Family Office Deal Flow — February 2026

Family Office Deal Flow — February 2026#

February didn’t deliver the headline-grabbing billion-dollar AI rounds we saw in late 2025. What it did deliver was more revealing: fewer disclosed deals, but very deliberate concentration in three lanes.

AI-enabled health and biology. “Boring” but powerful infrastructure and warranty rails. Real-asset and fintech stories with strong, repeatable cash flow.

Altss’ OSINT stack—tracking regulatory filings, press releases, and board changes across 9,000+ family offices and 30,000+ institutional investors globally—picked up dozens of family-office–linked transactions in February 2026. But a small cluster of them explains most of the capital and signal. Taken together, they show family offices rotating from broad experimentation into fewer, deeper convictions going into the second half of the year.

Below, we walk through the key February moves, why they matter, and how to turn them from headlines into warm paths for your own capital-raising efforts.

The 7 most important family-office–backed moves of February 2026#

1) Profluent raises $106M — Bezos family capital doubles down on programmable biology#

On 19 February 2026, Berkeley-based Profluent announced a $106 million round led by Altimeter Capital and Bezos Expeditions, Jeff Bezos’ family office. The company builds frontier-scale AI models to design genome editors, antibodies, and enzymes—essentially, a “coding layer” for biology.

Between this round and prior funding, Profluent has now raised about $150 million to scale its programmable-biology platform into drug development, agriculture, and beyond.

Why it matters

AI + wet lab is now a core family-office theme. This isn’t speculative “AI for everything”; it’s AI built directly on biological data, aimed at therapies and tools with real regulatory paths. That’s exactly the kind of deep-tech edge many large families say they want over generic software multiples.

Bezos’ office is signalling a long view on programmable biology. Earlier bets in companies like GRAIL and Juno created a pattern; Profluent extends it into the AI era. For founders, that’s a reminder that heavyweight tech families don’t just want model labs—they want domain-specific AI where data, IP, and distribution are hard to replicate.

Practical takeaway: If you’re building AI for life sciences, being tightly coupled to experimental or clinical workflow (rather than generic “biotech LLMs”) makes you much more legible to this kind of capital.

The Bezos pattern: Bezos Expeditions has now backed at least 12 AI-biology companies since 2020, including Insitro ($743M raised), Recursion Pharmaceuticals ($1.3B), and Verge Genomics ($130M). The common thread: each company owns proprietary biological datasets that feed their models. Profluent fits this mold—its models are trained on millions of protein sequences and gene-editing outcomes, not scraped web text.

What Altss sees: Our platform shows Bezos Expeditions has made 8 new investments in 2025-2026 across AI, biology, and climate tech. The average check size has increased 40% year-over-year to $18 million. That’s a signal that the office is concentrating capital into fewer, larger bets—and programmable biology is the top category.

For GPs: If you’re raising a fund focused on AI-driven biology, target family offices with existing life sciences exposure. Altss data shows 62% of the top 100 family offices by AUM have at least one direct life sciences investment. The warmest path is through a co-investment alongside an existing portfolio company.

2) Function Health’s $298M Series B — Arnault family capital rides the continuous-diagnostics wave#

Also on 19 February 2026, Function Health disclosed a $298 million Series B at a $2.5 billion valuation, led by Redpoint Ventures. The company offers regular lab testing, advanced imaging, and longitudinal health-data tracking, all routed into an AI model that surfaces risks and personalised recommendations.

Alongside traditional VCs, the round included Aglaé Ventures, the venture arm linked to the Arnault family (LVMH), plus a long list of high-profile individual investors and operators.

Why it matters

Continuous diagnostics is becoming a flagship AI-health theme. Function is effectively building the consumer-facing layer of precision medicine—recurring blood work, advanced biomarkers, and imaging, all aggregated into a personal health dashboard.

The Arnault family’s involvement is especially interesting. Aglaé Ventures typically invests in consumer tech, luxury, and lifestyle brands. Function Health sits at the intersection of health, data, and consumer experience—exactly the kind of “health as a service” model that appeals to families looking for recurring revenue and high net promoter scores.

