Family Office Deal Flow — November 2025

Family Office Deal Flow — November 2025

November didn’t deliver the headline-grabbing billion-dollar AI rounds we saw earlier in the year. 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 globally—picked up dozens of family-office–linked transactions in November, 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 2026.

Below, we walk through the key November moves, why they matter, and how to turn them from headlines into warm paths.

The 5 most important family-office–backed moves of November 2025

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

On 19 November 2025, 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.

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

Also on 19 November, 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, 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 turning episodic healthcare into a stream of structured data that can be modelled over time. For families with historic exposure to clinics, diagnostics or insurers, that looks less like a “wellness app” and more like core health infrastructure.
• Multi-generational wealth likes longitudinal data. Families think in decades; a platform that tracks health across years—and potentially generations—maps intuitively to how they experience risk in their own lives.
• For health-tech GPs: November confirms that family offices will pay up for AI-enabled platforms that can prove three things: (1) real test volume, (2) a defensible data asset, and (3) clear routes into payers and providers, not just affluent consumers.

3) Hippocratic AI’s $126M Series C — billion-dollar valuation for “adjacent, not replacing” AI agents

On 3 November 2025, Hippocratic AI announced a $126 million Series C at a $3.5 billion valuation. The round was led by Avenir Growth with participation from existing and new backers; total funding is now over $400 million.

Hippocratic builds safety-constrained AI “agents” that handle non-diagnostic, high-volume healthcare tasks: medication reminders, discharge follow-ups, administrative coordination and more.

While the company didn’t list every investor in its press release, follow-on commentary and public posts highlight the presence of large tech-wealth family capital in earlier rounds—and those same networks are clearly leaning in as the company pushes into M&A and international expansion.

Why it matters

• Family offices are choosing “adjacent to clinicians” over “replace clinicians.” Hippocratic’s agents are deliberately positioned away from clinical decision-making and towards operational throughput and patient experience. That framing reduces headline regulatory and liability risk—attractive for families who want exposure to AI in health without betting the farm on unproven regulatory regimes.
• AI roll-ups in healthcare are coming. Part of the Series C is explicitly earmarked for M&A. For Altss, that’s an early signal that families and late-stage investors may soon back portfolios of niche AI health tools, not just single logos.
• If you’re in AI for care delivery: November shows that being “in the workflow but not on the hook for diagnosis” is a powerful way to align with family-office risk appetite.

4) NMS Capital acquires Get Cover — Saliba family builds warranty rails as a platform

On 18 November 2025, Beverly Hills–based NMS Capital Group announced it had acquired Get Cover Technologies, a scalable warranty and service-contract platform. NMS describes itself explicitly as a family-office–backed private equity firm, linked to the Saliba family and its 130-year operating history in construction and engineering.

Get Cover runs multichannel warranty programs for devices across education, enterprise and consumer segments, with tens of thousands of contracts already processed and a roadmap targeting hundreds of thousands over the next few years.

Why it matters

• Warranty and service contracts are unglamorous—but they’re pure family-office DNA. This is recurring, contract-based revenue with embedded underwriting, distribution relationships and data. It behaves like speciality insurance or private credit—assets families already understand—wrapped in tech.
• Family office → GP evolution in action. NMS isn’t just writing minority cheques; it is buying and operating platforms on behalf of a family and co-investors. For founders, that’s a reminder that some “PE funds” in your pipeline are in fact institutionalised family offices with much longer holding horizons than traditional funds.
• For B2B infra and embedded-finance founders: November’s deal is a live precedent that you can pitch warranty, insurance-adjacent and infra rails to families as long-duration cash-flow engines, not just software stories.

5) Finance Buddha’s SME IPO — Indian family capital tests the public markets

In India, Finbud Financial Services (Finance Buddha) opened its ₹71.68 crore (≈$8.5–9M) SME IPO on 6 November 2025, closing on 10 November and listing later that month on NSE Emerge. The company positions itself as a technology-backed retail loan marketplace with over 4 crore customers, more than 19,000 pin codes covered, and over ₹50,000 crore in cumulative loan disbursements.

Crucially, pre-IPO coverage and filings repeatedly highlight backing from MS Dhoni’s family office alongside seasoned investor Ashish Kacholia and other high-profile anchors.

Why it matters

• Local family offices are becoming the “pre-IPO glue.” In markets like India, family offices and prominent individual investors increasingly provide the last private capital and signalling needed before SME and junior-exchange listings.
• Brand capital travels. The Dhoni family office brings national brand recognition to a retail-facing fintech. For founders, that’s a reminder that for some family offices, the name on your cap table can be as important as cheque size for downstream demand and distribution.
• For GPs raising in India: November reinforces that domestic single-family offices and UHNW investors are now central components of the capital stack, not just co-investors following global funds.

