The report, produced by One Goldman Sachs Family Office, gathered the opinions of a total of 245 decision-makers in family offices around the world on how they are approaching the current complex investment landscape.
“Family offices have shown extraordinary consistency in their investment approach, despite concerns over geopolitical tensions and protectionist trade policies. The 2025 results underscore how long-term orientation and flexibility enable family groups to manage volatility and seize opportunities,” says Meena Flynn, Co-Head of Global Private Wealth Management and Co-Head of One Goldman Sachs, in the report’s conclusions.
Key Findings
The document shows that portfolios remained in line with those of 2023, with slight shifts in allocations to listed equities (rising from 28% to 31%) and a slight decline in alternative assets (from 44% to 42%). Moderate increases in investments in private credit, fixed income, real estate, and private infrastructure partially offset the slight decrease in private equity. When it comes to risks, geopolitics remains the main concern. In fact, 61% of respondents cited geopolitical conflicts as the greatest investment risk, followed by political instability (39%) and economic recession (38%).
As in 2023, geopolitical conflicts remain the most cited investment risk, with 61% of respondents including it among their top three concerns (75% in APAC) and 66% expecting geopolitical risks to increase over the next year. Political instability (39%) and economic recession (38%) follow closely, with global tariffs not far behind (35%). According to the report, most now consider higher tariffs to be the new normal, with 77% expecting increased economic protectionism and 70% anticipating tariff levels to remain stable or rise over the next 12 months. Even so, respondents generally believe that the fundamental drivers of global growth and traditional investment themes remain intact.
Among the conclusions, it stands out that family offices are willing to allocate capital. In this regard, more than one-third of respondents plan to reduce their cash balances (currently at 12%) and invest in risk assets. Notably, most family offices plan to increase their exposure to private equity (39%), followed by equities (38%) and private credit (26%).
Innovation and Thematic Trends
Finally, a key trend is that family offices are becoming more open to investing in technology, especially in AI. “58% expect their portfolios to overweight the sector in the next 12 months. Widespread investments in artificial intelligence (AI): 86% have exposure to AI, largely through listed equities, although many cite concerns about valuation,” the report notes in its conclusions.
In addition to AI, a growing interest in cryptocurrencies has been observed: 33% invest in cryptocurrencies compared to 26% in 2023. A relevant nuance is that the APAC region shows the greatest interest in future investments.
Asset Allocation
Family offices maintain a strong weighting in risk assets, with public equities at 31% and alternatives at 42% (with private equity standing out at 21%). There are slight increases in real estate, infrastructure, and private credit, the latter booming due to its attractive yield. Exposure to hedge funds remains stable, though with greater interest in EMEA and APAC. Looking ahead, they plan to maintain overall stability with selective adjustments: more allocations to private equity (39%), public equities (38%), and private credit (26%), along with a reduction in cash (34%).
On the other hand, innovation is emerging as a central driver. Most are already investing in artificial intelligence, and many are integrating it into their investment processes, with expectations that the technology will gain more weight in portfolios. Interest is also growing in digital assets, especially in Asia-Pacific, as well as in secondary markets due to their increased transparency. Another emerging area is sports, where a growing number of family offices are seeking opportunities related to both teams and media/content.
By Funds Society