According to a survey by Citi Private Bank, nearly half of family offices anticipate returns of 5-10% for 2025, with 38% expecting returns exceeding 10%. Seven out of 10 have made direct investments in private companies, with many increasing their exposure to risk assets, focusing on long-term trends like AI and energy.

While optimism has slightly dimmed from last year, family offices are still bullish on direct private equity investments. North American family offices are making less early stage and seed funding investments, preferring growth-stage investments. Respondents are being more selective, targeting companies that can draw larger rounds and offer reliable cash flow.

Interest in secondaries has slightly decreased overall, but North American family offices are increasing their interest in acquiring controlling stakes in companies. Family offices believe that owning companies and selecting the right ones will generate long-term value.

Read more at CNBC: Family offices still keen on direct deals but dial back early-stage investing