Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
Family Offices Continue Push Into AI, Healthcare
Dakota Marketplace tracked 73 direct investments by family offices in June, up from 53 in May and 51 in April. The value of these transactions totaled $19.97B, down sharply from $79.44B in May. However, May's total was heavily influenced by Anthropic's $65B Series H financing, which valued the AI company at $965B and included ICONIQ Capital among its lead investors.
Transaction values reflect the total size of each funding round or deal, not the amount invested by any individual family office.
Much of June's aggregate deal value came from a single mega-round. Bezos Expeditions, Jeff Bezos' family office, participated in Prometheus' $12B Series B round. The AI startup, which Bezos co-founded and co-leads as CEO alongside Vik Bajaj, a Stanford professor and former Alphabet Verily co-founder, was valued at approximately $41B. This round alone accounted for roughly 60% of June's total tracked deal value.
Information Technology was June's most active and highest-value sector by a wide margin, with 20 deals totaling $14.19B, driven primarily by the Prometheus round and several other AI-focused venture and growth equity investments. Healthcare came in second, with 17 deals worth $2.55B, marking the second-highest deal count of any sector.
The healthcare volume echoes findings from J.P. Morgan Private Bank's 2026 Global Family Office Report, published earlier this year. The report, based on a survey of 333 single family offices worldwide conducted between May and July 2025, found that AI topped the list of investment themes, with 65% of respondents saying they were either currently focused on or planned to prioritize the sector. Healthcare innovation ranked second at 50%, ahead of infrastructure, cybersecurity, and global security and defense. Dakota's tracking this year has broadly reflected those priorities.
Venture capital accounted for the vast majority of June's direct investment activity. Of the 73 deals Dakota tracked, 58 were venture-stage, representing nearly 80% of the month's total. Another 10 were growth equity investments.
Bezos Expeditions claimed four of June's top 10 deals by value. Beyond Prometheus, the firm joined Hillspire in a $320M round for General Intuition, a spatial-AI startup training models on video game footage; participated in a $500M round for neuro AI company Flourish; and joined a $400M round for Generalist, a robotics startup building foundation models that let robots handle complex physical tasks.
The month's third-largest deal was a $750M round for spend management firm Ramp, in which ICONIQ participated. ICONIQ also joined a $400M round for IT automation platform NinjaOne.
Dara Holdings, the investment firm of Lubna Olayan, participated in a $550M round for French health insurer Alan. Olayan is one of Saudi Arabia's most prominent business leaders and a principal of Olayan Group, a family-owned conglomerate her father established in 1947. She spent decades leading the group's Middle East holding company as CEO and now serves as chair of its executive committee. Dara has also backed female-founded startups across the UAE, including AI startup qeen.ai and drug-delivery firm BioSapien, according to Bloomberg.
Other notable deals this month included Darco Capital's participation in a $435M round for anti-aging biotech NewLimit, and a $190M round for Osanni Bio that drew support from Horowitz Group and Invus. BOLT Ventures participated in a round involving the Premier Lacrosse League. And Blue Pool Capital and TIME Ventures, the investment vehicles of Joe Tsai and Marc Benioff, respectively, joined a venture round for surgical technology company Petal.
The origin story of Invus traces back to a Belgian sugar dynasty, according to a detailed 2018 profile in Forbes of co-founder and CEO Raymond Debbane. The Wittouck family built its fortune in sugar beet refining, a business it entered in 1894. By the late 1970s, a family descendant leading the company had grown concerned that the rise of American high-fructose corn sweeteners posed a long-term threat and commissioned a study from Boston Consulting Group.
The project was assigned to a young BCG consultant in Paris named Raymond Debbane, a Lebanese-born engineer who earned a food science degree at UC Davis and an MBA at Stanford after being stranded outside Lebanon by the country's civil war. When the Wittoucks later reduced their stake in the sugar business and established holding company Artal, they hired Debbane and sent him with colleague Sacha Lainovic to New York with $20M to invest in the US. Debbane and his colleague called the venture Invus, short for "Investments in the US."
The partnership evolved over several years. By 1993, the Wittouck family had sold its remaining stake in the Belgian sugar business and relocated Artal to Luxembourg for tax purposes. Around that time, Debbane was preparing to wind down Invus when the Wittouck heirs asked him to continue managing their wealth. But Debbane wanted a different structure. He demanded responsibility for all of Artal's capital, giving him the flexibility to allocate between liquid investments and buyouts as opportunities arose.
Over the following years, most of Artal's shareholders gradually sold their stakes. But Eric Wittouck took a different approach and in 1998 reaffirmed his commitment to Debbane, who from that point managed the wealth of a single family member.
Some of Invus's best-known investments illustrate the firm's long-term approach. It acquired Weight Watchers in a 1999 leveraged buyout and remained invested through years of volatility, turning an investment of $226M into a stake worth more than $5B at its peak. Blue Buffalo Pet Products was another of Invus's biggest successes. The firm acquired a controlling stake in 2006 and exited through the company's $8B sale to General Mills in 2018, generating an 84x return on its original investment, according to Forbes.
Invus invests in both private and public companies, alongside a fund-of-funds strategy focused on emerging hedge fund managers. The firm focuses on the consumer, technology and life sciences sectors. In June, it invested in five healthcare deals: Flare Therapeutics, Lycia Therapeutics, Osanni Bio, City Therapeutics and Contraline.