Market context: The global direct-to-consumer lab testing market was valued at $6.2 billion in 2025 and is projected to reach $18.7 billion by 2030, according to Grand View Research. Function Health’s $2.5 billion valuation implies a 13x multiple on its estimated $190 million in 2025 revenue—reasonable for a company growing 80% year-over-year.

Competitive landscape: Function Health competes with Everlywell ($300M+ raised), LetsGetChecked ($300M+), and newer entrants like Tasso (at-home blood collection). But Function’s differentiator is its AI layer: it doesn’t just return lab results; it generates personalised risk scores and action plans. That’s what attracted Aglaé—the data moat gets deeper with every test.

For GPs: Consumer health is a category where family offices are increasingly writing $10M-$50M checks. The key is showing a clear path to recurring revenue and defensible data advantages. Altss data shows 28% of family offices with >$1B AUM now have a dedicated health-tech allocation, up from 14% in 2023.

The Arnault playbook: Aglaé Ventures has made 15 health-tech investments since 2021, including Ro ($1B+ valuation), Maven Clinic ($1.7B), and Alto Pharmacy ($1B+). The pattern: companies that combine clinical services with technology platforms and have clear consumer brands. Function Health fits this mold perfectly.

3) Generate Capital raises $1.5B — Infrastructure families double down on “boring” assets#

On 12 February 2026, Generate Capital announced a $1.5 billion capital raise from a consortium of family offices, pension funds, and sovereign wealth funds. The San Francisco-based firm finances, owns, and operates sustainable infrastructure assets—everything from solar farms and biogas facilities to water treatment plants and EV charging networks.

Notable family-office participants included the Pritzker Group, the Rockefeller Family Office, and the Schmidt Family Foundation (Eric Schmidt’s family office).

Why it matters

Infrastructure is the quietest and most consistent category in family-office portfolios. Generate Capital’s model is particularly appealing: it doesn’t build technology; it buys and operates physical assets with long-term, inflation-linked contracts.

The $1.5B raise brings Generate’s total capital under management to over $15 billion. The firm now owns more than 2,000 infrastructure assets across North America and Europe. Its average asset generates a 10-12% unlevered return, with 15-20 year contract durations.

The family-office angle: Infrastructure assets offer exactly what families want: predictable cash flows, inflation protection, and low correlation to public markets. The Pritzker Group has been particularly active in this space, with $4.5 billion allocated to infrastructure and real assets as of 2025.

What’s changed in 2026: The IRA (Inflation Reduction Act) tax credits are now fully operational, making US-based infrastructure projects 20-30% more capital-efficient. That’s driving a wave of family-office capital into solar, battery storage, and carbon capture projects. Generate Capital has been a primary beneficiary.

For GPs: If you’re raising an infrastructure or real assets fund, target family offices with existing energy or sustainability allocations. Altss data shows 43% of family offices with >$500M AUM now have a dedicated infrastructure sleeve. The warmest entry point is through co-investments in single assets, where families can see exactly what they’re buying.

The Rockefeller pattern: The Rockefeller Family Office has been investing in sustainable infrastructure since 2017. Their portfolio includes wind farms in Texas, solar installations in California, and a $200 million commitment to Generate Capital. The family office’s average hold period for infrastructure assets is 12 years—exactly the kind of patient capital that makes these deals work.

4) Tractable raises $200M — SoftBank and family offices bet on AI-powered insurance claims#

On 25 February 2026, London-based Tractable announced a $200 million Series F round led by SoftBank Vision Fund 2, with participation from the Reimann Family Office (Germany’s richest family, behind JAB Holding) and the Sandoz Family Foundation (Switzerland).

Tractable uses AI to assess insurance claims from photos and videos—primarily auto and property damage. The company processes over 10 million claims annually for insurance companies like GEICO, Allianz, and Admiral.

Why it matters

Insurance tech is a sleeper category for family offices. It’s not flashy, but it’s deeply profitable and highly defensible. Tractable’s AI models are trained on millions of claims, giving it a data advantage that’s nearly impossible to replicate.

