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Meena Flynn, co-head of global private wealth management at the US investment bank, said the global average asset allocation remained broadly consistent from 2023 to 2025, though respondents expressed concerns about geopolitical tensions and protectionist trade policies. Goldman surveyed 245 global family offices for its report.
The family offices’ exposure to public equities rose to 31 per cent from 28 per cent in 2023, while alternatives edged down to 42 per cent from 44 per cent.
Allocations to private real estate, infrastructure and private credit grew to 4 per cent from 3 per cent, underscoring demand for yields. Nearly half of respondents invested directly in private real estate, the survey said.
The average allocation to private equity – which the survey defined as buyout, growth and venture capital funds – dropped to 21 per cent from 26 per cent.
“Family offices continue to favour investment strategies that balance structural resilience with higher risk premia,” said Tony Pasquariello, Goldman’s global head of hedge fund coverage. “Their allocations to hedge funds and private markets reflect a long-term commitment to both preserve capital and position for growth.”
