Geopolitical tensions remain the dominant worry for family offices globally — and many expect this risk to rise — but that is not stopping them from putting more capital to work, according to Goldman Sachs’ latest Family Office Investment Insights report.
More than a third (34%) of family offices say they plan to lower cash holdings and redeploy funds into risk assets. Private equity and public equities are the biggest beneficiaries, with 39% and 38% of respondents planning to boost allocations, respectively. Another 26% are looking to increase exposure to private credit.
The report highlights a continued thematic tilt toward technology, with 58% expecting to be overweight the sector and 86% already invested in AI. Crypto adoption is also on the rise, with one in three family offices now holding digital assets — up from 26% in 2023.
Overall portfolio allocations look much the same as last year: alternatives remain the largest bucket (42%), followed by public equities (31%), cash excluding US Treasuries (12%), and fixed income (11%). Notably, private equity allocations fell from 26% in 2023 to 21% this year.
Key Risks Still Loom
Despite the willingness to take on more risk, macro concerns persist. Geopolitics was flagged as the top issue by 66% of respondents (and 75% in APAC), with the same share expecting conditions to worsen over the next year. Political instability (39%), recession fears (38%), and global tariffs (35%) rounded out the main worries.
The findings are based on responses from decision-makers at 245 family offices, two-thirds of which oversee more than $1 billion in assets. Geographically, 47% of respondents were based in the Americas, 26% in EMEA, and 27% in APAC.
