Insights from PwC's Global Family Office Deals Study 2025 for Belgium.
Family offices worldwide are undergoing a significant transformation, shifting from a primary focus on wealth preservation to a more purpose-driven approach that balances growth and sustainability.
According to PwC’s Global Family Office Deals Study 2025 for Belgium, there are now over 11,000 family offices globally, with the highest concentrations in North and Latin America, followed by Europe and Asia-Pacific. Notably, 30 percent of these offices manage assets exceeding 1 billion US dollars.
Family Offices: The facts and figures
Since 2015, family offices have shifted their investment focus from real estate and funds (which comprised 56 percent of deals) to direct investments, including start-ups, M&A, and private equity – representing 70 percent of deals in 2024. While fund investments have declined significantly since 2020, private equity investments have surged.
Despite a decline in deal values from 2021 to 2023, there was a notable 25 percent rebound in the latest figures. In 2024, family offices played a crucial role in global investments, contributing 31 percent of the capital raised by start-ups and making significant contributions to private equity (15 percent), funds and fund of funds (13 percent), real estate (12 percent), and direct company investments (3 percent).
Deal sizes have also shifted: in 2024, 64 percent of investments were in small deals, marking a slight decline, while medium and mega deals have gained traction, increasing by a combined 4 percentage points since 2023. These changes highlight how family offices globally are adapting their strategies to drive sustainable growth while diversifying their investment portfolios.
Trends for Belgian family offices
Between 2015 and 2022, Belgian family offices experienced steady growth in deal volume, reaching a peak of 310 deals in 2022. However, 2023 saw a sharp decline in both deal volume and value.
In 2024, a strategic shift towards high-value investments emerged, with deal value rebounding to 9.5 billion dollars despite a reduced number of transactions.
Exit activity fluctuated over the years, peaking in 2023 with 93 exits. Yet, 2024 reflects a more selective approach, as exit values surged to 9.8 billion dollars, emphasizing quality over quantity. While net deal volume peaked at 246 in 2022, net deal value varied, reaching 5 billion dollars in the same year before declining. Despite the 2023 downturn, net deal volume recovered to 149 in 2024, signaling cautious optimism amid market challenges.
Belgian family offices primarily invest in private equity (26 percent) and startups (21 percent), while their involvement in M&A (2 percent) and funds (5 percent) remains limited.
Over the years, private equity has gained prominence, rising to 54 percent of total investments in 2024, whereas startup investments declined from 32 percent in 2021 to 25 percent in 2024. Interest in real estate fluctuated, peaking at 22 percent in 2023 before declining again.
A key trend among family offices worldwide is the rise of ‘club deals’, where investors collaborate rather than pursue individual transactions. This model has gained traction globally since 2016, and Belgian family offices have adopted it even more aggressively, with club deals making up 84 percent of investments in 2024.
Belgian family offices have traditionally focused on small deals (averaging 60 percent), but medium and large investments gained traction in 2024, signaling diversification.
Geographically, Belgian family offices have consistently prioritized outbound investments, with local investments remaining relatively low, hitting a low of 22 percent in 2022. Europe has been the dominant region for investments, peaking at 77 percent in 2023, but interest in the U.S. has grown significantly, rising to 23 percent in 2024, reflecting a broader diversification strategy.
Impact investing important for family offices
Sustainability and impact investing have also become central to investment strategies. Impact investments are investments made with the intention to generate positive, measurable social and/or environmental impact alongside a financial return.
Globally, impact investments surpassed traditional investments in 2022, a trend that Belgian family offices are following, with impact-focused assets reaching 55 percent of their portfolios by 2024. Belgian family offices focus heavily on healthcare, comprising 40 percent of deal volume and 59 percent of deal value, while education and renewable energy also attract significant investments.
This trend reflects a growing commitment to social responsibility alongside financial returns.
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