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.

Investment firms of ultra-rich families have scaled back their deal-making throughout 2025, and the last quarter of the year is not off to a promising start. In October, family offices made 51 direct investments, down 63% on an annual basis, according to data provided exclusively to CNBC by private wealth platform Fintrx.

However, family offices are still backing massive fundraises for artificial intelligence companies.

Last month, Tyler and Cameron Winklevoss' namesake investment firm joined a $1.4 billion Series E round for Crusoe , boosting the data center deve

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