List of Family Offices Investing in Private Equity (2026)

Key Facts

• Deloitte Private estimates that 3,180 single family offices (SFOs) operated in North America in 2024, out of 8,030 worldwide.
• The 354 single family offices in Deloitte's 2024 survey had an average of $2.0 billion in assets under management (AUM).
• Private equity takes 21% of the average family office portfolio in 2025, down from 26% in 2023, according to Goldman Sachs' 2025 survey of 245 family offices worldwide, and 39% of the offices surveyed expect to increase it.
• Most of the largest SFOs with PE activity, such as Walton Enterprises, Cascade Investment and Bezos Expeditions, publish no AUM.
• New York, Washington State, and Palo Alto serve as the primary hubs for offices with active PE mandates.
• Family offices are shifting from passive fund commitments toward direct company investments, competing head-to-head with traditional PE firms.

Family Offices With Private Equity Mandates: Landscape Overview

Family offices have become one of the fastest-growing sources of limited partner (LP) capital in private equity. Unlike institutional LPs bound by vintage year cycles and fund terms, these wealth management firms deploy patient capital with indefinite hold periods. This structural advantage has turned them into preferred co-investors and, increasingly, direct competitors to traditional PE firms.

The US market leads globally in PE-focused family office activity. New York City is the main hub, while Washington State is home base for three billionaire SFOs: Cascade Investment, Bezos Expeditions, and Ballmer Group. Palo Alto and Chicago round out the top hubs, with tech-driven and industrial-family wealth fueling PE deal flow in each city.

Private equity takes 21% of the average family office portfolio, according to Goldman Sachs' 2025 survey. Offices that once relied on third-party fund managers now build internal deal teams. These teams source buyouts, growth equity, and co-investment opportunities directly. Technology is the leading theme: 86% of family offices invest in artificial intelligence, and 58% expect their portfolios to be overweight technology, according to the same survey.

Family Office Comparison

The table below compares 16 large family offices and wealth firms with private equity mandates. Most single family offices do not publish their assets, so the AUM column gives a figure only where a named source reports one (see the note under the table) and says "Undisclosed" otherwise.

Family Office	Type	AUM Estimate	Investment Focus	Location
Walton Enterprises	SFO	Undisclosed	Retail, Banking, Real Estate	Naples, FL
Cascade Investment	SFO	Undisclosed	PE, Real Estate, Public Equities	Kirkland, WA
Bessemer Trust	MFO	$250B	PE, VC, Real Estate, Hedge Funds	New York, NY
Mars Family Office	SFO	Undisclosed	PE, Real Estate, Public Equities	McLean, VA
Bezos Expeditions	SFO	Undisclosed	VC, PE, Real Estate	Mercer Island, WA
Bayshore Global Management	SFO	$100B	Public Equities, VC, PE	Palo Alto, CA
Rockefeller Capital Management	MFO	$236B (client assets)	PE, Real Estate, Hedge Funds	New York, NY
Mousse Partners	SFO	$89B	PE, VC, Real Estate	New York, NY
Ballmer Group	SFO	Undisclosed	Diversified, Charitable Giving	Bellevue, WA
Iconiq Capital	MFO	$117.5B	PE, VC, Growth Equity	San Francisco, CA
Waycrosse	SFO	Undisclosed	Diversified	Wayzata, MN
DFO Management	SFO	$31B	PE, Real Estate, Credit	New York, NY
Point72 Asset Management	Former SFO	$58.5B	Hedge Funds, VC, PE	Stamford, CT
Soros Fund Management	SFO	$28B	PE, VC, Public Equities	New York, NY
Euclidean Capital	SFO	$21.6B	Hedge Funds, VC, Public Equities	New York, NY
Vulcan Capital	SFO	Undisclosed	Technology, Life Sciences, PE	Seattle, WA

AUM sources: Bessemer Trust's assets under supervision from its website; Rockefeller Capital Management's client assets (30 September 2026) from its website; Iconiq Capital's regulatory AUM from its SEC Form ADV, a figure that includes its investment funds; Bayshore Global Management from Dakota's ranking of California family offices (August 2024) and Mousse Partners, DFO Management and Euclidean Capital from Dakota's 2026 ranking of New York City family offices, both based on Dakota Marketplace data; Point72's approximate AUM (1 July 2026) and Soros Fund Management's AUM from their websites. The other offices publish no AUM, so the table is not a strict ranking by assets.

