To develop a more systematic understanding of family office investing in 2025, we referenced CNBC’s “Family Office 15” ranking (based on FINTRX data). Using the number of publicly disclosed direct investments in 2025 as the core metric, the ranking maps the most active family offices and, from another angle, reflects where ultra-high-net-worth capital is actually being deployed in the private market.
| Rank | Family Office | Controlling Family / Individual | Representative Figure | Number of 2025 Investments |
|---|---|---|---|---|
| 1 | Hillspire | Former Google CEO Schmidt family | Eric & Wendy Schmidt | 15 |
| 2 | Bezos Expeditions | Amazon founder Jeff Bezos family | Jeff Bezos | 14 |
| 3= | Emerson Collective | Family of Laurene Powell Jobs, widow of Steve Jobs | Laurene Powell Jobs | 12 |
| 3= | Raptor Group | Family of former NBA owner Jim Pallotta | Jim Pallotta | 12 |
| 5 | Builders Vision | Walton family | Lukas Walton | 11 |
| 6= | Euclidean Capital | Family of Renaissance founder Jim Simons | Jim Simons family | 8 |
| 6= | Thiel Capital | Family of renowned Silicon Valley investor and founder Peter Thiel | Peter Thiel | 8 |
| 8= | Bolt Ventures | Family of Blackstone executive David Blitzer | David Blitzer | 7 |
| 8= | Duquesne FO | Family of legendary investor Stanley Druckenmiller | Stanley Druckenmiller | 7 |
| 10= | Access Industries | Family of media and energy magnate Len Blavatnik | Len Blavatnik | 5 |
| 10= | Foris Ventures | Family of Silicon Valley investor John Doerr | John Doerr | 5 |
| 10= | Jaws Estates Capital | Family of Starwood Capital founder Barry Sternlicht | Barry Sternlicht | 5 |
| 13= | Lightchain Capital | Family of Ameritrade founder Rodger Riney | Rodger Riney | 4 |
| 13= | PSP Partners | Pritzker family, represented by Penny Pritzker | Penny Pritzker | 4 |
| 13= | Stephens Group | Stephens family | Stephens family | 4 |
2025 U.S. Family Office Ranking — by number of direct investments; Source: CNBC.
Among them:
- The top 15 family offices completed more than 120 investments in aggregate in 2025.
- Covered sectors include AI, robotics, biotechnology, consumer, sports, blockchain, and more.
- All institutions on the list have more than US$1 billion in assets under management.
Today, we review the seven most active family offices in 2025, together with the people behind them and representative deals.
01 Hillspire: Former Google CEO Eric Schmidt’s AI-Oriented Investment Platform
Former Google CEO Eric Schmidt; Source: Vox.
Founded in 2013, Hillspire is the primary investment vehicle of Eric Schmidt and his family, with a long-term focus on technology-driven investment opportunities. Leveraging the technical and industrial resources accumulated during Schmidt’s time at Google, Hillspire has a notable knowledge edge in artificial intelligence, quantum computing, and frontier technology. According to publicly available data, Hillspire completed approximately 15 direct investments in 2025, making it one of the most active family offices of the year.
Selected Deals in 2025:
- Reflection AI (AI foundation models)
Founded by a core former DeepMind team, the company focuses on building a general artificial intelligence capability system. Hillspire’s participation in its early-stage financing reflects its forward-looking positioning in the “general capability layer.” - Gradium (AI language technology)
An AI company focused on language generation and interaction technology, linking foundation models with real-world application scenarios. This investment reflects Hillspire’s horizontal expansion across the AI application ecosystem. - Peek (travel technology platform)
A platform company providing experience-based travel booking services. It uses data to optimize user decision-making and supply matching, with room to extend into AI applications.
02 Bezos Expeditions: Amazon Founder Jeff Bezos’s Technology Investment Vehicle
Amazon founder Jeff Bezos; Source: Cailian Press.