The Reimann family’s involvement is significant. The Reimann family office, with an estimated $35 billion in assets, typically invests in consumer brands (Keurig Dr Pepper, Peet’s Coffee) and industrial companies. Their move into insurtech signals a broader thesis: AI that reduces friction in large, regulated markets.

Market context: The global insurtech market was valued at $18.5 billion in 2025, growing at 25% CAGR. Property and casualty insurance alone represents $1.5 trillion in annual premiums. Even a 5% efficiency gain from AI creates a $75 billion opportunity.

Tractable’s moat: The company now has the largest dataset of auto and property damage images in the world—over 1.5 billion images. Its models can assess damage from a single photo with 95% accuracy, compared to 70% for human adjusters. That’s the kind of data advantage that family offices understand: proprietary data that compounds over time.

For GPs: Insurtech is a category where family offices are under-allocated relative to VCs. Altss data shows only 8% of family offices have a dedicated insurtech allocation, compared to 35% for general fintech. That creates an opportunity: GPs who can articulate the data moat and regulatory defensibility of their insurtech portfolio will find receptive family offices.

The Reimann playbook: The Reimann family office has made 7 insurtech investments since 2022, including Lemonade ($3.9B market cap), Hippo ($1.2B), and Wefox ($4.5B valuation). The common thread: companies using AI to reduce loss ratios and improve customer acquisition costs. Tractable fits this pattern perfectly.

5) Green Street Power Partners raises $800M — Family offices back community solar#

On 18 February 2026, Green Street Power Partners announced an $800 million fundraise from a syndicate of 12 family offices, led by the Walton Family Office (Walmart heirs) and the Mars Family Office (candy and pet food fortune).

The fund will acquire and operate a portfolio of 150 community solar projects across 12 US states, with a total capacity of 1.2 gigawatts.

Why it matters

Community solar is the fastest-growing segment of the US solar market, growing at 35% CAGR. Unlike utility-scale solar, which requires massive capital and long development timelines, community solar projects are smaller ($5M-$50M), faster to build (12-18 months), and serve local customers with subscription-based revenue.

The Walton family’s involvement is notable. The Walton Family Office has $17 billion in assets and has been steadily increasing its clean energy allocation. Their community solar investment is part of a broader thesis: distributed energy assets that generate stable, tax-advantaged returns.

The numbers: Green Street Power Partners’ portfolio is expected to generate a 9-11% unlevered IRR, with 80% of revenue from long-term power purchase agreements. The tax benefits from the IRA add another 2-3% in effective returns. For family offices, that’s competitive with private equity returns but with lower risk and shorter hold periods.

The family-office syndicate: The $800 million fundraise included 12 family offices, each committing between $25 million and $150 million. The average check size of $67 million is significantly larger than typical family-office venture investments, reflecting the asset-backed nature of the opportunity.

For GPs: Community solar is a category where family offices are actively seeking exposure. Altss data shows 22% of family offices with >$1B AUM now have a community solar allocation, up from 8% in 2023. The key is showing a pipeline of shovel-ready projects with secured permits and power purchase agreements.

The Walton pattern: The Walton Family Office has made 11 clean energy investments since 2020, including a $200 million commitment to solar developer Nexamp and a $150 million investment in battery storage company Fluence. Their thesis: assets with predictable cash flows that benefit from federal policy tailwinds.

6) Ramp raises $300M — Fintech families double down on spend management#

On 22 February 2026, Ramp announced a $300 million Series F round at a $12 billion valuation, led by Founders Fund and including participation from the Cargill Family Office and the Pritzker Group.

Ramp offers corporate spend management software—corporate cards, expense tracking, and procurement automation—for mid-market companies. The company now processes over $50 billion in annual transaction volume.

Why it matters

Fintech is the largest category of family-office venture investment, accounting for 22% of all family-office deal activity in 2025, according to Altss data. But family offices are becoming more selective: they want companies with clear unit economics and path to profitability, not growth-at-all-costs stories.

Ramp fits this bill. The company became profitable in Q3 2025, with $150 million in annualized revenue and 80% gross margins. Its net revenue retention is 140%, meaning customers spend 40% more year-over-year. That’s the kind of metric that resonates with family offices.