Top Picks by Strategy

• Single-Stock Anchor: Walton Enterprises holds or votes about 44% of Walmart's outstanding shares, according to Walmart's 2026 proxy statement; it publishes no total AUM.
• Best for Direct PE Deals: Cascade Investment deploys capital directly into private companies alongside public equity positions; it publishes no total AUM.
• Strongest MFO Platform: Bessemer Trust, with $250 billion in assets under supervision, offers the broadest PE and venture access for ultra-high-net-worth (UHNW) families seeking a multi-family office model.
• Top Growth Equity Investor: Iconiq Capital specializes in PE, venture, and growth equity from a platform with about $117.5 billion in regulatory AUM (SEC Form ADV), serving tech founders and executives.
• Leading Real Estate and PE Hybrid: Equity Group Investments built three of the largest public real estate companies in US history while maintaining an active PE portfolio in energy, healthcare, and logistics.
• Most Active Impact and PE Blend: Emerson Collective pairs $28 billion in capital managed, according to Dakota, with a dual mandate covering venture capital and impact investing alongside PE.
• Best for Industrial Buyouts: Duchossois Capital Management targets companies with EBITDA above $10 million in engineered products, transportation, and healthcare services.
• Top Tech-to-Buyout Spectrum: Vulcan Capital invests from early-stage venture through leveraged buyouts, targeting direct equity checks of $10 million to $100 million.

Top 16 Family Offices Investing in Private Equity

Cascade Investment

Cascade Investment manages Bill Gates's wealth from Kirkland, Washington, and publishes no total AUM. Cascade blends direct company ownership with public equity stakes, giving it flexibility that pure-play PE firms lack. The office invests in real estate, private companies, and public markets without the constraints of a fund lifecycle or LP reporting obligations.

Mars Family Office

One of the most private SFOs on this list, Mars Family Office manages the Mars Inc. consumer goods fortune from McLean, Virginia, and publishes no AUM. PE and real estate form the core of its investment thesis. This discretion appeals to families and GPs who value confidentiality in co-investment partnerships.

Bezos Expeditions

Brand recognition gives Bezos Expeditions priority access to deal flow that smaller offices cannot match. Jeff Bezos' personal investment vehicle splits its focus between venture capital and private equity. Its PE activity centers on real estate and technology-adjacent deals from Mercer Island, Washington.

Rockefeller Capital Management

Serving multiple UHNW families who want institutional-grade PE access, Rockefeller Capital Management had $236 billion in client assets (assets under management, brokerage assets and assets under administration) as of 30 September 2026, according to the firm, with a mandate spanning real estate and hedge fund allocations. This MFO eliminates the need for each client family to build an in-house deal team. Its New York base places it at the center of Wall Street deal sourcing networks.

Mousse Partners

A patient capital model defines Mousse Partners, which holds $89 billion in AUM (Dakota's 2026 ranking of New York City family offices) and invests directly in PE, venture capital, and real estate from New York. The office favors long-term holdings over quick exits. This approach aligns with the indefinite hold periods that distinguish family wealth platforms from traditional fund structures.

Ballmer Group

Pairing diversified investments with one of the largest private charitable programs in the US, Ballmer Group operates from Bellevue, Washington, and publishes no AUM. Steve Ballmer's SFO runs PE activity alongside its social-impact mission. GPs aligned with charitable giving outcomes find the office a natural LP partner.

Iconiq Capital

Tech-founder wealth powers Iconiq Capital's multi-family office platform in San Francisco, which reports about $117.5 billion in regulatory AUM in its SEC Form ADV, a figure that includes its investment funds. Its PE approach emphasizes growth equity and venture, serving clients who want exposure to pre-IPO and scaling companies. Entrepreneurs seeking capital from peers with operator experience find Iconiq's model distinct from bank-affiliated MFOs.

