A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Private investment firms of the ultra-rich once again dialed back their deal-making in July. Family offices made only 42 direct investments last month, down nearly 60% on an annual basis, according to data provided exclusively to CNBC by private wealth platform Fintrx. While the drop in July was especially steep, uncertainty over President Donald Trump ‘s tariffs has weighed on deal flow for months. Family office investors made 32% fewer direct investments in the first half of 2025 , per Fintrx. For those family offices that are still making deals, tariff anxieties have prompted more, including American firms, to increasingly invest overseas, advisors told CNBC . Nearly one-third of last month’s direct investments were made in companies based in Europe, according to Fintrx. Former Google CEO Eric Schmidt’s Hillspire invested in two AI startups based in Paris, document processor Retab and robotics firm Genesis AI, which also has an office in Palo Alto, California. Robin Lauber, CEO and co-founder of Swiss family office Infinitas Capital, told Inside Wealth that his family office has had a busier year so far in 2025 than the previous two years. Infinitas Capital, originally formed to manage the Lauber family’s Swiss residential real estate assets, backed xAI and SpaceX in January and March, respectively, through its secondaries arm Opportuna. He told CNBC that he expects three portfolio companies to go public on Swedish or German exchanges by the end of the year. In Jul …
