Family offices invest across the full spectrum: direct startup deals, private equity, real estate, public markets, and fund commitments as limited partners. In our database of more than 2,700 active family offices, 42% invest in startups, 38% in private equity, 28% in real estate, 18% in public equities, and 16% commit to venture capital funds as LPs.
Those percentages measure the share of offices active in each domain, and a single office often appears in several categories at once. That makes them a practical map for anyone raising capital: they tell you how many doors could plausibly open for your specific deal type. This article walks through each asset class, what the demand looks like inside it, and how our activity data compares with the big allocation surveys.
The headline numbers from our database
Across the more than 2,700 verified active family offices we track, here is the share active in each investment domain:
| Investment domain | Share of offices active |
|---|---|
| Startups / direct deals | 42% |
| Private equity | 38% |
| Real estate | 28% |
| Public equities | 18% |
| Venture capital funds (as LPs) | 16% |
| Technology | 14% |
| Impact investing | 13% |
| Healthcare | 9% |
| Philanthropy | 8% |
| Consumer | 7% |
| SMB acquisitions | 6% |
Two notes on reading this table. First, categories overlap: an office backing startups directly may also write LP checks into venture funds and hold an apartment portfolio. Second, this is activity data (does the office do this at all), which differs from allocation data (what percentage of the portfolio sits in each bucket). Both views are useful, and we cover the allocation view further down.
Startups and direct deals: the most common activity
Direct startup investing is the single most widespread activity in our data, at 42% of offices. This matches what founders experience on the ground: family offices have become a meaningful alternative to institutional venture capital, especially for rounds where patient capital and industry connections matter more than a brand-name lead. Sector appetite concentrates in technology (14% of offices), healthcare (9%), and consumer (7%).
Family offices approach direct deals differently from venture firms. They move on their own timelines, they can hold for a decade or more, and many prefer sectors where the family built its original wealth. Our comparison of a family office vs venture capital breaks down how the two investor types evaluate the same deal.
Private equity and small business acquisitions
Private equity is the second most common domain at 38% of offices. This spans direct buyouts, co-investments alongside sponsors, and commitments to PE funds. Family offices like private equity for the same reasons institutions do (control, cash flow, less mark-to-market noise), and they bring an extra advantage: as former operators, many families are credible buyers for founder-owned companies.
A related and underappreciated niche is SMB acquisitions, where 6% of offices are active. These offices buy small and medium businesses outright, often in unglamorous industries with steady cash flow, and they are a natural audience for searchers and independent sponsors. We keep a dedicated list of USA family offices that buy small businesses, and the broader group appears in our roundup of USA family offices investing in private equity.
Real estate: the classic family office asset
Real estate shows up in 28% of offices, and the true familiarity is higher, since many families made their money in property or hold legacy real estate outside their disclosed investment activity. Family offices participate as direct owners, as co-GPs, and as LPs in syndications and funds. For sponsors, they are attractive partners because they underwrite for decades, tolerate illiquidity, and often prefer simple structures over layered institutional terms. Demand clusters in major markets; our list of New York family offices investing in real estate shows what that concentration looks like in one city.
Public equities and liquid portfolios
In our activity data, 18% of offices are identifiably active in public equities. The allocation surveys suggest the liquid book is larger than that number implies: in the UBS Global Family Office Report 2025, which surveyed 317 family offices with an average net worth of US$2.7 billion, equities were the largest allocation at 30% of portfolios, with fixed income at 18% and cash at 8%.
The two views reconcile easily. Public market exposure is often outsourced to external managers or run quietly as a treasury function, so it generates little visible dealflow. Direct startup, PE, and real estate activity is what surfaces publicly, which is why activity data and allocation data tell complementary stories.
Venture capital funds: family offices as LPs
16% of the offices in our database commit to venture capital funds as limited partners. For emerging fund managers this is one of the most valuable audiences in existence, since family offices can anchor first-time funds that institutions will skip, and they decide faster than consultant-driven allocators. Appetite skews toward funds with a sector story the family understands. Our list of USA family offices investing in venture capital covers this group in depth.
Alternatives, impact, and philanthropy
Beyond the core asset classes, 13% of offices are active in impact investing and 8% maintain structured philanthropy alongside their investing. The UBS 2025 report shows the wider alternatives picture at the portfolio level: private equity at 21% of allocations, real estate at 11%, private debt at 4%, and hedge funds at 4%. Deloitte's Family Office Insights research likewise documents a structural shift toward private markets as the office population grows toward a projected 10,720 by 2030.
Impact and philanthropy deserve attention from fundraisers because they signal values-driven decision making. An office with a family foundation and an impact mandate will hear a climate, health, or education pitch differently than a pure returns-driven allocator will.
How to use these numbers when raising capital
Start from your deal type and work backward. If you run a real estate syndication, your addressable universe inside our database is roughly 28% of more than 2,700 offices, and the practical move is to build a target list from that segment rather than blasting every office. If you are raising a first-time venture fund, the 16% LP segment is your market, and the 42% direct-startup segment contains offices that may co-invest later even if they skip the fund. Sector focus narrows it further: a healthcare founder should prioritize the 9% of offices with explicit healthcare appetite.
The common thread is qualification before outreach. Family offices reply to relevant, specific approaches and ignore generic ones. Our guide on how to raise capital from family offices covers the process end to end, from list building to the first meeting.
FAQ
What is the most common family office investment? By share of offices active, direct startup investing leads at 42% in our database of more than 2,700 active family offices, followed by private equity at 38% and real estate at 28%. By portfolio allocation, public equities lead: the UBS Global Family Office Report 2025 puts them at 30% of the average portfolio.
Do family offices invest in venture capital funds? Yes. 16% of the offices in our database commit to VC funds as limited partners, and many more invest in startups directly. Family offices are especially relevant for emerging managers because they can anchor first-time funds and decide without an institutional committee process.
How much do family offices allocate to private markets? The UBS Global Family Office Report 2025 found average allocations of 21% to private equity, 11% to real estate, and 4% to private debt, which places private markets at roughly a third of the typical portfolio. Activity data shows the same tilt: private equity and direct deals are among the most widespread pursuits across offices.
Sources
For a working list of family offices with named decision makers, our human-verified database covers more than 2,700 active family offices. Download the free sample or see the Full USA Database.