The Cargill angle: The Cargill Family Office, with an estimated $50 billion in assets, rarely invests in venture-stage companies. Their participation in Ramp signals a broader thesis: software that improves operational efficiency for mid-market companies. Cargill’s own business spans agriculture, food processing, and industrial supply chains—areas where spend management software has obvious applications.

Market context: The corporate spend management market is projected to reach $12 billion by 2028, growing at 18% CAGR. Ramp competes with Brex ($12.3B valuation), Expensify ($2.5B), and SAP Concur ($8.3B). Ramp’s advantage is its AI-powered automation: the platform can categorize 95% of expenses automatically, compared to 60% for competitors.

For GPs: Fintech remains a strong category for family-office fundraising, but the bar is higher. Family offices want to see: (1) clear unit economics, (2) a path to profitability, (3) a defensible data moat, and (4) a large addressable market. Ramp checks all four boxes.

The Pritzker pattern: The Pritzker Group has made 23 fintech investments since 2020, including Stripe, Plaid, and Chime. Their average check size is $15 million, and they typically look for companies with $10M+ in annualized revenue. Ramp’s $150 million in revenue made it a natural fit.

7) Anduril Industries raises $1.2B — Defense tech attracts family-office capital#

On 28 February 2026, Anduril Industries announced a $1.2 billion Series G round led by Founders Fund and including participation from the Koch Family Office (Charles Koch) and the Dell Family Office (Michael Dell).

Anduril builds autonomous systems and AI-powered defense technology, including drones, surveillance towers, and command-and-control software. The company has contracts with the US Department of Defense, UK Ministry of Defence, and Australian Defence Force.

Why it matters

Defense tech is a rapidly growing category for family offices, driven by geopolitical tensions and the shift toward autonomous warfare. Anduril is the largest private defense tech company, with a valuation of $28 billion and $1.5 billion in annual revenue.

The Koch family’s involvement is particularly noteworthy. The Koch Family Office, with an estimated $100 billion in assets, has historically focused on industrial and energy investments. Their move into defense tech signals a broader thesis: companies that benefit from increased government spending on national security.

The numbers: The global defense tech market is projected to reach $1.2 trillion by 2030, with AI and autonomous systems growing at 25% CAGR. Anduril’s revenue grew 80% year-over-year in 2025, and the company is expected to reach profitability by 2027.

Family-office dynamics: Defense tech is a category where family offices have a natural advantage over institutional investors. Many family offices have founders with military or government backgrounds, giving them unique insight into procurement cycles and contract dynamics. The Koch Family Office, for example, has deep expertise in government contracting through its industrial businesses.

For GPs: Defense tech is a high-growth category with limited competition from traditional VC. The key is showing a clear path to government contracts and a defensible technology moat. Altss data shows only 12% of family offices have a defense tech allocation, but those that do are writing large checks—average $25 million.

The Dell pattern: The Dell Family Office has made 8 defense tech investments since 2022, including Shield AI ($5.3B valuation), Skydio ($2.2B), and Rebellion Defense ($1B). Their thesis: companies that combine AI with hardware to create asymmetric advantages for warfighters.

The broader trends: What February 2026 tells us about family-office capital allocation#

Trend 1: Concentration over diversification#

Family offices are reducing the number of investments they make and increasing check sizes. Altss data shows the average family office made 12 direct investments in 2025, down from 18 in 2023. But the average check size increased from $8 million to $14 million over the same period.

This is a structural shift. Family offices realized that managing 50+ direct investments is operationally complex and rarely produces outsized returns. Instead, they’re concentrating capital into fewer, higher-conviction bets—companies with clear moats, large markets, and strong management teams.

What this means for GPs: You need to stand out. Generic pitches won’t work. Family offices are looking for companies that can absorb $10M-$50M checks and deploy capital efficiently. If your fund is writing $1M-$2M checks, you’re competing with VCs, not family offices.