Bezos Expeditions is Jeff Bezos’s personal investment platform, with a long-term focus on underlying technological innovation and long-cycle industry trends. Its investments span artificial intelligence, robotics, biotechnology, and aerospace. Unlike traditional financial investors, Bezos is more inclined to support projects with infrastructure characteristics or that represent technological inflection points. According to the ranking, Bezos Expeditions completed approximately 14 direct investments in 2025, ranking second in activity.
Selected Deals in 2025:
- Physical Intelligence (robotics + AI)
Focused on combining artificial intelligence with interaction capabilities in the physical world, with the goal of improving robots’ execution ability in real-world environments. This investment reflects its view of AI extending into the physical world. - Unconventional AI (AI computing infrastructure)
Focused on next-generation computing architecture and AI compute optimization, and an important part of the AI infrastructure layer. This investment reflects its long-term focus on underlying compute capacity and technology pathways. - Figure AI (humanoid robotics)
Dedicated to the development of general-purpose humanoid robots, and currently one of the most closely watched companies in robotics. Bezos’s participation in its financing reflects a continued bet on the “AI + robotics” convergence trend.
03 Emerson Collective: A Multi-Strategy Investment Platform Led by Steve Jobs’s Widow
The late Apple founder Steve Jobs and his widow Laurene Powell Jobs; Source: People.
Founded by Laurene Powell Jobs, Emerson Collective is one of the few family offices that combines industrial investment with the attributes of long-term capital. Its investment footprint spans technology, education, healthcare, and energy, with an emphasis on using technological innovation and business-model optimization to address structural problems. Compared with traditional financial investors, Emerson places greater importance on long-term project value and real-world implementation. According to the ranking, it completed approximately 12 investments in 2025, placing it among the most active.
Selected Deals in 2025:
- Chai Discovery (AI-driven drug discovery)
Focused on using artificial intelligence to accelerate the drug discovery process, operating at the intersection of AI and life sciences. This investment reflects its continued positioning at the intersection of medical innovation and frontier technology. - Humane (AI hardware devices)
Founded by a former Apple team, Humane is committed to building a new generation of AI terminal devices (such as wearable AI assistants). Emerson’s participation in its financing reflects its attention to new forms of AI interaction. - X-Energy (advanced nuclear technology)
Focused on the development of small modular reactors (SMRs), an important infrastructure segment of the energy transition. This investment reflects its positioning in energy and long-term industrial upgrading.
04 Raptor Group: Former Boston Celtics Owner Jim Pallotta’s Cross-Sector Investment Platform
Former Boston Celtics owner Jim Pallotta; Source: Sportico.
Founded by Jim Pallotta, Raptor Group is backed by a founder with a deep background in both the capital markets and the sports industry. The family office follows a relatively diversified investment strategy spanning technology, consumer brands, and sports, combining characteristics of growth investing and opportunistic allocation. According to the ranking, Raptor Group completed approximately 12 investments in 2025, placing it among the most active.
Selected Deals in 2025:
- MatrixSpace (spatial sensing and radar technology)
Focused on low-cost spatial sensing and radar solutions, with applications covering unmanned systems and security. This investment reflects selective positioning in frontier technology. - Reelables (smart retail labels)
Provides reusable electronic price labels and retail digitalization solutions for large retailers. The project has a clear commercialization path, reflecting attention to B-end applications and cash-flow models. - (Sports and entertainment-related investments) diversified asset allocation
Includes sports-related platforms and entertainment-content assets (not disclosed individually), extending its long-term resource base and experience advantages in the sports industry.
05 Builders Vision: Walton Family Member Lukas Walton’s Industrial Upgrade Platform
Walton family member Lukas Walton; Source: ImpactAlpha.
Founded by Lukas Walton, heir to the Walmart family, Builders Vision is positioned as a long-term capital platform centered on the energy transition and the restructuring of agriculture and food systems. Compared with traditional investment institutions oriented toward financial returns, Builders Vision places greater emphasis on systematic positioning in climate– and resource efficiency-related sectors, promoting structural upgrading in relevant industries through equity investment and industrial coordination. According to the ranking, it completed approximately 11 investments in 2025 and remained highly active.
