Viktoriya Tigipko is one of the most recognized names in the Eastern European VC community and is a native of Ukraine.
She runs TA Ventures, a pre-seed and seed stage VC, since 2010. Additionally she founded iClub (an angel network), WTech (a community for women in tech), and is Chair of the Board at the Ukrainian Startup Fund.
Guest Author: Viktoriya Tigipko
Family offices have long been known for their significant wealth, multi-generational focus, and personalized investment strategies.
But in recent years, their role in the startup ecosystem has expanded and matured, reshaping the ways in which family offices participate in venture capital (VC) and direct investments.
They’ve transitioned from passive investors to highly active participants, often competing with traditional venture capitalists.
I started out as a family office back in 2009 and when we transitioned to VC we were sort of trendsetters as most family offices were quite conservative.
Today i’ll explore the evolution of family office investments in startups, some key trends I see, and the shift towards direct investment.
Key Family Office Trends and Shifts
I recently read through Goldman Sachs “Eyes on the Horizon” report, and wanted to highlight some of the things I found very interesting:
Trend 1: Rise in Direct Investments and Control Preferences
Family offices increasingly seek direct investments over fund allocations. About 54% of family offices are investing directly in private equity, with similar preferences across sectors such as real estate, private credit, and venture capital).
This allows them to exercise more control over investment selection, align with strategic interests, and minimize fees.
Trend 2: Preference for Alternative Investments
Alternatives like VC, private equity, real estate, and hedge funds represent a significant portion (44%) of family office portfolios.
Family offices are also increasing their allocations to sectors like private credit, with 30% of family offices planning to expand their private credit holdings in the next year.
The appeal lies in these sectors’ resilience during market fluctuations and their potential for higher returns over longer investment horizons.
Trend 3: Multi-Generational Strategies and New Influences
As family offices transition to successive generations, new perspectives often shape investment strategies.
Approximately 39% of family offices report that the next generation is influencing their investment approach and driving them more towards things like technology and digital assets.
Family Offices as Active Startup Investors
Family offices today are not only LPs in venture funds but also active angel and seed investors. Let me dive a bit further into some of the things that are happening:
Trend 4: Transition from LPs to Direct Angel Investors: With greater control in direct investments, family offices have reduced their commitments to traditional VC funds.
The emphasis on personalized, mission-driven investments is pushing family offices to become more hands-on, offering founders both capital and strategic guidance.
Some family offices that began as passive LPs are now structuring deals and leading investment rounds in early-stage companies, building unique investment theses that venture funds may overlook.
Trend 5: Focus on Technological and Sustainable Innovations
The Goldman Sachs report reveals that 43% of family offices are currently overweight in information technology.
They are particularly jumping into companies in AI, digital health, and sustainable energy.
And 39% of family offices moderately or extremely focused on sustainable strategies.
Strategic and Tactical Shifts
Despite significant macroeconomic and geopolitical uncertainties, family offices have demonstrated remarkable consistency in their strategic asset allocations.
Trend 6: Maintaining Flexibility with Cash Reserves
The Goldman Sachs report indicates that family offices allocate an average of 12% of their portfolios to cash and equivalents, ready to deploy into high-value opportunities as they arise.
This liquidity provides the flexibility to act decisively during economic downturns, capturing discounted assets in both public and private markets.
Trend 7: Geographic Diversification
Family offices remain focused on the U.S. and other developed markets but are gradually increasing their allocations to emerging markets, including China and India.
APAC-based family offices, in particular, show a growing interest in U.S. assets, with 41% planning to increase their U.S. investments over the next year.
Challenges and Future Outlook
Family offices face unique challenges as they transition into a more active role in startup investing. Here are a couple of the key ones:
Challenge 1: Scaling Internal Capabilities
Many family offices are investing in expanding their in-house teams to support due diligence, risk management, and deal structuring.
However, smaller family offices without extensive internal resources tend to rely on external partnerships or invest through trusted managers to mitigate risks.
Challenge 2: Navigating Market Volatility
In a period marked by economic and geopolitical uncertainty, family offices must carefully navigate inflation, interest rate shifts, and public market volatility.
Many are turning to low-correlation strategies like macro and market-neutral hedge funds, which help cushion portfolios against market swings.
Conclusion
The evolving role of family offices in startup investing is redefining their impact on the venture ecosystem.
As they transition from passive LPs to direct, mission-driven investors, family offices are not only reshaping their portfolios but also influencing the direction of innovative sectors such as healthcare, technology, and sustainable energy.
Equipped with lots of liquidity and flexible investment mandates, I think we’ll continue to see their role in tech investment continue to expand quickly.
And this is something that I personally really look forward to.
About TA Ventures
Viktoriya founded the firm after building a number of successful digital platforms across Europe including an OTA business (now part of a listed company) and a digital insurance brokerage in Italy (sold to Blackstone).
She started her investing journey in 2010 and has since backed 239 companies of which there have been 80 exits and 15 unicorns so far.
What is unique about TAV?
- Started with 100% our own capital and have made 11x so far.
- We started operating with traditional LP fund structures since 2021.
- We’re on our 3rd fund, 2nd institutional vintage now.
- >90% of the capital in our business at the moment is our own and we will always be the largest check in our fund.
- Our geographic investment split is roughly: 50% US, 30% Europe, 20% SEA & MENA.
- Thematically we focus on FinTech, Healthcare, the more complex parts of the Enterprise stack (incl. Infra, Cybersec, etc.), and D2C brands.
- We review 3000+ deals annually to do 20-ish new checks.
If you’re interested in TA Ventures than you can find our team here and reach out: https://taventures.vc/team/.
About iClub
If you are considering angel investing then have a look at iclub.vc.
This is our angel network that consists of 1,000+ angels in 40+ countries and growing. iClub is backed by TA Ventures and is a great place to start for first time angel investors.
There is a simple form to fill out on the site and after being qualified you will have access to our exclusive deal flow.
