Gemini co-founders Tyler and Cameron Winklevoss attended the company’s IPO at Nasdaq MarketSite in NYC. Ultra-rich family investment firms have decreased deal-making in 2025, with family offices making 51 direct investments in October, down 63% annually. Family offices continue to support AI companies, participating in billion-dollar fundraising rounds for Crusoe and Reflection.

While family offices are making fewer bets, they are still investing in large rounds, according to a report by PwC. In the first half of 2025, family offices made 23% fewer deals, but their value only fell by 18% annually. Supersized rounds for AI firms have helped maintain deal values, with family offices nearly tripling deal value for AI and machine learning investments.

Family offices have been shifting their preference to larger deals over the past decade, with the proportion of investments below $25 million shrinking. Deals between $25 million and $100 million have increased, as well as deals worth more than $100 million. The trend is credited to family offices seeking bigger returns and playing a larger role in global deals.

Read more at NBCUniversal: Family offices make fewer deals but still flock to AI startups