Summary:
En 2025, l’activité des sociétés d’investissement parmi les bureaux familiaux ultra-riches a ralenti, avec une diminution des investissements directs de 63 % en octobre selon Fintrx. Cette actualité souligne l’importance continue de l’implication des bureaux familiaux dans le financement à grande échelle de l’intelligence artificielle malgré un déclin global du volume des transactions. Les points clés incluent la participation majeure des bureaux familiaux dans des tours de financement substantielles en IA, tels que l’investissement de la société Winklevoss dans le tour de 1,4 milliard de dollars de Crusoe et l’investissement de Hillspire dans le tour de 2 milliards de dollars de Reflection, ainsi que des proportions stables d’accords de plus de 100 millions de dollars et une multiplication par trois de la valeur des transactions en investissements IA, atteignant 123,3 milliards de dollars au cours du premier semestre 2025 selon PwC. La tendance actuelle est attribuée à la recherche de rendements plus élevés par les bureaux familiaux et à leur affirmation en tant qu’acteurs majeurs dans la conclusion d’accords mondiaux.
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The year 2025 has seen subdued deal-making activity among investment firms representing ultra-high-net-worth individuals, with family offices experiencing a notable decline in direct investments. According to data from Fintrx, direct investments by family offices saw a dramatic 63% drop in October compared to the same period the previous year. Nevertheless, family offices remain involved in backing significant fundraising rounds for artificial intelligence (AI) companies, reflecting a focus on large-scale, high-risk, potentially high-reward opportunities.
From a legal standpoint, family office investment behavior must meet regulatory compliance requirements under frameworks such as the Investment Advisers Act of 1940 in the United States. This law governs the operations of investment entities, ensuring proper registration, fiduciary duty, and transparency. Additionally, investments in startups—particularly AI ventures—may intersect with emerging legal issues surrounding intellectual property, data privacy laws like the General Data Protection Regulation (GDPR) in Europe, and AI-specific regulations, such as the EU’s Artificial Intelligence Act. These frameworks aim to mitigate risks associated with technology, including biases in AI models and the ethical use of data.
Ethically, the concentrated investment of family offices in large AI firms raises questions about resource allocation and societal priorities. While AI innovation holds promises of advancements in healthcare, energy efficiency, and automation, critics argue that investment in AI-driven startups often emphasizes profit over broader societal impacts. For example, controversies surrounding open-source AI models have highlighted the ethical implications of potentially irresponsible use cases, such as surveillance or misinformation. Family offices, therefore, face ethical considerations balancing lucrative returns against societal costs.
Despite the decline in direct investments, the industry implications are significant. AI remains a key driver of sustained deal volumes for family offices. For instance, the $1.4 billion Series E round for Crusoe, participated in by the Winklevoss-backed family office, has elevated the data center developer’s valuation to $10 billion. Similarly, Hillspire—the family office of Eric Schmidt—joined Reflection in raising $2 billion, pushing its valuation to $8 billion as it develops open-source AI models. These specific examples highlight how family offices, often insulated from external economic pressures, can fundamentally shape industries with targeted capital infusions. Commonwealth Fusion’s $863 million Series B2 fundraising earlier in the year—backed by Hillspire, Emerson Collective, and Duquesne Family Office—also underscores their role in driving investments in transformative energy technologies.
Moreover, PwC’s midyear analysis reveals that family offices increasingly prioritize larger deals. While the total number of deals declined by 23% annually during the first half of 2025, the value of these deals only dropped by 18%. Investments exceeding $500 million remained steady, and deals above $100 million constitute 15% of all family office transactions. Notably, investment in AI and machine learning nearly tripled by value to $123.3 billion during the same timeframe, reinforcing the trend towards higher-value betting.
This rising trend corresponds with the strategic shift over the past decade. Whereas deals under $25 million previously accounted for 70% of family office investments in 2015, such deals now represent just 59%, while deals between $25 million and $100 million have grown to constitute 26%. Similarly, deals above $100 million now account for 15% of the investment landscape, up from 9% in 2015. PwC attributes this shift to family offices seeking larger returns while embracing their growing prominence in global financial markets.
In conclusion, family offices play an increasingly pivotal role in shaping investments in transformative technology sectors. While the decline in direct investments signals caution amid broader economic uncertainties, the steady rise in high-value deals, especially for AI firms, marks a calculated effort to secure outsized returns. At the intersection of legal compliance, ethical considerations, and market disruption, the strategic behavior of family offices reaffirms their influence as major players across the global financial ecosystem.