Investment Trends - Family offices' direct investments in startups decreased by 32% in the first half of the year [2] - AI was the only sector that experienced an increase in family office investments [3] - Peter Thiel's family office was among the most active, investing in aeronautics and AI companies [3] - Lucas Walton's family office invested in sustainable energy and agricultural companies [4] Factors Influencing Investment - Family offices slowed down deal-making in the first half of the year due to uncertainty regarding tariffs [1] - Startups may have less need for family office funding due to the availability of private capital and private credit [7] - Family offices value patient, flexible, and fast investment decisions [6] Future Outlook - Increased comfort in the environment and more fundraising opportunities could lead to increased family office investments in the second half [7]