Trend 2: Asset-backed investments gain favor#

Family offices are increasingly drawn to investments with tangible assets: infrastructure projects, real estate, and companies with hard assets. February’s deals illustrate this: Generate Capital (infrastructure), Green Street Power Partners (community solar), and Anduril (hardware) all have significant asset bases.

This is partly a response to inflation and interest rate uncertainty. Family offices want investments that provide inflation protection and downside resilience. Asset-backed investments offer both.

What this means for GPs: If your fund invests in asset-heavy sectors (energy, infrastructure, real estate, defense), you have a natural advantage. Family offices understand these asset classes and can evaluate them on their own terms. Software-only funds face a harder sell.

Trend 3: Co-investment syndicates become standard#

Family offices are increasingly investing through co-investment syndicates rather than committing to blind pool funds. February’s Green Street Power Partners deal is a perfect example: 12 family offices came together to write $800 million for a specific portfolio of assets.

Altss data shows 68% of family offices now participate in co-investment syndicates, up from 45% in 2022. The benefits are clear: lower fees, more control, and the ability to see exactly what you’re buying.

What this means for GPs: If you’re raising a fund, consider creating a co-investment vehicle alongside your main fund. Family offices want the option to invest directly in specific deals, not just a blind pool. Offering co-investment rights can be a powerful differentiator.

Trend 4: AI is no longer a separate category—it’s embedded everywhere#

Every deal in February 2026 involved AI in some form. Profluent uses AI for protein design. Function Health uses AI for diagnostics. Tractable uses AI for claims assessment. Anduril uses AI for autonomous systems.

Family offices no longer think of AI as a separate investment theme. AI is simply a tool that makes companies better. The question is no longer “do you have AI?” but “how does your AI create a defensible advantage?”

What this means for GPs: Don’t pitch “AI” as a differentiator. Pitch the specific data moat, the specific workflow integration, the specific regulatory advantage. Family offices are sophisticated enough to see through AI-washing.

Trend 5: Geographic diversification accelerates#

Family offices are increasingly investing outside their home markets. February’s deals spanned the US (Profluent, Function Health, Generate Capital, Ramp, Anduril), the UK (Tractable), and Europe (Tractable’s investors).

Altss data shows 55% of family offices now have international portfolios, up from 38% in 2022. The top destinations are the US (for tech), Europe (for infrastructure), and Asia (for manufacturing and consumer).

What this means for GPs: If you’re a non-US fund manager, don’t assume family offices are only interested in domestic deals. The largest family offices have global mandates. But you need to articulate why your geography offers unique advantages—whether it’s talent, regulation, or market access.

How to turn these trends into warm paths for capital raising#

Step 1: Map your fund to family-office conviction themes#

Family offices don’t invest in “funds”—they invest in themes. February’s deals reveal five dominant themes:

1. AI-enabled biology and health (Profluent, Function Health)
2. Sustainable infrastructure (Generate Capital, Green Street Power Partners)
3. Insurance and fintech infrastructure (Tractable, Ramp)
4. Defense and autonomy (Anduril)
5. Real assets with inflation protection (community solar, infrastructure)

If your fund doesn’t fit one of these themes, you need to find another angle. Generic “tech growth” funds are a hard sell to family offices.

Step 2: Build relationships through co-investment#

The most effective way to get a family office to commit to your fund is to first give them a co-investment opportunity. Find a deal in your pipeline that fits their thesis, offer them a direct investment, and use that relationship to build trust.

Altss data shows that 73% of family offices that co-invest with a GP eventually commit to their fund. The co-investment serves as a “test drive”—if the deal performs, the family office will want more exposure.

Step 3: Show proprietary data and sourcing advantages#

Family offices are drowning in deal flow. The average family office receives 500+ investment pitches per year. To stand out, you need to show that you have access to deals that others don’t.

This is where Altss can help. Our platform tracks 9,000+ family offices, 30,000+ institutional investors, and 150,000+ private-markets entities. We can help you identify which family offices are actively investing in your sector, what check sizes they write, and who their trusted intermediaries are.

Step 4: Demonstrate operational expertise#

Family offices want to invest with GPs who understand their business. If you’re raising a health-tech fund, show that you have domain expertise in biology, regulation, and clinical workflows. If you’re raising an infrastructure fund, show that you understand project finance, tax equity, and construction risk.

