秋季开局对服务超高净值家族的投资机构而言显得缓慢。Fintrx是一家私人财富情报平台，该平台向美国消费者新闻与商业频道（CNBC）独家提供的数据显示，9月，家族办公室直接投资了42家公司，低于上月的52家。
Fall is off to a slow start for investment firms of ultra-wealthy families. In September, family offices made 42 direct investments in companies, down from 52 the month prior, according to data provided exclusively to CNBC by Fintrx, a private wealth intelligence platform.
不过，尽管家族办公室签出的投资支票有所减少，它们仍在初创公司的超大规模融资中大胆下注。9月，谷歌前首席执行官埃里克·施密特旗下的个人投资机构Hillspire参与了法国人工智能初创公司Mistral的30亿欧元（约34亿美元）D轮融资。这家成立仅三年的法国初创公司构建了多种人工智能模型，包括聊天机器人和编程助手，其中也包括免费开放的开放权重模型。
However, while family offices are writing fewer checks, they are still making bold bets with startup mega-rounds. In September, Hillspire, the personal investment firm of former Google CEO Eric Schmidt, participated in a three billion euros (about $3.4 billion) Series D for Mistral The three-year-old French startup builds a wide range of artificial intelligence models such as chatbots and coding assistants, including freely available open-weight models.
同月，对冲基金巨头斯坦利·杜肯米勒旗下的Duquesne家族办公室参与了Fab2的5亿美元A轮融资，以及Precision Neuroscience的2.5亿美元D轮融资。Fab2生产小型半导体制造厂，Precision Neuroscience则开发能够记录神经信号、让用户操控数字设备的脑机植入物。
That same month, hedge fund titan Stanley Druckenmiller's Duquesne Family Office participated in a $500 million Series A for Fab2 and a $250 million Series D for Precision Neuroscience. Fab2 manufactures small semiconductor factories, and Precision Neuroscience develops brain implants that record neural signals to let users control digital devices.
家族办公室对清洁能源初创企业的兴趣依旧不减，当月共有五笔交易涉及该领域。约翰·阿诺德旗下的大角星资本，以及约翰·多尔旗下的同名家族办公室，领投了地热能源初创公司Mazama Energy的1.35亿美元B轮融资。比尔·盖茨旗下的私人风险投资机构也参与了本轮融资。
Family offices' interest in clean energy startups continues, representing five of the month's transactions. John Arnold's Centaurus Capital and John Doerr's namesake family office led a $135 million Series B for Mazama Energy, a geothermal energy startup. Bill Gates' private venture capital firm also participated in the round.
阿诺德和多尔分别凭借对冲基金和风险投资积累起亿万财富，今年两人均已投资多家清洁能源初创公司。
Both Arnold and Doerr, who made their billionaire fortunes in hedge funds and venture capital, respectively, have backed multiple clean energy startups this year.
Mazama Energy通过钻入温度极高的岩层，再让水沿人工开凿的裂缝循环流动，将热量重新带回地表，用以生产无碳电力。这家成立仅三年的公司表示，这项技术使Mazama能够用更少的井口生产更多能源，从而降低发电成本。
Mazama Energy drills into extremely hot rock then circulates water through engineered cracks to bring heat back to the surface to generate carbon-free electricity. This technology enables Mazama to generate more energy from fewer wells, reducing the cost of power, according to the three-year-old company.
2025年，Mazama在俄勒冈州试点场址钻入岩层，测得温度达到629华氏度——公司称，这是有记录以来温度最高的工程化地热系统。
In 2025, Mazama drilled into rock at its Oregon pilot site that reached 629°F — what the company says is the hottest engineered geothermal system on record.
Mazama首席执行官斯里拉姆·瓦萨纳塔拉詹表示，这一概念验证展示了清晰的商业化路径，也是吸引顶级投资者的关键。
Mazama CEO Sriram Vasantharajan said this proof of concept showed a clear path to commercialization and was key to attracting top investors.
瓦萨纳塔拉詹说：“无论是家族办公室，还是其他任何投资者，他们看重的都是已经得到证明的业绩。打造技术平台是一回事，但Mazama真正做到的是将其投入应用。”
"When you talk about family offices or even any other investor, what they look for is a demonstrated track record. It's one thing to create the tech platform, but what Mazama has done is actually applied it," Vasantharajan said.
投资前沿科技往往需要长期投资周期。瓦萨纳塔拉詹表示，地热能并非如此。俄勒冈州场址已经具备生产1000万千瓦能源的能力。
Investing in cutting-edge technology often comes with long investment horizons. Vasantharajan said this isn't the case with geothermal energy. The Oregon site is already capable of producing 10 gigawatts of energy.
他说：“我们脚下的热量一直存在，其温度也已经得到证实。这不是我们需要攻克的科学问题，而是一项工程挑战。”罗伯特·弗兰克撰写的《Inside Wealth》通讯是高净值投资者及其所服务行业的每周指南。
"The heat beneath our feet exists. Its temperature is proven," he said. "It is not a scientific problem that we're tackling. It is an engineering challenge." The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.
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