Strategic View: The venture capital world is being remade by family offices. A Q2 2025 report from GoingVC highlights a massive trend: 83% of family office (FO) startup deals are now structured as co-investments or club deals. This shift is forcing VCs to adapt, as FOs demand agency, faster terms, and clean SPVs.
Full story: The venture capital ecosystem is experiencing a power shift. Family offices (FOs) are no longer just passive LPs in VC funds; they are active, direct, and increasingly, they are leading. A new Q2 2025 report shows that a staggering 83% of all FO startup investments are now done as either co-investments alongside a fund or as peer-to-peer “club deals.”
Why the change? Agency. Family offices want control over their capital. They are not content to sit in a . The club deal allows them to pick their shots, partner with other families they trust, and bypass the traditional VC structure. They are organizing peer-to-peer to take down entire funding rounds.
This is forcing VCs to change their entire fundraising playbook. The old model of a long, slow “first meeting” with a 50-slide deck is dead. Today’s family office wants a 5-page memo and a clean SPV* structure ready to go. They are qualifying VCs on their ability to provide high-quality, “club-ready” deal flow. If a VC doesn’t have a co-invest or club deal policy, they are not getting the check.
This trend is also about liquidity. Family offices are demanding a plan for exits from day one. They are pushing for secondary-market options and clear reporting. This isn’t just a trend; it’s a new market standard. The data is clear: in 2025, if you are pitching a family office, you are not just pitching a fund, you are pitching a partnership in a future club deal.
*SPV: Special Purpose Vehicle, a legal entity created for a specific investment.
Summary: The “club deal” has become the default operating system for family office venture investing, accounting for 83% of their deals. This matters because it’s forcing the entire VC industry to become more transparent, flexible, and deal-focused, as family offices move from passive investors to active market-makers.
Source: GoingVC
