Family Offices Reshape Dealmaking, Challenging JPMorgan Chase & Company in UHNW Market

Family offices’ dealmaking reshapes private banking scramble

Family offices are emerging as a major force in direct dealmaking and are reshaping how banks and asset managers compete for ultra‑high‑net‑worth clients, according to a CNBC ranking and private wealth data cited in the report. Hillspire, the family office of tech investor Eric Schmidt, tops the inaugural Inside Wealth Family Office 15 list after making 15 disclosed investments in 2025, while the 15 ranked family offices collectively report more than 120 direct investments across sectors such as robotics, software and biotech. Industry data firm Fintrx supplies the deal counts to CNBC and notes that each firm on the list manages at least $1 billion, underscoring the size and deal activity of these private vehicles.

The growth and opacity of family offices — estimated to control roughly $3 trillion in assets and forecast to grow in number toward 2030 — is prompting banks including JPMorgan Chase & Company and rivals to intensify efforts to win mandates for custody, lending, bespoke investment solutions and direct deal access. Private banks, asset managers, private equity firms and insurers increasingly tailor technology, compliance and origination capabilities to suit single‑family needs, with demand for co‑investment platforms, late‑stage financing and structured wealth services rising as family offices pursue direct stakes in startups and complex cross‑border transactions.

For major universal banks, the trend represents both revenue opportunity and competitive challenge. Family offices’ preference for discretion and direct sourcing requires relationship teams that can deliver private equity‑style diligence, bespoke capital solutions and introductions to alternative deal flow. JPMorgan’s wealth management and investment banking franchises are thus operating in a market where service differentiation, proprietary deal access and integrated banking services determine success in capturing an expanding pool of large private capital.

Biotech partnering summit underscores cross‑border deal flow

Separately, a BIOSeedin Winter Innovation Partnering Summit in San Francisco convenes multinational pharma, biotech and investors under the theme “Global Matching of Innovative Assets,” drawing more than 500 delegates and emphasizing “capital + collaboration.” ACROBiosystems hosts a networking lounge and showcases platforms that support translational research and cross‑region partnerships between Asia, Europe and North America.

Implications for healthcare banking

Panels on oncology, cardiovascular, renal and autoimmune therapies highlight accelerating platform innovation and licensing activity in ADCs, TCEs and cell and gene therapies, reinforcing demand for cross‑border M&A advisory, licensing deals and specialized financing—areas where banks such as JPMorgan provide deal structuring, market access and capital solutions.