DFO Management (formerly MSD Capital)

Credit capability sets DFO Management apart from most SFOs on this list. Michael Dell's office works from New York, at $31 billion in Dakota's 2026 ranking of New York City family offices, with PE, real estate, and credit as core pillars. DFO can structure deals at multiple levels of the capital stack, making it a versatile co-investment partner for complex transactions.

Soros Fund Management

Macro-driven analysis shapes how Soros Fund Management selects PE sectors. George Soros' SFO reports $28 billion in assets under management on its website and invests in PE, venture capital, and public equities from New York. Its long track record in public markets gives it analytical depth when evaluating private company valuations.

Vulcan Capital

A rare family office that invests from early-stage venture through leveraged buyouts, Vulcan Capital works from Seattle and publishes no AUM. Paul Allen's estate targets direct equity checks between $10 million and $100 million in technology, life sciences, and clean energy. One notable holding is Off Grid Electric, a solar energy provider serving customers in Sub-Saharan Africa.

Pritzker Group

Structured PE operations with separate teams for buyouts and early-stage deals give Pritzker Group unusual depth. The Pritzker family's SFO works from Chicago with dedicated PE, venture capital, and asset management arms, and publishes no total AUM. Its industrial-family roots give it credibility with middle-market company founders evaluating succession planning options.

Emerson Collective

Impact criteria filter every PE opportunity at Emerson Collective. Laurene Powell Jobs' SFO manages $28 billion from Palo Alto, according to Dakota's ranking of California family offices, blending venture capital, impact investing, and PE. The office backs companies aligned with education, immigration reform, and environmental goals. Fund managers with ESG mandates find strong alignment here.

Hunt Family Office

Deep energy-sector knowledge and a Texas-based network make Hunt Family Office a natural LP for oil-and-gas-adjacent PE funds. The Hunt family's office works from Dallas, concentrating on PE, energy, and real estate, and publishes no AUM. Regional GPs and energy-focused deal teams benefit from the office's decades of sector expertise.

Equity Group Investments

Few offices match the realized track record of Equity Group Investments, which spawned Equity Residential, EQ Office, and Equity Lifestyle Properties. Sam Zell's Chicago-based SFO publishes no AUM. Those three firms became among the largest public real estate companies ever built. Current PE focus spans energy, healthcare, logistics, and manufacturing, with EagleRidge Energy among recent portfolio companies.

Duchossois Capital Management

Strict buyout criteria define Duchossois Capital Management: target companies must have at least $10 million in EBITDA. This Chicago-based SFO focuses on engineered industrial products, building products, transportation, and healthcare services. Riverside Rail, a railcar leasing and management company, sits in its portfolio as a representative holding.

Koch Disruptive Technologies

Corporate backing from Koch Industries gives portfolio companies scale advantages that standalone firms cannot offer. The Koch family's venture and PE arm works from Wichita, Kansas, investing in private equity, venture capital, and real estate. The office targets disruptive business models that can leverage Koch's operational resources for rapid growth.

Investment Trends Shaping PE-Focused Family Wealth

From Fund Commitments to Direct Deal Execution

Direct private equity is the most popular asset class for new investment among North American family offices, according to RBC and Campden Wealth's 2025 survey. Offices want lower fees, greater control, and longer hold periods. Cascade Investment and DFO Management now run internal deal teams that bypass traditional GP-LP fund structures entirely.

Co-Investment as the Preferred PE Entry Point

Co-investing alongside PE sponsors has become the default for offices entering private equity. The model reduces carried interest and management fees while sharing due diligence costs. Sector-focused offices like Duchossois Capital Management and Hunt Family Office co-invest mainly within their core verticals, where operating expertise gives them an evaluation edge.

Technology and Healthcare Dominating PE Deal Flow

Globally, 86% of family offices invest in artificial intelligence and 58% expect to be overweight technology, according to Goldman Sachs' 2025 survey. Technology and healthcare generate the highest volume of PE-eligible companies at growth and buyout stages. Vulcan Capital's life sciences portfolio and Emerson Collective's venture-to-PE pipeline in tech both reflect this concentration.

