The top 10 family offices for venture capital investments.

• In 2024, Fintrx collaborated with CNBC to examine the single family offices that invested the most in private startups.

The original article was published in CNBC's Inside Wealth newsletter with Robert Frank, providing a weekly guide for high-net-worth investors and consumers. To receive future editions, subscribe and have them delivered directly to your email inbox.

Over 150 investments were made by the top 10 family offices in startup investments this year, spanning across various sectors such as biotech, energy, crypto, and artificial intelligence, according to a recent analysis.

In 2024, CNBC collaborated with Fintrx, a private wealth intelligence platform, to create a list of single family offices that made the largest investments in private startups. This list, which is the first of its kind, provides insight into the investments made by some of the biggest names in family offices, including Bernard Arnault's Aglaé Ventures, Laurene Powell Jobs' Emerson Collective, and Peter Thiel's Thiel Capital. Additionally, the list reveals lesser-known family offices that have become major players in the world of venture capital and private markets.

This year, Maelstrom, the Hong Kong-based family office of American investor Arthur Hayes, has been the most active family office, with 22 private startup investments, according to Fintrx data. All other family offices in the database pale in comparison to Maelstrom's investments, which are primarily in blockchain technology, including Cytonic, Magma, Infinit, Solayer, BSX, Khalani, and Term Labs.

Motier Ventures, the family office and venture arm of Guillaume Houzé, ranks second on the Top 10 list. Houzé, a member of the renowned French family that owns Galeries Lafayette and other retailing titans, established Motier in 2021 to invest in tech startups.

This year, Motier has invested in 21 startups, with a focus on artificial intelligence and blockchain, as well as publishing and advertising. Among its investments are Vibe.co, Adaptive, and PayFlows. Motier also participated in a $220 million seed funding round for Holistic AI and a $30 million seed round for Flex AI.

Motier was also an investor in two funding rounds for Mistral, a fast-growing French AI firm that raised more than $500 million last year and whose investors include Nvidia, Lightspeed, and Andreesen Horowitz.

Three family offices tied for third place are Atinum Investment, Hillspire, and Emerson Collective.

Fantasy Chess, founded by 17-time World Chess Champion Magnus Carlsen, and Rhea Fertility, a Singapore-based fertility-clinic roll-up company, have both received investments from Thiel Capital, which is currently tied for sixth place.

Fintrx collects data on family offices, which are investment vehicles or holding companies of a single family or individual that don't manage money for outside investors, from public and private sources through its team of researchers. The list does not include investment amounts and may not include all deals or family offices, as they are not required to disclose their investments. The investments do not include real estate.

Family offices have emerged as a significant force in the world of startup capital, with nearly a third of the total capital invested in 2022 coming from these entities, according to a PWC report.

Family offices have identified AI as their preferred investment theme for the next two to three years, with over three-quarters planning to invest in this category, according to the UBS Global Family Office Report. Aglaé Ventures, the tech venture arm of LVMH chief Arnault's family office, and Bezos Expeditions have made several AI investments in 2024.

Advisors from family offices assert that top-ranked serial investors frequently view startups as research and development hubs, allowing them to gain knowledge on emerging technology and markets. This information can then be utilized for larger investment opportunities or applied to their own businesses.

Hillspire, Schmidt's family office, has invested in over six AI companies this year, which has informed his investments in energy companies. Hillspire has also invested in Pacific Fusion, a nuclear fusion startup, and Sion Power.

Family offices invest in tech startups through venture capital funds, but the CNBC list highlights direct investments made by family offices in startups.

Family offices, such as Hillspire, Thiel, and Aglaé, are expanding their teams of deal and tech experts to analyze investments and valuations. Smaller family offices and those that don't specialize in tech startups typically invest through a VC fund. A growing trend in family offices is "co-investing," where a VC fund takes the lead on an investment and the family office invests as partners, often with lower fees.

Family offices face growing risks when investing in tech startups on their own, according to Nico Mizrahi, co-founder and general partner of Pattern Ventures. After the stock market declines of 2022 and early 2023, which also brought down the valuations of many private tech companies, paper losses are piling up in the private tech market. The lack of IPOs, mergers and private-equity acquisitions has also made for fewer exits, locking up cash.

"Mizrahi stated that some family offices lacked discipline and consumed Kool-Aid, which he believed was due to over-extending themselves and becoming overly enthusiastic about chasing the venture wave. He predicted that there would be recaps and some companies would disappear."

Experienced tech startup managers are the best strategy, especially for smaller family offices, according to Mizrahi.

"Getting the best deals and returns requires full-time commitment with 100% attention. It's best to do it with a partner, firms that specialize in it and have the resources to network, conduct due diligence, background and reference checks."