In a challenging fundraising climate, family offices like Raffles Family Office (RFO) are becoming crucial capital sources for private equity funds. Established in 2016, RFO manages discretionary portfolios for ultra-high-net-worth clients across Asia. With $300 million invested in 15 funds, it aims to shift its investment focus from 90:10 deals-to-funds to 80:20 this year. RFO’s portfolio is evenly split between the US and Asia-Pacific, favoring growth and venture capital. Looking ahead to 2025, RFO plans to explore opportunities in China, particularly in tech sectors, while emphasizing experienced management due to rising geopolitical risks.