Family Offices Redefine M&A Strategy Through Patience and Precision

By Danielle Patterson, CEO and Founder, Family Office Access

Across our network at Family Office Access, I see a deliberate evolution in how Family Offices approach M&A. Deal flow remains steady, but decision-making has become more measured. Rather than pursuing a high number of transactions, many are choosing to focus on alignment, structure, and value creation. This reflects a broader market reality in which discipline and conviction are proving more effective than speed.

The global data supports this shift. The PwC Global Family Office Deals Study 2025 shows that worldwide Family Office deal activity has decreased from over 10,000 deals in 2019 to roughly 5,200 in early 2025. The BlackRock 2025 Global Family Office Survey notes that alternative assets now account for about 42 percent of portfolios, with roughly one-third of Family Offices planning to increase their commitments to private credit and infrastructure. These figures highlight a thoughtful approach to capital deployment and greater selectivity in both structure and sector.

Family Offices are spending more time on diligence and sourcing. They prefer direct relationships and clearer alignment between investor and founder. Many are stepping away from broad auction processes and instead forming partnerships through introductions, trusted referrals, and shared networks. In our experience, the most successful transactions come from patient engagement and a willingness to understand the operational depth of each opportunity.

Deal structures have also become more creative. We see an increase in earnouts, seller rollovers, and co-investments between aligned Family Offices. PwC’s data shows that medium and large deal tickets now account for a growing share of transactions, signaling that Family Offices are prepared to invest more capital when conviction is strong. These transactions emphasize collaboration and long-term partnership instead of quick exits.

Sector selection reflects this same sense of focus. Family Offices are concentrating on businesses with durable revenue and steady growth potential. Healthcare services, industrial technology, infrastructure, and business software remain popular categories. These sectors share traits that attract patient capital: predictable demand, essential services, and long-term compounding opportunity.

Looking ahead to 2026, Family Offices are expected to remain cautious but ready. Elevated rates and limited access to inexpensive leverage have reinforced the importance of strong balance sheets and cash flow stability. Many are also paying closer attention to the secondary market as a source of both liquidity and entry opportunities, particularly in private equity and venture holdings. Those who maintain discipline and clear valuation standards will likely find high-quality opportunities at attractive entry points.

A related trend gaining traction is collaboration among Family Offices. More are forming co-investment partnerships and thematic investment groups. According to PwC, the share of club deals among Family Offices grew from 58 percent in 2015 to 69 percent in 2025. This collective model combines knowledge, relationships, and capital in ways that create scale while preserving independence.

For sellers and advisors, engagement with Family Offices now requires a different mindset. The most productive discussions happen when both sides share transparent expectations around control, governance, and growth objectives. Founders who demonstrate thoughtful capital stewardship and clear alignment with investors are earning stronger outcomes.

In summary, Family Offices remain active participants in M&A, guided by patience, selectivity, and long-term conviction. They continue to hold substantial dry powder, yet they deploy it only where structure, alignment, and quality intersect. This approach reflects both the maturity of the Family Office market and the growing sophistication of its participants as they prepare for the next phase of opportunity in 2026.