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Disruption of a non-tech variety - Families with nine-figure fortunes are increasingly investing through unregulated firms (aka family offices), impinging on the business of investment banking and private equity.
The offices are alternately linking up with buyout firms and competing against those firms to do acquisitions. They are providing financing to startups. They are buying distressed debt, real estate and esoteric insurance products. They are lending to companies and occasionally going into battle with companies as activist shareholders.
https://www.wsj.com/articles/the-new-force-on-wall-street-family-offices-1488991396
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