Family Offices Pursue Direct Stakes in AI Companies
Family offices are increasing their pursuit of direct and secondary investments in private AI companies, seeking exposure to leading names without committing capital to traditional venture funds for a decade. Djoann Fal, a family office adviser and investor at Atlas Capital in San Francisco, says the focus has shifted toward single-company AI deals with the potential for faster returns.
The capital base is substantial. Deloitte reported that family offices oversaw $5.5 trillion in wealth in 2024 and projected at least $9.5 trillion by 2030. UBS’s 2026 Global Family Office Report, based on a survey of 307 family offices worldwide with average net worth of $2.7 billion, found that alternative investments accounted for 42% of the average portfolio.
Direct exposure replaces some blind-pool commitments
Rather than invest only through a venture capital manager, family offices are buying existing private-company shares from current holders or negotiating direct investments. These routes can provide exposure to sought-after companies while leaving investors with greater control over how their capital is deployed.
Fal described growing interest in bypassing blind-pool fund commitments, in which limited partners commit money without knowing which companies a manager will ultimately back. He said a newer generation of family offices has a higher risk appetite and is concentrating attention on AI leaders.
That demand is evident in the secondary market. Fal said he spent the summer receiving interest from investors seeking to place between $50 million and $100 million in Anthropic through secondary transactions. Anthropic and OpenAI stakes are among the most contested assets in venture, PitchBook senior VC analyst Emily Zheng told TechCrunch.
Secondary transactions offer proof points, not certainty
Fal calls the secondary market one of venture capital’s more de-risked assets because buyers may invest in companies with customer traction and revenue proof. Angelina Hu, head of investor relations at Bridge Funding Global, said secondary purchases allow family offices to gain exposure to one private company rather than take exposure across 20 to 30 companies.
Yet the approach carries meaningful pricing and concentration questions. Fal said family offices are willing to pay primary-style prices for secondary-stage risk, potentially leaving little room for outsized returns. A February report from J.P. Morgan Private Bank found that 65% of global family offices plan to prioritize AI investments despite concerns about inflated valuations and pricing.
A familiar cycle of enthusiasm and retrenchment
Family offices have moved toward direct investing before. UBS tracking showed direct deals reached 13% of the average family office portfolio in 2021, up from 9% in 2019. PwC recorded 17,460 family office deals worth about $1.05 trillion globally in 2021, before rising interest rates and weaker returns contributed to a reversal. PwC said direct and M&A deal activity fell 53% in 18 months by late 2023, while overall family office deal volume reached a decade low in the first half of 2025.
Maximilian Kunkel, chief investment officer of global family and institutional wealth at UBS Global Wealth Management, said family offices are maintaining AI exposure while diversifying across regions, currencies and asset classes amid geopolitical tension, debt, recession risk and market uncertainty. For businesses assessing private AI opportunities, the practical implication is to weigh company traction and strategic relevance against valuation, concentration and the constrained liquidity of secondary shares.