Adapting to the Terrain: 2025 Family Office Investment Insights

Goldman Sachs

Research

44 Pages

Goldman Sachs surveys more than 300 family offices across 40 countries to understand how they are navigating a higher-rate, higher-volatility investment landscape. The findings reveal a clear shift toward private markets, direct deals, and inflation-resilient assets, with many family offices rethinking their liquidity needs and portfolio construction for the decade ahead.

Key Takeaways

Private markets growth: Average family office allocation to private assets rose to 44% in 2025, up from 36% in 2021.
Shift in priorities: 65% of respondents cite wealth preservation as their top objective, while only 28% prioritize aggressive growth.
Regional differences: North American offices favor private credit and infrastructure, while Asian counterparts lean toward venture and technology exposure.
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