BlackRock Global Family Office Report 2025: 175 Single Family Offices Averaging $1.8 Billion AUM & Total $320 Billion AUM, Top 3 Expected Increase to Portfolio are Illiquid Alternatives, Developed Equity ex-United States, Liquid Alternatives, Top 3 Expected Increase to Alternatives are Private Debt / Credit, Private Equity Funds (ex-VC), Liquid Alternatives, 30% Bullish on Private Equity, 51% Bullish on Private Credit, 75% Bullish on Infrastructure, Top 3 Family Office Most Confident Area are Investment Strategy Development 72%, Portfolio Accounting 58%, Public Market Analytics 58%, Global Outlook for 2025 & 2026 – Optimistic 20% / Neutral 20% / Pessimistic 60%, Top 5 Concerns are Bearish Global Outlook, United States Economic Slowdown, Inflation, Lower Growth Forecast in Developed Market, Interest Rates Remain Higher
10th July | Hong Kong
BlackRock has released the Global Family Office Report 2025, providing key insights into family office investment outlook, portfolio allocation, fixed income & alternative investment preferences, and investment management process in the family office. The survey was conducted with 175 single family offices averaging $1.8 billion of AUM with more than $320 billion AUM. Global Outlook for 2025 & 2026 – Optimistic 20% / Neutral 20% / Pessimistic 60%. Top 5 Concerns – Bearish Global Outlook, United States Economic Slowdown, Inflation, Lower Growth Forecast in Developed Market, Interest Rates Remain Higher. Global Outlook impact on family offices – Geopolitical landscape critical in capital allocation decisions, Increase portfolio diversification. Top 3 Expected increase to portfolio – Illiquid Alternatives, Developed Equity ex-United States, Liquid Alternatives. Top 3 Expected increase to alternative allocations – Private Debt / Credit, Private Equity Funds (ex-VC), Liquid Alternatives. Top 3 Preferred Private Debt / Private Credit – Special Situations, Direct Lending, Specialty. Top 3 Preferred Infrastructure investment – Opportunistic, Value-add, Core / Core+. Bullish on Private Equity in 2025 & 2026 – 30%. Bullish on Private Credit in 2025 & 2026 – 51%. Bullish on Infrastructure in 2025 & 2026 – 75%. Top 3 Most compelling reasons to invest in private markets – Illiquidity premium 87%, Lower-correlated sources of return 67%, Broader & deeper universe 46%. Top 3 Challenges investing in private markets – High fees 72%, Lack of attractive valuations 47%, Managing liquidity 44%. Top 3 Family Office most confident area – Investment strategy development 72%, Portfolio accounting 58%, Public market analytics 58%. Top 6 Preferred external support for family office – Performance benchmarking 59%, Co-investment / direct deal sourcing opportunities 52%, Commitment pacing / cash flow modelling 44%. Top 6 areas deploying / consider deploying AI – Investment analytics, Risk management, Reporting, Investment manager due diligence, Portfolio optimization, Cyber security. Top 2 challenges for AI tech investment to improve main business processes – Privacy & data security concerns 47%, Lack of in-house AI expertise 44%. See below for key findings & summary | View report here
“ BlackRock Global Family Office Report 2025: 175 Single Family Offices Averaging $1.8 Billion AUM & Total $320 Billion AUM, Top 3 Expected Increase to Portfolio are Illiquid Alternatives, Developed Equity ex-United States, Liquid Alternatives, Top 3 Expected Increase to Alternatives are Private Debt / Credit, Private Equity Funds (ex-VC), Liquid Alternatives, 30% Bullish on Private Equity, 51% Bullish on Private Credit, 75% Bullish on Infrastructure, Top 3 Family Office Most Confident Area are Investment Strategy Development 72%, Portfolio Accounting 58%, Public Market Analytics 58%, Global Outlook for 2025 & 2026 – Optimistic 20% / Neutral 20% / Pessimistic 60%, Top 5 Concerns are Bearish Global Outlook, United States Economic Slowdown, Inflation, Lower Growth Forecast in Developed Market, Interest Rates Remain Higher “
