Key Takeaways
- • Michael Dell's family office agreed in September 2026 to help take The Baldwin Group private in a $7.7 billion transaction, a deal structured much like a traditional private equity buyout, according to the article's account of the transaction.
- • Deloitte estimates 8,030 single-family offices worldwide managed about $3.1 trillion in 2024, up 31% in count from 2019, and projects roughly 10,720 offices managing $5.4 trillion by 2030.
- • S&P Global Market Intelligence reported family office direct investment rose 123.3% in 2025 to $12.9 billion across 158 disclosed transactions, the highest annual deal value since at least 2021.
- • Citi's September 2026 survey of 351 family offices found institutional discipline applied to planning, risk management and succession, yet these functions remain organized around each family's objectives.
- • Only 35% of family offices have a defined succession plan, per UBS, while Citi found roughly one-third expect a leadership transition within five years.
Summary
Writing in a guest column for Family Wealth Report, Joshua Becker, a partner at law firm Pillsbury in New York, argues that family offices are becoming simultaneously more personal and more institutional. He cites the agreement by the family office of tech entrepreneur Michael Dell, reached in September 2026, to help take The Baldwin Group private in a $7.7 billion transaction. The deal resembled a conventional private equity buyout, involving institutional-scale acquisition, employee rollover equity and an operational plan, but the buyers described Dell's capital as long-duration and founder-aligned.
The scale of the sector is substantial. Deloitte estimates that single-family offices worldwide numbered 8,030 in 2024, up 31% from 2019, and managed an estimated $3.1 trillion. Deloitte projects nearly 10,720 offices managing $5.4 trillion by 2030. Unlike traditional institutions, family offices have no outside limited partners, no fixed fund life and no uniform return target, which can make their capital patient and flexible but also idiosyncratic. S&P Global Market Intelligence reported that family office direct investment rose 123.3% in 2025 to $12.9 billion across 158 disclosed transactions, excluding investments made through private equity and venture funds. Deloitte found that families spend on average 22% of their time on direct investing, 19% on administration and compliance, and 15% supporting the family business.
The article describes several recurring investment approaches: relationship-driven backing of founders, next-generation portfolios that build family expertise, strategic and operator investing with board seats or control, co-investment alongside private equity and venture managers, and capital-preservation strategies favoring private credit, preferred equity and real estate. Governance tools such as investment committees, family councils, written policies and private trust companies help convert family preferences into repeatable processes. UBS reported that 60% of family offices planned allocation changes within 12 months.
Regulatory scrutiny may increase over the next decade. The article cites the 2021 collapse of Archegos Capital Management as renewing calls for oversight. Family offices generally remain exempt from registration under the Investment Advisers Act, but those managing outside capital, advising for compensation or engaging heavily in derivatives face growing pressure to adopt institutional compliance frameworks.
Succession is identified as the central test. Citi found about one-third of surveyed families expect a leadership transition within five years, while UBS reported that only 35% have a defined succession plan. The author concludes that as family office assets grow, they will influence which companies obtain financing, how long businesses stay private and which industries attract patient capital.
The scale of the sector is substantial. Deloitte estimates that single-family offices worldwide numbered 8,030 in 2024, up 31% from 2019, and managed an estimated $3.1 trillion. Deloitte projects nearly 10,720 offices managing $5.4 trillion by 2030. Unlike traditional institutions, family offices have no outside limited partners, no fixed fund life and no uniform return target, which can make their capital patient and flexible but also idiosyncratic. S&P Global Market Intelligence reported that family office direct investment rose 123.3% in 2025 to $12.9 billion across 158 disclosed transactions, excluding investments made through private equity and venture funds. Deloitte found that families spend on average 22% of their time on direct investing, 19% on administration and compliance, and 15% supporting the family business.
The article describes several recurring investment approaches: relationship-driven backing of founders, next-generation portfolios that build family expertise, strategic and operator investing with board seats or control, co-investment alongside private equity and venture managers, and capital-preservation strategies favoring private credit, preferred equity and real estate. Governance tools such as investment committees, family councils, written policies and private trust companies help convert family preferences into repeatable processes. UBS reported that 60% of family offices planned allocation changes within 12 months.
Regulatory scrutiny may increase over the next decade. The article cites the 2021 collapse of Archegos Capital Management as renewing calls for oversight. Family offices generally remain exempt from registration under the Investment Advisers Act, but those managing outside capital, advising for compensation or engaging heavily in derivatives face growing pressure to adopt institutional compliance frameworks.
Succession is identified as the central test. Citi found about one-third of surveyed families expect a leadership transition within five years, while UBS reported that only 35% have a defined succession plan. The author concludes that as family office assets grow, they will influence which companies obtain financing, how long businesses stay private and which industries attract patient capital.
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