Story perspectives

North American Families Shift to Stable Private Markets in 2025

10/23/2025

Summary

Families Shift Investments

Campden Wealth's 2025 report shows North American families are shifting from high-risk startups to private credit and real estate.
As of August 2025, private markets account for 29% of family office portfolios, about $62 billion.
Private credit attracts investors because of high interest rates.
Early-stage venture investing is declining due to poor performance and liquidity needs.
This trend reflects a cautious stance among family offices prioritizing stability in 2025.

Summary

UK Lending Surge

In the first half of 2025, UK commercial real estate lending rose 33% year-on-year to £22.3 billion.
Development financing accounted for 22% of new lending.
Debt funds supplied 62% of speculative financing.
Banks improved their defaulted loan books by 10-20% through refinancing and syndication.
The default rate increased to 6.3% overall, with debt funds at 20.3%.

History

Historical Context

The Great Recession, officially lasting from December 2007 to June 2009, marked the worst economic downturn since the Great Depression. Triggered by the collapse of the U.S. housing bubble, it led to a global loss of approximately $30 trillion in stock market value. This crisis shifted investment strategies towards safer assets, influencing North American families to favor private credit and real estate over high-risk ventures.

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Families Shift Investments

Campden Wealth's 2025 report shows North American families are shifting from high-risk startups to private credit and real estate.
As of August 2025, private markets account for 29% of family office portfolios, about $62 billion.
Private credit attracts investors because of high interest rates.
Early-stage venture investing is declining due to poor performance and liquidity needs.
This trend reflects a cautious stance among family offices prioritizing stability in 2025.

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