Key Takeaways
- • The article argues family offices are shifting from passive wealth preservation toward active private markets access platforms, competing for proprietary deal flow in co-investments, SPVs, and direct deals.
- • Citing a 2025 Citi survey, 70% of family offices had been involved in direct investing, with 40% substantially increasing activity in the prior year.
- • The article cites PitchBook and NVCA data showing 30 firms raising over $500M captured 68% of new venture commitments in 2024, while emerging managers raised just $15B.
- • Average family office private markets allocations were 21% in 2024, with respondents planning to reduce this to 18% in 2025, mainly by lowering direct investments.
- • According to J.P. Morgan, average annual operating costs for single-family offices with over $1B in assets exceed $6.6M, raising the bar for smaller offices seeking institutional-grade capacity.
Summary
An opinion piece by Natalia Gkagkosi on economy.ac argues that family office private markets are becoming an access business, with offices competing on their ability to identify, screen, structure, and syndicate private transactions that do not reach the broader market. The article estimates there are 8,030 single-family offices, up 31% from 2019, and forecasts 10,720 by 2030, citing Deloitte. It also cites the UBS Global Family Office Report 2023, which puts total family wealth managed by family offices at approximately US$5.5 trillion, with about US$3.1 trillion under management.
The author contends that family offices have moved beyond wealth preservation toward operating as access platforms. Citing a 2025 Citi survey, the piece notes that 70% of family offices had been involved in direct investing, with 40% substantially increasing activity over the prior year. The article says this reflects increased co-investments, special purpose vehicles, cross-border structures, internal sourcing, and demand for advisory and networking services. It argues that trust and access to scarce deals, rather than analytical tools, are the hard-to-buy assets.
The article attributes the rise of private credit as a focus to a difficult venture environment following the failure of Silicon Valley Bank on 10 March 2023. Per PitchBook and NVCA data cited in the article, 30 firms raising over $500M received 68% of new venture commitments in 2024, while emerging managers raised $15B, a level not seen since 2015. The article states private credit offers sustained income, more downside protection than venture, and visible cash returns. It also says family offices planned to reduce private markets allocations from 21% in 2024 to 18% in 2025, mainly by reducing direct investments, and cites a UBS report indicating private markets make up around 30% of a typical North American family office portfolio.
The piece describes a competitive landscape in which family offices contend with private banks, general partners, independent sponsors, alternative managers, outsourced CIO platforms, and multi-family offices. It references an HNW Ranking report on independent multi-family offices and cites J.P. Morgan figures showing average annual operating costs above $6.6M for single-family offices with over $1B in assets. The article also references a 2025 Heidrick & Struggles survey on talent development in the US and Europe, arguing that talent has become a competitive resource. The author concludes that the policy question is now how much opacity the expanding private capital channel should retain relative to regulated intermediaries.
The author contends that family offices have moved beyond wealth preservation toward operating as access platforms. Citing a 2025 Citi survey, the piece notes that 70% of family offices had been involved in direct investing, with 40% substantially increasing activity over the prior year. The article says this reflects increased co-investments, special purpose vehicles, cross-border structures, internal sourcing, and demand for advisory and networking services. It argues that trust and access to scarce deals, rather than analytical tools, are the hard-to-buy assets.
The article attributes the rise of private credit as a focus to a difficult venture environment following the failure of Silicon Valley Bank on 10 March 2023. Per PitchBook and NVCA data cited in the article, 30 firms raising over $500M received 68% of new venture commitments in 2024, while emerging managers raised $15B, a level not seen since 2015. The article states private credit offers sustained income, more downside protection than venture, and visible cash returns. It also says family offices planned to reduce private markets allocations from 21% in 2024 to 18% in 2025, mainly by reducing direct investments, and cites a UBS report indicating private markets make up around 30% of a typical North American family office portfolio.
The piece describes a competitive landscape in which family offices contend with private banks, general partners, independent sponsors, alternative managers, outsourced CIO platforms, and multi-family offices. It references an HNW Ranking report on independent multi-family offices and cites J.P. Morgan figures showing average annual operating costs above $6.6M for single-family offices with over $1B in assets. The article also references a 2025 Heidrick & Struggles survey on talent development in the US and Europe, arguing that talent has become a competitive resource. The author concludes that the policy question is now how much opacity the expanding private capital channel should retain relative to regulated intermediaries.
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