PwC Says Family Office Dealmaking Slid in H1 2025

Family office dealmaking 2025 slowed sharply in the first half as economic and geopolitical uncertainty weighed on risk appetite, PwC said in its Global Family Office Deals Study 2025.

The report tracked more than 20,000 entities and found deal activity fell to about 7,199 transactions worth USD439.6bn, the lowest volume in a decade, after a brief rebound in late 2024.

Exits declined in number, though proceeds rose for a second straight half-year, signalling selective cashing out.

PwC said allocations rotated back toward real estate at 39%, while venture capital accounted for 31% and private equity 19%, with club deals remaining dominant.