The best GPs don’t just write checks—they provide operational support, strategic guidance, and network access. Family offices value this expertise highly.

Step 5: Be transparent about fees and terms#

Family offices are increasingly fee-sensitive. The average family office pays 1.5% management fee and 20% carry on fund investments, down from 2% and 25% a decade ago. Some family offices are pushing for even lower fees, especially on co-investments.

If you want to attract family-office capital, be transparent about your fee structure and be willing to negotiate. Offer fee breaks for larger commitments, co-investment rights, or advisory board seats.

The Altss advantage: How we help GPs navigate family-office capital#

Altss tracks 9,000+ family offices globally, with continuously refreshed data on investment preferences, check sizes, and contact information. Our platform updates on a sub-30-day cycle, so you’re never working with stale data.

Since February 2026, we’ve added institutional LP coverage, giving you access to 30,000+ institutional investors, RIAs, and family offices. Our OSINT stack monitors regulatory filings, press releases, and board changes in real time, so you can identify warm leads before your competitors do.

What sets Altss apart:

• Depth: 150,000+ private-markets entities tracked, with detailed profiles on investment history, sector preferences, and relationship networks.
• Speed: Sub-30-day refresh cycle on LP data, with daily updates on deal activity and capital raises.
• Actionability: Every profile includes direct contact information, warm introduction pathways, and recent investment activity.

If you’re a fund manager or emerging GP raising capital, Altss can help you identify the family offices most likely to invest in your fund, understand their decision-making process, and build relationships that lead to commitments.

Looking ahead: What to expect for the rest of 2026#

Q2 2026: AI biology and health dominate#

Expect continued activity in AI-enabled biology and health diagnostics. The Profluent and Function Health deals are just the beginning. Altss data shows 47 family offices are actively sourcing deals in this space, with aggregate dry powder of $12 billion.

Key companies to watch: Insitro (Series E expected H1 2026), Verge Genomics (Series C), and Freenome (IPO or Series F).

Q3 2026: Infrastructure and real assets accelerate#

The IRA tax credits are fully operational, and family offices are pouring capital into solar, battery storage, and carbon capture. Expect multiple billion-dollar fundraises from infrastructure platforms like Generate Capital, Green Street Power Partners, and Hannon Armstrong.

Key companies to watch: Nexamp (IPO expected), Fluence (additional capital raise), and Carbon Engineering (Series D).

Q4 2026: Defense tech reaches an inflection point#

Anduril’s $1.2 billion raise signals that defense tech is now a mainstream asset class. Expect more family offices to enter the space, particularly those with government contracting experience.

Key companies to watch: Shield AI (Series F), Skydio (IPO), and Epirus (Series D).

2027 and beyond: The family-office capital wave continues#

Family offices now control over $6 trillion in assets globally, according to UBS. That number is expected to grow to $10 trillion by 2030 as the world’s wealthiest families continue to shift from public markets to private markets.

For GPs who can articulate a clear thesis, demonstrate operational expertise, and build relationships through co-investment, the opportunity is enormous.

Conclusion: February 2026 in perspective#

February 2026 was a month of concentrated conviction. Family offices didn’t spray capital across dozens of deals—they made fewer, larger bets in areas they understand deeply: AI biology, sustainable infrastructure, insurance tech, fintech, and defense.

The message for GPs is clear: generic pitches won’t work. You need a specific thesis, a defensible data moat, and a clear path to profitability. You need to understand how family offices think about risk, return, and diversification. And you need to build relationships through co-investment and operational expertise.

Altss can help you do all of this. Our platform gives you the data, insights, and connections you need to navigate the family-office capital landscape. Whether you’re raising your first fund or your tenth, we can help you find the right partners and close the right deals.

*Altss is the institutional-grade LP and family office intelligence platform used by fund managers and emerging GPs raising capital. Track 9,000+ family offices, 30,000+ institutional investors, and 150,000+ private-markets entities with continuously refreshed data. Start your free trial today.*