Management added to Amazon, Alphabet, and Taiwan Semiconductor Manufacturing.
- • Family office direct investments fell to 61 deals in July from 73 in June, with Information Technology (16 deals) and Industrials (12 deals) the most active sectors.
- • ICONIQ Capital and Doerr Capital were the most active family offices in July with three deals each, including participation in Helsing's $1.8B Series E at an $18B valuation.
- • Pontegadea Inversiones made the month's largest real estate deal, a €800M acquisition of Capital 8, a Paris business center.
Summary
According to Dakota Marketplace's analysis of second-quarter 13F data, a select group of single family offices is concentrating public-market exposure in AI infrastructure while exiting Chinese equities. David Tepper's Appaloosa Management added to Amazon, Alphabet, and Taiwan Semiconductor Manufacturing during the quarter. Leon Cooperman's Omega family office kept Vertiv Holdings, a data-center cooling and power-equipment maker, as its largest holding at more than $700M, alongside stakes in Mirion Technologies and MP Materials. Price appreciation also contributed to position sizes: implied share prices for Micron Technology and Advanced Micro Devices roughly tripled between Q1 and Q2, and Appaloosa trimmed share counts in both even as dollar values rose, a pattern the source describes as more consistent with harvesting gains than reducing conviction. Multiple filers, including Stanley Druckenmiller, George Soros, and Ray Dalio's family offices, added to hyperscalers Alphabet and Amazon, with buying extending to data-center builders and power providers.
In the same period, the group reduced China exposure. Appaloosa eliminated JD.com and PDD Holdings, cut its Alibaba stake by more than half, and exited the KraneShares CSI China Internet ETF, which other filers also trimmed or cut without any adding. Baidu was the exception: Appaloosa nearly doubled its stake to $148M, and Duquesne opened a new $10M position.
Direct investment activity cooled in July after a strong June, with 61 deals tracked versus 73 in June. Information Technology led with 16 deals (down from 20), Healthcare fell to 10 from 17, and Industrials held near 12. Doerr Capital and ICONIQ Capital were the most active family offices with three deals each. ICONIQ joined Helsing's $1.8B Series E, valuing the Munich-based defense AI firm at $18B, along with Prime Intellect's $130M Series A and Paper's $34M Series A. Doerr backed Antora Energy's $550M Series C and CuspAI's $450M Series B, which valued the AI materials discovery startup at $2.6B. Bezos Expeditions participated in Oratomic's $300M Series A and CuspAI's round. Duquesne joined Ratio Therapeutics' $70M Series C. Aglaé Ventures joined Humanoid's $152M Series A at a $1.35B post-money valuation. Pontegadea Inversiones, the family office of Amancio Ortega, completed the month's largest real estate deal, a €800M purchase of the Paris business center Capital 8.
Jefferson River Capital, the family office of Blackstone's former president and COO Tony James, backed Norm AI's $120M Series C and Augmodo's $21M round in July. The office also launched Jefferson Life Sciences in late 2025, led by Laura Lande-Diner, and backed Fesarius Therapeutics' $20M Series A in June. Madison River Capital, which spun out of Jefferson River in 2022, closed its first institutional fund at $370M in February 2025, with James reportedly contributing $60M.
Personnel moves included Adam Benjamin, a Fidelity portfolio manager, reportedly joining Michael Dell's DFO Management; Henry Crown & Co. appointing Leeny Oberg and Eric Upin to its board; Max Pacella's promotion to portfolio manager at Balmoral Australia; and Westerman Family Office hiring Wade Schaller as vice president of investments.
In the same period, the group reduced China exposure. Appaloosa eliminated JD.com and PDD Holdings, cut its Alibaba stake by more than half, and exited the KraneShares CSI China Internet ETF, which other filers also trimmed or cut without any adding. Baidu was the exception: Appaloosa nearly doubled its stake to $148M, and Duquesne opened a new $10M position.
Direct investment activity cooled in July after a strong June, with 61 deals tracked versus 73 in June. Information Technology led with 16 deals (down from 20), Healthcare fell to 10 from 17, and Industrials held near 12. Doerr Capital and ICONIQ Capital were the most active family offices with three deals each. ICONIQ joined Helsing's $1.8B Series E, valuing the Munich-based defense AI firm at $18B, along with Prime Intellect's $130M Series A and Paper's $34M Series A. Doerr backed Antora Energy's $550M Series C and CuspAI's $450M Series B, which valued the AI materials discovery startup at $2.6B. Bezos Expeditions participated in Oratomic's $300M Series A and CuspAI's round. Duquesne joined Ratio Therapeutics' $70M Series C. Aglaé Ventures joined Humanoid's $152M Series A at a $1.35B post-money valuation. Pontegadea Inversiones, the family office of Amancio Ortega, completed the month's largest real estate deal, a €800M purchase of the Paris business center Capital 8.
Jefferson River Capital, the family office of Blackstone's former president and COO Tony James, backed Norm AI's $120M Series C and Augmodo's $21M round in July. The office also launched Jefferson Life Sciences in late 2025, led by Laura Lande-Diner, and backed Fesarius Therapeutics' $20M Series A in June. Madison River Capital, which spun out of Jefferson River in 2022, closed its first institutional fund at $370M in February 2025, with James reportedly contributing $60M.
Personnel moves included Adam Benjamin, a Fidelity portfolio manager, reportedly joining Michael Dell's DFO Management; Henry Crown & Co. appointing Leeny Oberg and Eric Upin to its board; Max Pacella's promotion to portfolio manager at Balmoral Australia; and Westerman Family Office hiring Wade Schaller as vice president of investments.
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