86% of North American Family Offices Invest in Private Markets, but Direct Deals Outweigh Funds 45% to 36% of the Book

A survey of 155 family offices across the Americas finds that 86% invest in private markets, and that direct investments average 45% of the private markets book against 36% for funds. Nearly one in five private market investors tried to exit a fund position this year, and 47% of those could not complete the exit as expected. The sample is 123 US offices, 21 Canadian and 11 elsewhere in the Americas, with average operating net worth of about $2.25 billion, so it describes wealthy family offices rather than the whole market.

What the survey found

By count, 86% of 155 offices is about 133 investing in private markets, which is our arithmetic. The gap between direct deals and funds is nine percentage points of the private book, and 84% of offices expect direct private equity to meet or exceed its 2025 results. AI was the top investment theme for the next 12 months, picked by 85%, even though about three-quarters expect an AI bubble to burst within five years. The survey also reports that every asset class finished 2025 with a positive median return, against an average expected return of 5% a year earlier. Our earlier note on a survey of 351 family offices covers a different sample, so the two should not be added together.

The exit problem

If nearly one in five tried to exit and 47% of those failed, then roughly 9% of private market investors were stuck, assuming one in five exactly. That is a family office reporting that it cannot sell. It is the demand side of the trend we described in our playbook on what to do when an LP sells your fund stake, and a reason these LPs care about distributions, as in our note on raising a fund while LPs wait for distributions.

Why it matters

The survey covers 155 offices and is not a census of family offices, so treat the percentages as a read on a wealthy slice of the market. Even so, strong 2025 returns alongside blocked exits is a mix that may shape how these LPs choose managers in 2027.

What it means for GPs

This is our reading. A family office that puts 45% of its private book into direct deals is not only looking for fund commitments. It wants co-investment rights and visibility on deals, and it will ask how it can leave. Offer co-investment alongside the fund, quantify how much of each deal you can allocate to it, explain your policy on secondary transactions, and be clear on liquidity before you are asked. FundLinx members can see which family offices are active in your strategy and reach them through a demo.

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