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

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