In the dynamic landscape of wealth management, family offices—investment firms representing ultra-wealthy families—are making notable adjustments to their investment strategies. A recent survey conducted by Goldman Sachs reveals a significant shift toward public equities, marking an intriguing pivot in asset allocation trends.
As of July 2025, family offices have increased their average allocation to public equities to 31%, a notable rise of 3 percentage points since the previous survey in 2023. This trend is particularly pronounced among family offices in the U.S. and the Americas, where allocations surged from 27% to 31%. In contrast, the appetite for private equity has seen a decline, dropping from 26% to 21%, the most substantial reduction across all asset classes surveyed. This shift suggests a growing confidence in the stock market amid ongoing economic uncertainties, including inflation and geopolitical tensions.
Tony Pasquariello, global head of hedge fund coverage at Goldman Sachs, characterizes this portfolio adjustment as a “pro-risk asset mix.” Despite the dip in private equity allocations, family offices continue to hold a relatively high percentage in this area, with U.S. family offices maintaining a 25% allocation—higher than their international counterparts. This indicates a nuanced approach where family offices are balancing risk while remaining opportunistic.
Sara Naison-Tarajano, who leads Goldman Sachs’ Apex family office business, highlights the tax implications that can come with significant divestments, particularly in the U.S. As a result, family offices often seize investment opportunities when other market players may be retreating. This was evident during market fluctuations in April when tariff announcements created volatility, prompting these investors to act decisively.
A particularly striking finding from the survey is the overwhelming interest in artificial intelligence (AI) among family offices. A whopping 86% of respondents reported some level of investment in AI, with a focus not only on direct equity stakes but also on secondary beneficiaries, such as data centers and AI-focused venture capital funds. The appetite for AI investments speaks to a broader trend where family offices are keen to capitalize on technological advancements, positioning themselves at the forefront of innovation.
Interestingly, while family offices appear to be pulling back from traditional private equity, a significant 39% indicated plans to increase their investments in this asset class over the next year. This sentiment reflects a dual strategy: while they are diversifying into public equities, they are also preparing to take advantage of private equity opportunities when the market stabilizes.
The survey also sheds light on how family offices are preparing for potential market disruptions. More than a third of those surveyed reported not positioning for tail risk, with geographic diversification being the most popular strategy (53%). Gold, often seen as a safe haven, ranked second, with some family offices holding as much as 15% of their portfolios in physical gold, particularly in regions facing political instability.
In the realm of cryptocurrency, Asian family offices are leading the charge, showcasing a growing willingness to embrace digital assets as a hedge against geopolitical uncertainties. A significant 74% of respondents from the Asia-Pacific region expressed interest in cryptocurrency, compared to 53% in the Americas and 42% in Europe, the Middle East, and Africa. This inclination towards crypto can be attributed to the desire for diversification and the potential for high returns amidst traditional market volatility.
Overall, the survey paints a picture of family offices that are not only adapting to changing market conditions but are also strategically positioning themselves to thrive in uncertain times. The forward-looking perspective suggests a collective understanding of the importance of remaining invested and the value of long-term asset management strategies. As the landscape continues to evolve, these insights provide a roadmap for high-net-worth investors seeking to navigate the complexities of modern investment landscapes with confidence and foresight.
