Family office activity took a breather last month—December showed a notable pullback in deal volume compared to earlier in the year. But here's what caught our attention: while mega-deals slowed, wealthy family offices didn't sit on the sidelines. Instead, heirs and portfolio managers quietly shifted their playbook, parking fresh capital into health tech and media sectors.

This move signals something interesting about where institutional money sees opportunity as markets recalibrate. Healthcare innovation and media platforms have become the new hedge plays for families managing multi-generational wealth. Whether it's digital health infrastructure or content platforms riding Web3 adoption, the pattern is clear—they're rotating out of traditional plays and hunting for exposure in transformation sectors.

The December cooldown wasn't panic; it was recalibration. And the allocation into health and media? That's where the real conviction sits.