Honorable mentions: mid-market, but strategically important

Asseta AI’s $4.2M seed — infra for the family offices themselves

New York–based Asseta AI announced a $4.2 million seed co-led by Nyca Partners and Motive Partners. Asseta is a general-ledger and accounting platform built specifically for family offices, already supporting $10+ billion of client assets, with roughly one-third of clients managing over $1B each.

The product is very clear: multi-entity, multi-jurisdiction accounting with AI-assisted reconciliation and reporting.

Signal: as family offices institutionalise—hiring CIOs, controllers and risk teams—they’re willing to pay for infrastructure that makes their own operations auditable and scalable. That in turn makes them more comfortable taking complex positions in AI, infra and private credit.

Saliba Group spin-out — a template for “operating family as platform”

Earlier in the month, NMS and its consulting affiliate also announced Saliba Group, a dedicated program and construction-management firm spun out of an internal division and backed by NMS Capital. The move is framed as continuing a 130-year family legacy in construction and engineering, with a target to win at least five contracts worth roughly $500 million in the near term.

Signal: this is the classic playbook where an operating family turns its core competency into an investment and consolidation platform, then layers private equity and family capital on top.

Student housing & hospitality — defensive yield with family sponsors

Altss’ November scan of U.S. real-asset transactions picked up several student-housing and hospitality financings where family-office-backed sponsors partnered with credit funds and banks to recapitalise or acquire assets—such as Columbia Lofts, a 330-bed community near the University of South Carolina, and similar properties in Sun Belt university markets.

While individual deal sizes were mid-market, the pattern is consistent:

• Student housing near Tier-1 universities,
• Hospitality assets in resilient tourist and business markets,
• Family sponsors bringing local operating expertise plus patient capital.

Signal: defensive, income-oriented real estate remains a workhorse allocation—especially as inflation and rate uncertainty keep “boring yield” firmly in style.

What November tells us about family-office capital going into 2026

1. AI-enabled health is the current centre of gravity

Between Profluent, Function Health and Hippocratic AI, the most visible billionaire-family activity in November clustered around AI applied to health data, biology and patient ops.

That lines up with broader independent surveys showing family offices ranking pharmaceuticals, biotech and healthcare services among their most important thematics—often ahead of pure consumer tech.

For founders, the message is simple:

• Tie AI to concrete scientific or operational outcomes,
• Own a defensible data asset, and
• Show how you will plug into existing health infrastructure (payers, providers, employers), not fight it.

2. “Boring infra” is the ballast for AI risk

Get Cover’s warranty rails, student housing near major universities, and Saliba-backed construction management form the other side of the November barbell.

Families are comfortable taking thematic risk in AI and biotech because they anchor it with:

• Contracted cash flows (warranties, service contracts),
• Essential services (housing, construction, infra),
• Long-duration real assets.

If you see a family office in a high-beta AI health round, don’t forget to look at what they already own in services, infra and real assets—that’s usually where the relationship started.

3. Family offices are increasingly platforms, not passengers

NMS’ dual role—backed by the Saliba family and operating as a global equity firm; the emergence of dedicated family-office software like Asseta; and the visibility of branded family investment vehicles in IPOs such as Finance Buddha all point in the same direction:

Large family offices are acting like GPs with permanent capital, not just LPs with side pockets.

That matters for GPs and founders:

• They expect institutional-grade reporting, governance and access,
• They may want co-investment and secondary options,
• And they often think in longer time frames than traditional funds.

4. India and Europe are not side-markets—they’re core

November’s most interesting non-U.S. moves were not side notes:

• India: Finance Buddha’s IPO, backed by local family offices and marquee individuals, underscores that domestic family capital is now central to the SME listing pipeline and fintech ecosystem.
• Europe: family-office–linked sponsors continued to appear in student housing, hospitality and infra transactions, while European dynastic capital participated in global health-tech rounds via cross-border vehicles.

If you’re raising outside the U.S., treat local family offices as potential lead or co-anchor investors, not just co-investors after a U.S. term sheet.

Altss lens: where the warm paths actually sit

If you’re a GP or founder, reading this as news is mildly interesting. Reading it as a map of reachable networks is where it becomes useful.

A few concrete clusters from November:

Bezos / Profluent AI-bio graph

• Board and advisory links from Profluent into major AI labs, cloud providers and biotech operators.
• Co-investor overlap between Bezos-backed companies across health, logistics and infra.

