Family offices are trimming private equity allocations in favour of public equities, according to a report by Bloomberg citing Goldman Sachs’ latest global family office survey, which highlights shifting portfolio strategies among the world’s wealthiest investors.
The survey of 245 single-family offices found that allocations to private equity – spanning buyout, growth and venture capital funds – fell to 21% in 2025 from 26% in 2023. Despite the decline, private equity remains the second-largest asset class after public equities, ahead of cash, fixed income and hedge funds.
By contrast, exposure to public equities rose to 31% from 28% two years earlier, boosted both by rising stock valuations and by confidence in listed markets as a hedge against inflation. The S&P 500 has gained nearly 50% over the past two years, reinforcing the view of equities as a consistent long-term wealth driver for multi-generational portfolios.
Private credit allocations, while still modest, increased from 3% to 4%, with nearly three-quarters of respondents invested in the asset class. Goldman noted that families are increasingly turning to direct lending for yield, tax advantages, and downside protection, even as concerns around credit quality and market crowding persist.
The survey also found strong thematic positioning, with 58% of family offices reporting being overweight technology, while 86% had exposure to artificial intelligence, primarily via public equities. Crypto adoption has also risen, with a third of families now invested compared with 26% in 2023.
More than two-thirds of respondents reported net worths above $1bn, with 47% based in the Americas and the remainder split between EMEA and Asia.
