Annual report · 2026 edition
CrossWork Family Office Private Equity Report 2026
How family offices are putting less through funds and more into direct and pre-IPO deals, from the latest surveys of family offices in 2025 and 2026.
Key findings
Five figures from the report.
Direct deals were 45% of North American family offices' private-markets portfolios in 2026, ahead of funds at 36%. A year earlier funds led, 48% to 33%.
40% of family offices named pre-IPO a primary focus of their direct investing in 2026, up from 22% a year earlier.
75% of family offices invest directly in companies, and 51% name AI a primary destination for new direct capital.
92% of U.S. single-family offices use private equity, now their most-used investment type.
Artificial intelligence is family offices' top investment theme: 65% of 307 offices surveyed in early 2026 were allocated to it.
Sources
- 161. Campden Wealth and RBC, September 2026: The North America Family Office Report 2026.
- 162. Campden Wealth and RBC: The North America Family Office Report 2025.
- 163. Citi Wealth, September 2026: 2026 Global Family Office Report.
- 164. Morgan Stanley Private Wealth Management: Single Family Office Compensation Report 2025.
- 165. UBS, May 2026: Global Family Office Report 2026.
The shift
Less through funds, more direct. The average private-markets portfolio in North America.
| Route | 2025 report | 2026 report |
|---|---|---|
| Funds | 48% | 36% |
| Direct, active | 17% | 27% |
| Direct, passive | 16% | 18% |
| Co-investments | 8% | 10% |
| Funds of funds | 6% | 5% |
Campden Wealth and RBC, The North America Family Office Report 2026 and 2025: 155 offices in the Americas in 2026, 141 in 2025. More families worth over a billion dollars took part in 2026 (53% against 39%), so part of the change reflects the sample. One smaller category, 6% and 5%, is not shown.
Illustrative geometry, sourced figures.
Inside the report
The chapters. Research first, then CrossWork.
Research chapters
The trend
The shift to direct and pre-IPO deals, planned increases and allocation by size.
Survey profiles
North America, two global surveys, five more surveys of family offices and a market count.
Family office news
Family offices in AI rounds and late-stage deals.
The market and AI
The market for existing fund stakes, and AI as an investment theme.
CrossWork chapters
The CrossWork record: Midas I and the co-investment SPVs, 2021–25 vintages, net of fees
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Cerebras: 2023 entry, 2026 IPO
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What the data room shows
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Sources
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The research summary remains available on this page.
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Questions
Common questions. Answered from the report.
Do family offices invest directly in private companies?
Yes. 75% of family offices invest directly in companies, and 51% name AI a primary destination for new direct capital. Direct deals were 45% of North American family offices' private-markets portfolios in 2026, ahead of funds at 36%.
Are family offices interested in pre-IPO companies?
40% of family offices named pre-IPO a primary focus of their direct investing in 2026, up from 22% a year earlier.
What share of family offices use private equity?
92% of U.S. single-family offices use private equity, now their most-used investment type.
Sources
More research
The other 2026 reports.
University endowments
CrossWork University Endowment Private Equity Report 2026
Endowment allocations to private equity and venture capital, 40 universities and the fiscal 2026 results reported so far.
State pension funds
CrossWork State Pension Fund Private Equity Report 2026
Private equity at 32 state and local pension funds, with then and now for 25 of them.
Teachers' retirement systems
CrossWork Teachers' Retirement System Private Equity Report 2026
Private equity at 18 teachers' retirement systems, with profiles of CalSTRS, Missouri and Ontario Teachers'.
Sovereign wealth funds
CrossWork Sovereign Wealth Fund Private Equity Report 2026
Private equity at the largest sovereign funds and U.S. state permanent funds, and sovereign capital in AI.
High-net-worth investors
CrossWork High-Net-Worth Investor Private Equity Report 2026
What wealthy individuals hold in private equity, what they want, and how they reach private markets.
Registered investment advisers
CrossWork RIA Private Equity Report 2026
How registered investment advisers plan to use private equity, from RIA and adviser surveys.
Wealth managers
CrossWork Wealth Manager Private Equity Report 2026
How wealth firms build private markets into client portfolios, and what wealthy clients ask for.