Direct startup investments by family offices moderated in 2025, even as overall interest in early-stage venture opportunities remained intact, with a growing share of capital being channelled through micro venture capital (VC) funds instead of direct bets. Family offices invested just over $1 billion across 61 deals in start-ups less than 10 years old this year, according to data from Venture Intelligence. This marked a decline from $1.3 billion invested across 78 deals in 2024. The softer headline numbers reflect not a retreat from venture investing, but a recalibration of how family offices access early-stage risk.