Selected Deals in 2025:
- Firefly Green Fuels (sustainable fuels)
Focused on the development and commercialization of sustainable aviation fuel (SAF), an important link in the energy transition. This investment reflects continued positioning in low-carbon energy infrastructure. - Plenty (agricultural technology)
A vertical farming company that uses indoor cultivation technology to improve crop yields and resource efficiency. The project reflects long-term investment in restructuring agricultural systems and optimizing food supply chains. - Pivot Bio (biological agriculture)
Uses microbial technology to replace traditional fertilizers, reducing agricultural carbon emissions and improving soil health. This investment reflects deep positioning at the intersection of agri-tech and sustainable development.
06 Euclidean Capital: Renaissance Technologies Founder Jim Simons’s Quantitative Investment Platform
Jim Simons, founder of Renaissance Technologies; Source: IAS.
Euclidean Capital is an investment institution established by the family of Jim Simons, founder of Renaissance Technologies. Its investment philosophy is deeply influenced by quantitative investing and data-driven decision-making. Unlike most family offices driven by industry or thematic preferences, Euclidean places greater emphasis on combining financial asset allocation with technology-oriented investing, and continues to position across technology, data infrastructure, and life sciences. According to the ranking, it completed approximately 8 investments in 2025.
Selected Deals in 2025:
- AI / data infrastructure-related companies (multiple investments)
Focused on underlying data and computing capacity that support AI development, including data processing, model training, and related infrastructure. Such investments reflect its long-term conviction in data-driven value. - Life sciences and biotechnology (Biotech)
Continued participation in biotech-related investments, with particular attention to R&D directions characterized by data- and model-driven approaches. This positioning extends its knowledge advantage in modeling complex systems. - Quantitative- and algorithm-related technology companies
Investment areas include algorithm optimization, data analytics, and automated decision-making tools, reflecting an extension of its core logic that technology improves decision-making efficiency.
07 Thiel Capital: Silicon Valley Investor Peter Thiel’s Technology Investment Platform
Renowned Silicon Valley investor and Palantir founder Peter Thiel; Source: Fortune.
Thiel Capital is the family office established by Peter Thiel, co-founder of PayPal and a well-known Silicon Valley investor. Its investment style is known for being high-risk, high-uncertainty, and strongly contrarian. Compared with the mature sectors favored by mainstream capital, Thiel is more inclined to position in areas related to national security, frontier technology, and systemic change. According to the ranking, it completed approximately 8 investments in 2025.
Selected Deals in 2025:
- Anduril (defense technology)
Focused on unmanned systems and defense technology solutions, and representative of a new generation of U.S. defense-tech companies. Thiel has long supported the company, reflecting his continued bet on national security and technological sovereignty. - Axiom Space (commercial aerospace)
Focused on building commercial space stations and related infrastructure, and an important participant in the commercialization of the aerospace industry. This investment reflects his view on the privatization trend of national-level industries. - Crypto and decentralized technologies (Crypto / Web3)
Continued positioning in cryptocurrencies and decentralized infrastructure-related projects, reflecting a structural challenge to the existing financial system and technology architecture.
In summary, judging from investment behavior in 2025, U.S. family offices have shown a clear trend toward differentiation and maturity. One group, represented by Hillspire and Bezos Expeditions, continues to increase exposure to artificial intelligence and frontier technology pathways. Another group, such as Builders Vision, is undertaking systematic positioning around long-term structural opportunities in the energy transition and agricultural systems. Institutions represented by Thiel Capital, meanwhile, are more focused on non-consensus areas such as national security and frontier technology. At the same time, institutions such as Euclidean Capital reflect another path in which investment decisions are driven by data and methodology.
Overall, family offices are gradually shifting from traditional asset allocators to direct investment entities with clear industrial judgment and the attributes of long-term capital. Across multiple key sectors, their influence is no longer determined by capital scale alone, but is reflected in their forward-looking positioning on critical technology paths and industry directions.
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