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2 Sectors Where the Ultra-Wealthy Are Putting Their Money

Family offices sharply increased direct investing in 2025, boosting aggregate direct investment by 123.3% to nearly $13 billion, according to S&P Global Market Intelligence. Capital flowed most heavily into materials (five deals totaling about $4.8 billion, led by a $4.5 billion Verallia acquisition) while technology, media and telecom saw the greatest deal count (36 deals, ~$3.03 billion, including an $860 million investment in Stoke Space). Family offices are using direct deals and co-investments via RIAs and boutiques to gain control, avoid private-equity fees, and deploy patient capital. The trend is reshaping private-market deal sourcing and could pressure traditional private-equity fee models, increase funding for materials and rare-earths projects, and create more direct funding channels for growth tech — but it also raises costs and risks from in-house due diligence and operational demands.

Category

Gold

Sentiment

Mixed

Event

Institutional flow

Reading time

1 min