Club Deals and Direct Investments
Market Development 2025/2026
Over the past years, club deals and direct co-investments have become an integral part of the investment strategies of family offices, high-net-worth individuals and selected institutional investors.
While the market continues to grow, it is also becoming significantly more professional and selective. Investors are placing increasing emphasis on structure, transparency and clearly defined investment logic.
Market development – global
Family offices currently allocate a substantial share of their portfolios to alternative asset classes such as private equity, real estate, private credit, infrastructure and venture capital.
The allocation to these asset classes is approximately 40 to 45 percent.
At the same time, around 70 percent of family offices are active in direct investments, with many increasing their activity further.
Ticket sizes are also growing. The focus is shifting towards transactions in the range of USD 25 million to over USD 100 million.
United States
The US market remains the most established for club deals and direct investments. It benefits from well-developed structures, including dedicated investment teams within family offices, as well as professional platforms and networks.
Investors increasingly prefer deal-by-deal structures over traditional blind pool funds.
Key areas of interest include:
- Real estate with stable cash flows
- Hospitality assets with long-term operator structures
- Infrastructure and energy
- Private credit in selected growth sectors like Longevity, Raw materials, etc.
The focus is on control, transparency and direct influence over individual investments.
Europe
Europe has made significant progress in recent years.
Although the market remains more fragmented than in the US, this also creates additional opportunities, particularly in off-market transactions.
Family offices in the DACH region, the United Kingdom, Benelux, Italy and Scandinavia are continuing to expand their direct investment activities.
Spain and Portugal are gaining further importance, particularly in the hospitality and resort segments.
Key sectors include real estate, hospitality, energy, infrastructure, healthcare and succession situations in mid-sized companies.
Changes in investor behaviour
Investors are becoming more selective and are conducting more detailed due diligence.
There is a stronger focus on stable cash flows and clearly structured income streams.
The quality of operators and management teams has become a key factor, particularly in hospitality investments.
In addition, clear exit strategies are increasingly expected.
Relevance of club deals
Club deals provide investors with direct access to individual transactions and offer greater control and transparency compared to traditional fund structures.
They allow access to off-market opportunities, flexible structuring and collaboration with selected partners.
In the current market environment, investments that combine institutional quality with direct access are particularly attractive.
Conclusion
Club deals continue to develop positively, but on a higher and more professional level.
Investors are looking for structured investments with stable cash flows, clear strategies and experienced partners.
We currently have access to selected and attractive investment opportunities both domestically and internationally, particularly in the real estate and hospitality sectors, and are in active dialogue with investors and family offices to assess suitable structures.