The 10 most active US family offices in 2025

A select group of single-family offices defied broader market caution in 2025, deploying billions into artificial intelligence, clean energy, and defense technology. These ten investment vehicles represent the most notable US family offices, that have been active on private and public markets. The research was conducted based on the exclusive, high-quality familyofficehub.io database of the 800 largest American family offices.

1. Hillspire (Schmidt family)

Hillspire dominated 2025 with several transactions across artificial intelligence, clean energy, and deep tech. The Schmidt family office led a multi-billion dollar commitment to AI infrastructure including major investments in Reflection AI and Commonwealth Fusion Systems, while maintaining positions in dozens of private AI companies. The family office also invested in $650M Radical Ventures AI fund. Hillspire’s concentrated thesis centers on “picks and shovels” AI infrastructure—the compute power and enabling technologies underpinning the AI economy.

2. Access Industries (Blavatnik family)

Access Industries executed multiple major transactions spanning biotechnology, real estate, and energy infrastructure. The year’s dominant transaction was the Calpine Corporation exit through Constellation Energy’s acquisition, positioning Access as a major beneficiary. Access also realized exits from portfolio companies and diversified into luxury real estate financing, while maintaining positions in entertainment assets including Warner Music Group and streaming platform DAZN (with a further $800M investment in January 2025).

3. Bezos Expeditions (Bezos family)

Bezos Expeditions made four confirmed investments, laser-focused on AI. The office co-led major rounds in 2025 in FieldAI, Skild AI (already 2024), and HistoSonics, betting on autonomous systems for industrial and commercial applications. The concentrated 2025 robotics thesis reflects Bezos’s belief that embodied AI represents the next technological platform. The investment vehicle manages the Amazon founder’s $215 billion fortune across venture capital, Blue Origin, The Washington Post, and climate initiatives, with a portfolio spanning over 100 investments. A recent investment of the Bezos family office was also Synchron’s $200M Series D.

4. Willet Advisors (Bloomberg family)

Willet Advisors deployed hundreds of millions of dollars across new biotech investments, exclusively targeting late-stage clinical companies developing treatments for inherited diseases and neurological conditions. Key investments included AAVantgarde Bio’s gene therapy program for inherited retinal diseases and Neurona Therapeutics’ cell-based treatments for epilepsy and chronic pain (together with the German Strüngmann family office). Another investment in 2025 was Neurona Therapeutics.

5. Cascade Investment (Gates family)

Cascade Investment completed several transactions, including major public equity repositionings. The family office expanded its Berkshire Hathaway position while trimming Microsoft exposure, established a new position in West Pharmaceutical Services, and completed multiple exits. The rebalancing reflects a shift toward Berkshire’s diversified operating businesses and away from concentrated technology exposure. Founded in 1995 to manage Gates’s post-Microsoft wealth, Cascade maintains extreme privacy around investment operations while managing a portfolio spanning energy, hospitality, rail transport, retail, waste management, and farmland.

6. Thiel Capital (Thiel family)

Thiel Capital executed three to four documented transactions with a strategic pivot toward European defense technology and fertility healthcare. Signature investments included German defense startup STARK’s weaponized drone program. Thiel-backed crypto startup Bullish aims at an $800M IPO, the Thiel family office-backed venture debt firm Tacora raised over $268M. Founded in 2011, Thiel Capital manages the PayPal co-founder’s multi-billion fortune through a concentrated portfolio spanning life sciences, defense technology, and healthcare.

7. Pritzker Private Capital (Pritzker family)

Pritzker Private Capital closed several platform acquisitions in the middle market, including manufacturing and specialty chemicals businesses. February brought the acquisition of Americhem, a color masterbatch manufacturer, while July saw the closing of Buckman, a specialty chemicals company. Both platforms fit Pritzker’s focus on North American businesses with dominant market positions and long-term hold potential.

8. Duquesne Family Office (Druckenmiller family office)

The Duquesne Family Office (the private investment vehicle of the Druckenmiller family) showed, for instance, activity in quantum computing. Duquesne invested in Q-Ants’ photonic computing Series A, positioning itself at the frontier of next-generation quantum technologies. In addition, Druckenmiller participated in Commonwealth Fusion’s $863M Series B2 round (alongside the previously mentioned Eric Schmidt family office or the Jobs family office Emerson Collective). Besides, the family office was actively trading its stock market portfolio, which includes (as of November 18th, 2025) positions like Natera ($500M), Insmed or Teva Pharmaceutical.

9. Iconiq Capital

Iconiq Capital – a Californian family office that, for instance, manages capital of Marc Zuckerberg – executed multiple major 2025 investments across AI, health technology, and security, marking its most active year in recent memory. The office’s signature investment was backing Anthropic as its largest investment to date, positioning Iconiq at the center of the AI infrastructure buildout. In July, Iconiq participated in Virtru’s $50 million Series D funding the data security company’s expansion. October brought Iconiq’s involvement in Oura’s $900+ million financing round, backing the biometric health wearable at an $11 billion valuation.

10. Jefferson River Capital (Tony James family office)

Last but not least, we highlight the active investments of the family office of ex-Blackstone executive Tony James, called Jefferson River Capital. Jefferson River Capital launched a dedicated life sciences investment fund in October 2025. The family office’s 2025 activity also included backing Augmodos’ $37.5 million Series A, investing in computer vision and AR technology for industrial applications. A spinout from the family office, Madison River Capital, has also collected $370M for a new private equity fund, showing the important role of the James family office in the US financial industry.

Picture Source: Getty Images (November 18th, 2025)