How US family offices can thrive in the M&A market: PwC

As US family offices continue to evolve beyond traditional asset management, they’re increasingly pursuing more sophisticated investment strategies to drive long-term value creation and sustain generational wealth.

Several key trends—including the shift toward larger, more complex deals—are helping shape the current investment landscape, according to PwC’s 2024 Global Family Office Deals Study. Together, these shifts reflect a more dynamic and proactive investment posture among US family offices.

As family offices handle growing deal sizes, sector complexity and the push for both financial and societal returns, the ability to build operational maturity, define impact goals and form strategic partnerships will be central to long-term success.

Key findings include:

Larger deal sizes are becoming more common as family offices gradually move away from smaller transactions in favor of medium- and large-scale investments. This shift is driving demand for stronger operational infrastructure, clearer governance frameworks and deeper sector insights to manage increased complexity and risk.
Real estate investing is receiving renewed interest from family offices, particularly in the multifamily and industrial subsectors. After a period of declining allocations, real estate is regaining prominence as family offices seek opportunities for income growth and long-term value amid shifting market dynamics and more favorable pricing conditions.
Impact investing continues to grow, with 54% of US family offices now engaged in the space—double the participation seen in 2015. Key sectors include healthcare, education and renewable energy. Many family offices are aligning their investment philosophies with next-generation values and establishing clear metrics to measure both financial and social returns.
Club deals have emerged as the dominant investment model, accounting for over 70% of US family office transactions. These collaborative structures allow family offices to co-invest alongside trusted partners, gain access to larger opportunities and diversify risk—provided strong alignment, governance and transparency are in place.

Larger deal sizes and operational readiness

An emerging trend among family offices is the shift toward larger deal sizes. While smaller investments still represent the majority of transactions, their share has declined by 12 percentage points over the last decade. Medium- and large-scale deals now account for a growing portion of family office portfolios, requiring enhanced operational capabilities.

Strategic shift: Family offices, traditionally favoring small investments, are increasingly allocating capital to medium-sized and larger deals

As deal sizes grow, family offices should make sure they have the right infrastructure and capabilities to manage more complex transactions. Here are several approaches to consider.

Operational expertise: Efficient systems and processes to support sophisticated deal execution.

Governance and strategy: Clearly defined investment frameworks with consistent criteria for acquisition and exit.

Specialized skill sets: Deep sector knowledge, particularly in healthcare, education and technology.

Effective collaborations: Strong collaboration models to enhance execution through club deals or co-investment structures.

Recommendations for managing larger deals

Implement scalable infrastructure to support increased deal volume and complexity.

Introduce structured oversight to enhance accountability and manage risk.

Leadership should play an active role in evaluating and approving large-scale investments.

Deep industry knowledge is critical for deal structuring and execution.

Set performance benchmarks and reevaluation timelines to facilitate disciplined portfolio management.

Real estate investments beginning to make a comeback—but on a specific subsector basis

Historically, US family offices placed a major emphasis on real estate. That interest declined in the late 2010s as many family offices diversified into other asset classes. Today, real estate allocations are beginning to show signs of growth or stabilization, particularly within the multifamily and industrial subsectors.

Over the past two years, real estate has reached its highest share of family office investments since 2019. Several factors have contributed to this resurgence, including valuation resets, interest rate shifts and more aligned pricing expectations between buyers and sellers.

As highlighted in our Emerging Trends in Real Estate publication, the next cycle will look different from previous ones. Yield compression, which usually occurs when the overall value of the rental property has been appreciating more than the amount expected in rental income, will no longer be the primary driver of returns. Instead, investors should focus on income growth and operational value creation.

US family offices have shifted their assets from real estate to direct investments in startups, M&A and private equity

Considerations for real estate investing

Spread risk by investing in a mix of commercial, residential and mixed-use developments.

Leverage specialized expertise to identify outperforming areas such as affordable housing.

Stay agile as macroeconomic factors—such as interest rates and inflation—influence pricing and returns.

Invest in internal capabilities to improve sourcing, due diligence and asset management.

Key takeaway: The future of family office investing lies not in chasing trends, but in building tailored, well-governed investment platforms that can deliver both financial and societal value across generations.

The continued rise of impact investing

Family offices have been steadily increasing their impact investments over the past decade. In 2015, just 27% of US family offices were engaged in impact investing. By 2024, that figure had doubled to 54%.

In 2024, the education and healthcare sectors accounted for over 70% of total impact investment value, with renewable energy following closely behind.

While generational change is a key driver of this shift, additional factors—such as stronger data supporting the business case for sustainable investments—are accelerating interest. To succeed, family offices should move beyond an ad hoc approach and instead adopt a clearly defined impact investment strategy that is communicated across stakeholders.

US family offices double their impact investments from 2015 to 2024

Many family offices are now going further by articulating their mission and vision around impact investing—making their stance unmistakably clear to both internal stakeholders and the broader community.

Importantly, success in impact investing cannot be measured by financial returns alone. Family offices should adopt new performance metrics, including impact return on investment, to evaluate the effectiveness of their portfolios. The ability to integrate data analytics, specialized talent and robust governance will be critical for driving both measurable impact and long-term profitability.

Recommendations for strengthening impact investing

Establish frameworks to measure both financial and nonfinancial returns, including sustainability KPIs and long-term societal outcomes.

Involve younger family members to ensure that your strategy reflects generational priorities.

Recruit specialists in healthcare, education, technology and renewable energy to support technical investments.

Engage with startups and innovation hubs to stay ahead of emerging trends.

Use sector-specific frameworks to assess and mitigate risk.

Encourage ongoing development for investment teams to maintain market expertise.

The continued popularity of club deals

Club deals—family offices co-investing alongside other investors—remain a core part of the investment strategy, accounting for over 70% of US transactions. This model allows family offices to leverage collective expertise, diversify risk and access larger deals that might otherwise be out of reach.

Club deals work best when family offices partner with like-minded investors who offer complementary skills. It’s important to establish governance structures upfront—defining roles, decision-making authority and exit strategies. Due diligence on a co-investor's track record and alignment is equally critical.

Clear trend: US family offices have shown a growing preference for club deals over the past decade

Recommendations for strengthening club deals

Select co-investors with shared investment philosophies and complementary capabilities. Continuously reevaluate these relationships.

Establish clear roles, decision rights and exit mechanisms before finalizing deals.

Leverage digital platforms to manage deals, track performance and streamline communication.

Build enduring relationships to create a reliable and experienced co-investment network.

Looking ahead: A dynamic investment landscape

The evolving nature of family offices highlights their increasing sophistication, strategic focus and agility in a rapidly changing investment environment. As they adopt more complex investment strategies—ranging from direct investments and club deals to sector-specific and impact-focused allocations—they should also evolve their governance models, operations and talent.

Family offices that embrace innovation, align their strategies with long-term goals and build the right capabilities are best positioned to thrive. While market trends offer valuable insights, each family office should develop a strategy grounded in its own vision, unique values and core competencies.