Altss looks at that cluster and asks: Which people already in your CRM, LP base or founder network sit one edge away from those nodes? That’s how you move from cold outreach to warm, specific intros.

Aglaé / Function Health graph

• Aglaé’s existing footprint across luxury, consumer platforms and digital services.
• Function’s web of celebrity and operator investors in tech, sports and entertainment.

For premium consumer-health and diagnostics founders, the path often runs through co-investors or advisors who straddle both worlds, not a direct first-touch pitch.

Health-ops AI cluster: Hippocratic & beyond

• Investors and strategic partners who back AI tools that sit around clinicians rather than replacing them.
• Hospital systems and payers piloting multiple AI tools in parallel.

Altss uses this to identify nodes that appear repeatedly across AI health deals—CIOs, CMOs, operating partners—and surfaces which of them you’re already indirectly connected to.

Saliba / NMS infra graph

• NMS’ deal history in construction, infra, insurance and specialty finance.
• Operating executives circulating across NMS portfolio companies and adjacent platforms.

If you’re building embedded warranty, construction-tech or infra software, those cross-pollinating executives and advisors are often the most credible introducers into family-backed capital.

Indian fintech & SME finance graph

• The ecosystem around Finance Buddha—anchor investors, fintech peers, and early-stage lenders.

Altss connects that back into a wider map of Indian family offices and UHNW investors who consistently back financial-infrastructure plays.

FAQ: November 2025 family-office deal flow

1. How active were family offices in November overall?

Altss’ OSINT view and public-deal tracking show that disclosed direct family-office–linked deals were meaningfully lower in count than the same month last year, but concentrated in AI health, infra and fintech. Independent coverage of individual rounds (Profluent, Function, Hippocratic) confirms that round sizes and valuations at the top end remain robust.

In short: volume is down, conviction deals are not.

2. Which sectors attracted the biggest family-office checks?

From November’s data:

• AI-enabled health & biology: Profluent, Function Health, Hippocratic AI.
• Warranty and service-contract infra: NMS / Get Cover.
• Fintech & SME finance: Finance Buddha’s IPO.
• Student housing and construction: family-backed sponsors in university-adjacent housing and the Saliba Group spin-out.

Early-stage infra tools for family offices themselves (e.g., Asseta AI) also appeared, signalling growing demand for institutional-grade back-office platforms.

3. Are family offices still willing to take primary lead risk?

Yes—especially where they can pair sector expertise with long-duration capital.

Bezos Expeditions and Arnault-linked capital leaning into Profluent and Function show that family platforms are comfortable leading or co-leading large, high-conviction rounds in AI health.

At the same time, structures like NMS / Saliba demonstrate families leading control transactions in infra and services via their own investment arms.

4. Does this focus on later stage mean early stage is over for family offices?

Not at all—but it is less visible.

Many early-stage tickets are:

• Undisclosed,
• Routed via personal vehicles or friends-and-family rounds,
• Or deployed through specialist funds where families sit as LPs.

Where family offices do show up openly in early rounds (for example, as participants in seed-stage health or infra deals), it’s usually in sectors where they already have late-stage or operating exposure and want optionality further up the funnel.

5. How global is November’s family-office flow?

Very global:

• North America: Profluent, Function Health, Hippocratic AI, NMS / Get Cover, Saliba Group.
• India: Finance Buddha’s IPO, and Indian family-office participation in AI and fintech rounds.
• Europe: European family capital appearing in global health deals and student-housing / hospitality assets.

For allocators and founders, that means matching your story to the right regional family archetype—Indian tech and financial dynasties, European real-estate families, U.S. tech and infra families—matters as much as sector fit.

6. How are you defining “family office” in this article?

For this November snapshot, Altss includes:

• Single-family offices (e.g., Bezos Expeditions, MS Dhoni Family Office),
• Family-controlled investment platforms (e.g., NMS Capital as Saliba-backed),
• Venture and growth platforms closely associated with multi-generational wealth, where families are known to be anchor capital.

We explicitly exclude sovereign wealth funds, pensions and traditional asset managers, even if they appear in the same rounds.

7. How does Altss actually track and use this information?

Altss combines:

• OSINT over news, filings and announcements,
• Entity-resolution to map names, vehicles and holdcos,
• Graph analysis over board seats, co-investments, fund LP lists and event participation.

The result is a live relationship map that lets you query:

• “Which family offices backed AI health platforms in the last 12 months?”
• “Who co-invested with them in infra or real assets?”
• “Which of my existing LPs, advisors or founders sit one hop away from those principals?”

This November recap is just one surface of that work—the strategic monthly snapshot that turns “what happened” into “who should I talk to next, and through whom?”