Key Takeaways
- • Global family office direct investments rose 123.3% year-over-year to $12.9 billion across 158 transactions in 2025, the largest annual total since at least 2021, according to S&P Global Market Intelligence.
- • Materials was the top sector at $4.8 billion across five deals (37.4% of total), led by the largest family office investment of 2025: BW Gestao de Investimentos Ltda's $4.5 billion acquisition of manufacturer Verallia Société Anonyme.
- • US and Canada captured $6.5 billion, or 50.4% of total deal value, while Europe saw $5.3 billion and Asia Pacific $1 billion.
- • Family offices are favoring direct deals over traditional private equity funds, citing greater control, reduced fees and better valuations, per Pillsbury Winthrop Shaw Pittman and RBC commentary.
- • North American family offices are reviewing US exposure amid market volatility and dollar weakness, with some increasing allocations to APAC excluding China or shifting capital to Europe.
Summary
Family offices increased direct investments into companies and 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, according to S&P Global Market Intelligence. The figure represents the largest annual total since at least 2021. Direct investments include global whole-company, minority stake and asset acquisitions, plus funding rounds in which a family office or family trust is, or is among, the investors. The totals exclude investments made through private equity and venture capital funds.
Manju Jessa, vice president and head of family office and strategic clients at Royal Bank of Canada, said families are increasingly partnering with one another to invest in large assets rather than committing to small private funds. "As family offices have matured both in size and sophistication, direct investments have become more appealing," Jessa said. Michael Kosnitzky, private client and family office partner at Pillsbury Winthrop Shaw Pittman LLP, said greater control, reduced fees and better valuations are prompting the shift.
By geography, the US and Canada led with $6.5 billion, or 50.4% of total deal value. Europe recorded $5.3 billion and Asia Pacific $1 billion. Jessa said North America was a stable destination in 2025 amid geopolitical uncertainty in Europe and the Middle East. In 2026, however, North American family offices are already reviewing US exposure amid market volatility and dollar weakness, with some increasing allocations to APAC excluding China or shifting more capital to Europe. PricewaterhouseCoopers LLP counts 7,800 family offices in North America as of 2025.
By sector, materials recorded the highest deal value at $4.8 billion across five deals, or 37.4% of the total. That sector included the largest family office investment of 2025, the $4.5 billion acquisition of manufacturer Verallia Société Anonyme by BW Gestao de Investimentos Ltda. Joshua Becker, partner and co-head of private client and family office practice at Pillsbury, said mining is gaining significant traction within materials, particularly in rare minerals.
Manju Jessa, vice president and head of family office and strategic clients at Royal Bank of Canada, said families are increasingly partnering with one another to invest in large assets rather than committing to small private funds. "As family offices have matured both in size and sophistication, direct investments have become more appealing," Jessa said. Michael Kosnitzky, private client and family office partner at Pillsbury Winthrop Shaw Pittman LLP, said greater control, reduced fees and better valuations are prompting the shift.
By geography, the US and Canada led with $6.5 billion, or 50.4% of total deal value. Europe recorded $5.3 billion and Asia Pacific $1 billion. Jessa said North America was a stable destination in 2025 amid geopolitical uncertainty in Europe and the Middle East. In 2026, however, North American family offices are already reviewing US exposure amid market volatility and dollar weakness, with some increasing allocations to APAC excluding China or shifting more capital to Europe. PricewaterhouseCoopers LLP counts 7,800 family offices in North America as of 2025.
By sector, materials recorded the highest deal value at $4.8 billion across five deals, or 37.4% of the total. That sector included the largest family office investment of 2025, the $4.5 billion acquisition of manufacturer Verallia Société Anonyme by BW Gestao de Investimentos Ltda. Joshua Becker, partner and co-head of private client and family office practice at Pillsbury, said mining is gaining significant traction within materials, particularly in rare minerals.
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