Family Offices of Ultra-Wealthy Completed 56 Direct Investments in October, Up Nearly 30%

The breadth of the month-over-month jump points to family offices leaning further into direct dealmaking rather than routing capital through funds, which shifts more control over allocation into the hands of a relatively small set of private offices. The concentration of activity in healthcare startups, with Emerson Collective alone accounting for three deals, suggests sector focus is narrowing even as overall volume rises. Whether this pace holds into subsequent months, and whether healthcare remains the favored target, is the open question worth tracking.