ESG Mandates Filtering PE Opportunity Sets

Impact investing criteria now shape which PE deals wealthy families will consider. Clean energy is among the most popular investment themes for North American family offices over the next two to five years, according to RBC and Campden Wealth's 2025 survey. Capricorn Investment Group in Palo Alto focuses entirely on sustainable capital deployment, while Ballmer Group ties its diversified portfolio to social-impact outcomes. GPs raising PE funds without an ESG framework find family office LPs harder to convert.

How to Evaluate a Family Office for PE Capital

The strongest PE-focused offices on this list share one trait: a clear investment thesis tied to specific sectors or deal types. Cascade Investment's thesis centers on direct ownership. Duchossois Capital Management targets industrial buyouts above $10 million EBITDA. Before approaching any office, confirm that your deal profile matches their stated mandate.

Size compatibility matters more than total AUM. Vulcan Capital writes $10 million to $100 million equity checks, while Ecor Ventures invests $25,000 to $500,000. An office managing $100 billion may still pass on your deal if it falls below their minimum check size or outside their sector focus.

Decision-making speed separates family offices from institutional LPs. Many offices on this list can move from first meeting to term sheet in weeks. However, this speed depends on whether you engage the principal directly or work through a committee. SFOs like Mousse Partners and Mars Family Office tend to have shorter approval chains than MFOs like Bessemer Trust or Rockefeller Capital Management.

Verify co-investment appetite before pitching fund commitments. The data shows these offices increasingly prefer co-investment over blind-pool fund allocations. If your offering is a traditional LP commitment, confirm the office still makes fund commitments. Ask about their current vintage year exposure and available capital.

Family oversight structure also signals fit. Offices with formal family governance (like Pritzker Group's separate buyout and venture teams) tend to have clearer mandates. Offices where a single principal drives decisions (like Bezos Expeditions) move faster but may have narrower focus areas.

Which Family Office Fits Your Needs?

UHNW families building their own PE portfolios should evaluate multi-family offices like Bessemer Trust ($250 billion in assets under supervision) or Rockefeller Capital Management ($236 billion in client assets). Both offer institutional PE access, fund selection, and co-investment deal flow without the overhead of an in-house team. Iconiq Capital provides a similar platform with a stronger growth equity and tech-venture tilt for founders who built wealth through technology exits.

Business owners planning a sale or seeking growth capital can target SFOs known for direct PE investments and patient hold periods. Cascade Investment, DFO Management, and Pritzker Group all make direct equity investments and can hold positions indefinitely, unlike PE funds with fixed exit timelines. For industrial and manufacturing businesses, Duchossois Capital Management's buyout criteria (EBITDA above $10 million in transportation, logistics, and healthcare services) provide a concrete fit test.

Fund managers raising PE vehicles should prioritize offices that still make LP fund commitments alongside their direct-deal activity. Point72 Asset Management, Soros Fund Management, and Euclidean Capital maintain hedge fund roots that make them receptive to structured fund commitments. GPs with impact or ESG mandates should lead outreach with Emerson Collective and Capricorn Investment Group, both of which filter PE opportunities through sustainability criteria.

Methodology

This list of family offices investing in private equity draws from profiled data on 25 offices with confirmed PE mandates. AUM figures come from SEC Form ADV filings, Dakota's rankings of New York City and California family offices, and the firms' own disclosures; offices that publish no AUM are listed as "Undisclosed". Market statistics come from Deloitte Private's 2024 report Defining the Family Office Landscape, Goldman Sachs' 2025 Family Office Investment Insights report and RBC and Campden Wealth's North America Family Office Report 2025. Offices qualified only if their stated focus explicitly names private equity, buyouts, growth equity, or direct investments. Offices without confirmed AUM data qualified based on documented PE deal activity. The selection prioritizes AUM where available and supplements with qualitative assessment of PE commitment depth, co-investment activity, and sector specialization.