Key Points

Fintrx reports that the ultra-wealthy private investment entity reduced its direct investments by 60% in July compared to the same time last year.

Family offices, shaken by tariff uncertainties, are shifting some of their investments overseas, focusing on European startups.

Robin Lauber from Infinitas Capital shared insights with CNBC about why the Swiss family office remains hopeful despite the market’s ups and downs.

In July, family offices made just 42 direct investments, which is nearly a 60% decline year-on-year, according to exclusive data from Fintrx for CNBC. This steep drop seems tied to the ongoing uncertainties surrounding tariffs, particularly influenced by actions from former President Trump. For the first half of 2025, family office investments overall decreased by 32%. Advisors mentioned that these tariff concerns have prompted not just family offices but also American companies to look abroad for greener pastures, with nearly a third of July’s investments targeting European firms.

For instance, Hillspire, associated with former Google CEO Eric Schmidt, has backed two AI startups in Paris. Lauber, the CEO and co-founder of Infinitas Capital, explained that his family office has had a busier year compared to the last two, focusing on diverse investments like Swiss residential real estate and notable tech firms, including Xai and SpaceX earlier this year. He anticipates that by year’s end, some of their portfolio companies may go public in Swedish or German markets. In July, Infinitas completed its 12th direct investment for 2025, co-funding a $5 million pre-Series A round for St. Suss, a Berlin-based brand specializing in lingerie and socks. These funds are aimed at launching new product categories, like swimwear, while expanding into the US and UK markets, all amidst the fluctuating economic landscape.

Lauber expressed optimism, speculating that the Trump administration might relax economic policies ahead of the 2026 mid-term elections. He pointed to a record IPO season and potential US interest rate cuts as positive signs. “From an allocation perspective, I think it’s actually a fun time,” he remarked. Infinitas has also been strategically investing due to the market’s disruptions. For example, Kanaan Sellers Group, which Infinitas backs, is an e-commerce conglomerate that has successfully acquired various assets in kitchen appliances and outdoor furniture. Lauber noted that traditional startup investors are now more hesitant to invest in consumer-focused businesses, leading these companies to seek funding from family offices and wealthy individuals willing to take a longer-term view.