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Family Offices Are Deploying — And Hiring — Like Never Before
CNBC's inaugural Family Office 15 reveals a structural shift in how the ultra-wealthy invest directly — with crypto VC as the leading indicator
Source: CNBC Inside Wealth · JP Morgan Private Bank · Feb 2026
120+
Direct Deals in 2025
15
Top Hillspire Deals
⅓+
Deals into AI
$6.6M
Avg. Annual OpEx ($1B+ FOs)
The Cascade Effect
Large Family Offices
$1B+ AUM
- Building full internal investment teams
- Running own diligence
- Picking deals with GP-level conviction
- War for talent: VC managers, dealflow originators
Mid-Size Family Offices
See the shift. Want in.
- Can't build internal dealflow teams
- Starting to allocate more toward VC
- Actively seeking co-investment access
- Need trusted GP partners for deal access
Emerging GPs
The opportunity window.
- Co-invest access = LP magnet
- Build relationships 1-2 years before fundraise
- Next-gen leaders value narrative + impact
- Be inside the network, not emailing into it
Signals to Act On Now
01
The Check Should Feel Like a Formality
The relationship with a family office investor is almost never built during a fundraise. It's built a year before — sometimes two.
02
Co-Investment Is Your Leverage
Offer FOs direct deal access alongside your fund. It deepens the LP relationship far beyond a capital commitment.
03
Next-Gen Leaders Think Differently
Narrative, thesis, and impact matter to them in ways that would have sounded soft to the previous generation.
04
Access > Outreach
The ones getting allocations aren't mass-emailing lists. They're already inside the network — co-investing alongside GPs these families trust.
Anastasia Lukach
IR & Venture Capital · Dubai · Switzerland
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