Global survey shows family offices are generally optimistic, keeping portfolio allocations steady amid heightened concerns over geopolitics and trade
NEW YORK, September 10, 2025 – The Goldman Sachs Group, Inc. (NYSE: GS) today announced the release of its third Family Office Investment Insights report, Adapting to the Terrain, from the One Goldman Sachs Family Office initiative. Drawing on the perspectives of 245 family office decision-makers — the largest participation in the survey’s history — the report provides a comprehensive view of how family offices across the globe are approaching today’s complex investment landscape.
“Family offices have shown extraordinary consistency in their investment approach despite expressing concerns about geopolitical tensions and protectionist trade policies,” said Meena Flynn, Co-Head of Global Private Wealth Management and Co-Head of One Goldman Sachs. “With the most comprehensive survey in the series, the 2025 results underscore how family offices’ long-term orientation and flexibility enable them to manage volatility while capturing opportunities.”
Key Findings
Outlook
As in 2023, geopolitical conflict remains the most frequently cited investment risk, with 61% of respondents listing it among their top three concerns (75% in APAC) and 66% expecting geopolitical risks to rise over the next year. Political instability (39%) and economic recession (38%) follow, with global tariffs close behind (35%). Most now view higher tariffs as the new normal, with 77% expecting greater economic protectionism and 70% anticipating tariff rates will hold steady or rise over the next 12 months. Even so, respondents broadly view the fundamental drivers of global growth and long-standing investment themes as intact.
Current Asset Allocations
Despite their concerns, family offices continue to maintain strong allocations to risk assets. Average allocations were reported as (percentages may not add up to 100% due to rounding):
Asset allocation trends remain steady with modest adjustments amid evolving market conditions. Public equity allocations returned to 2021 levels alongside a pullback in private equity, as muted exits weighed on commitments. The most modest change was among family offices in the Americas, who have the largest allocation to private equity at 25% versus 22% in EMEA and 15% in APAC. However, this trend has already begun to reverse course, as reflected in future allocation plans.
Meanwhile, allocations to private real estate & infrastructure and private credit edged higher, underscoring demand for current yield. Nearly half of respondents (44%) invest primarily directly in private real estate, leveraging their operational expertise, while they continue to rely primarily on managers for other alternatives.
Private credit has emerged as a key growth area. The proportion of family offices without exposure to private credit fell to 26%, from 36% in 2023, as investors seek to benefit from elevated rates and perceived downside protection among other attractive factors. While hedge fund allocations remain steady on average globally, there is significantly more interest from family offices in EMEA and APAC in allocating more to the asset class. Regionally, portfolios remain anchored to the U.S., while outside their home base, family offices most often allocate to nearby markets: 89% of EMEA respondents to the Euro Area and 80% of APAC respondents to China.
“Family offices continue to favor investment strategies that balance structural resilience with higher risk premia,” said Tony Pasquariello, Global Head of Hedge Fund Coverage and Co-Head of One Goldman Sachs. “Their allocations to hedge funds and private markets reflect a long-term commitment to both preserve capital and position for growth.”
Future Asset Allocation
Looking ahead, family offices expect to keep strategic allocations stable, while making selective shifts that balance patience with opportunity:
While some are positioning against tail risks, via geographic diversification, gold, or other hard assets, the overall picture is one of stability.
“Family offices are signaling confidence in long-term growth while remaining disciplined in their approach,” said Sara Naison-Tarajano, Global Head of Apex and Private Wealth Management Capital Markets and Co-Head of the One Goldman Sachs Family Office Initiative. “They’re prepared to stay the course, but also to lean into areas like private credit and public equities where they see compelling opportunities to generate returns. Family offices’ patient capital allows them to invest at the forefront of innovation and many of our clients have the sophistication to invest directly in private placements and other bespoke opportunities.”
Thematic Focus
“Family offices are embracing AI both as an investment theme and as a tool to sharpen their own processes,” said Ken Hirsch, Co-Chairman of the Global Technology, Media & Telecom Group and Co-Head of the One Goldman Sachs Family Office Initiative. “Alongside technology, they are increasingly active in areas like digital assets, secondaries and sports, underscoring a willingness to embrace innovation and diversify into new sources of value creation.”
“The inherent flexibility and enduring capital of family offices enables them to lean into investing in areas of innovation. They are able to act as first movers when opportunities arise, stay invested through drawdowns, and invest for the long-term in unique assets,” said Flynn. “Free from external investors, they can also pursue investments that may take a decade or more to mature, while also aligning with deeply held family values. At Goldman Sachs, we are committed to partnering with family offices and providing the integrated expertise and global resources they need to capture opportunities and achieve their goals.”
About the Survey
This year’s report reflects record participation, with 245 family offices compared to 166 in 2023. The survey focuses on institutional family offices: 67% of respondents have a net worth of at least $1 billion, and on average 70% of their investment needs are managed in-house. It sampled the views of key family office decision-makers, frequently the chief investment officer. Responses were collected from May 20 to June 18, 2025 via an online quantitative survey distributed to family office clients by email, with 47% of the respondents in the Americas, 26% in EMEA, and 27% in APAC.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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