Family offices more than doubled their direct investments in startups last year to more than $120 billion, remaking the venture-capital landscape and launching a new wave of family-office funded entrepreneurs. Single family offices invested $123 billion in direct venture capital deals last year, up from $55 billion in 2020, according to a report from SVB Capital. There are now more than 10,000 family offices worldwide — most created over the past decade — with over $6 trillion in assets under management. In-house deal teams "Family offices are leaning in to the venture asset class," said Shailesh Sachdeva, managing director of SVB Capital's Family Office practice. As they balloon in size and sophistication, family offices are becoming deal powerhouses in their own right.

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Persons: Shailesh Sachdeva, SVB, Sachdeva, Younger, Joe Stadler, Stadler, Mark Ang, Michael Hyatt, Hyatt barraged Ang, Ang, Hyatt Organizations: SVB, UBS, UBS Global Wealth Management, University of Toronto, Hyatt Family, Hyatt Locations: Canadian