BlackRock Global Family Office Report 2025: 175 Single Family Offices Averaging $1.8 Billion AUM & Total $320 Billion AUM, Top 3 Expected Increase to Portfolio are Illiquid Alternatives, Developed Equity ex-United States, Liquid Alternatives, Top 3 Expected Increase to Alternatives are Private Debt / Credit, Private Equity Funds (ex-VC), Liquid Alternatives, 30% Bullish on Private Equity, 51% Bullish on Private Credit, 75% Bullish on Infrastructure, Top 3 Family Office Most Confident Area are Investment Strategy Development 72%, Portfolio Accounting 58%, Public Market Analytics 58%, Global Outlook for 2025 & 2026 – Optimistic 20% / Neutral 20% / Pessimistic 60%, Top 5 Concerns are Bearish Global Outlook, United States Economic Slowdown, Inflation, Lower Growth Forecast in Developed Market, Interest Rates Remain Higher
BlackRock has released the Global Family Office Report 2025, providing key insights into family office investment outlook, portfolio allocation, fixed income & alternative investment preferences, and investment management process in the family office. The survey was conducted with 175 single family offices averaging $1.8 billion of AUM with more than $320 billion AUM. See below for key findings & summary | View report here
BlackRock Global Family Office Report 2025
Summary
- Family Office Profile – 175 single family offices averaging $1.8 billion AUM & total $320 billion AUM
- Global Outlook for 2025 & 2026 – Optimistic 20% / Neutral 20% / Pessimistic 60%
- Top 5 Concerns – Bearish Global Outlook, United States Economic Slowdown, Inflation, Lower Growth Forecast in Developed Market, Interest Rates Remain Higher
- Global Outlook impact on family offices – Geopolitical landscape critical in capital allocation decisions, Increase portfolio diversification
- Top 3 Expected increase to portfolio – Illiquid Alternatives, Developed Equity ex-United States, Liquid Alternatives
- Top 3 Expected increase to alternative allocations – Private Debt / Credit, Private Equity Funds (ex-VC), Liquid Alternatives
- Top 3 Preferred Private Debt / Private Credit – Special Situations, Direct Lending, Specialty
- Top 3 Preferred Infrastructure investment – Opportunistic, Value-add, Core / Core+
- Bullish on Private Equity in 2025 & 2026 – 30%
- Bullish on Private Credit in 2025 & 2026 – 51%
- Bullish on Infrastructure in 2025 & 2026 – 75%
- Top 3 Most compelling reasons to invest in private markets – Illiquidity premium 87%, Lower-correlated sources of return 67%, Broader & deeper universe 46%
- Top 3 Challenges investing in private markets – High fees 72%, Lack of attractive valuations 47%, Managing liquidity 44%
- Top 3 Family Office most confident area – Investment strategy development 72%, Portfolio accounting 58%, Public market analytics 58%
- Top 6 Preferred external support for family office – Performance benchmarking 59%, Co-investment / direct deal sourcing opportunities 52%, Commitment pacing / cash flow modelling 44%
- Top 6 areas deploying / consider deploying AI – Investment analytics, Risk management, Reporting, Investment manager due diligence, Portfolio optimization, Cyber security
- Top 2 challenges for AI tech investment to improve main business processes – Privacy & data security concerns 47%, Lack of in-house AI expertise 44%
BlackRock Global Family Office Report 2025
1) Family Office Profile
- 175 single family offices
- Average $1.82 billion AUM
- Total $320 billion AUM
2) Global Outlook
Global Outlook for 2025 & 2026:
- Optimistic – 20%
- Neutral – 20%
- Pessimistic – 60%
Top 5 Concerns on Economic Outlook after Donald Trump Tariffs (3rd April 2025):
- Bearish Global Outlook – 62%
- United States Economic Slowdown – 43%
- Inflation – 32%
- Lower Growth Forecast in Developed Market – 29%
- Interest Rates Remain Higher – 23%
Global Outlook impact on family offices
- Geopolitical landscape critical in capital allocation decisions – 84%
- Increase portfolio diversification – 64%
- Comfortable with liquid profiles of portfolio – 33%
3) Family Office Portfolio / Private Markets / Alternatives
Top Expected increase to portfolio:
- Illiquid Alternatives – 70%
- Developed Equity ex-United States – 59%
- Liquid Alternatives – 37%
- Cash / Short Duration – 29%
- Crypto – 14%
- Emerging Market Equity – 14%
- Long Duration – 14%
Top Expected increase to alternative allocations:
- Private Debt / Credit – 33%
- Private Equity Funds (ex-VC) – 26%
- Liquid Alternatives – 22%
- Real Estate – 20%
- Private Equity Direct Deals (ex-VC) – 19%
- Venture Capital – 13%
- Infrastructure – 17%
- Real Assets – 7%
Top 5 Preferred Private Debt / Private Credit:
- Special Situations – 62%
- Direct Lending – 53%
- Specialty – 33%
- Distressed – 27%
- Collateralized Loan Obligations (CLOs) – 25%
Top 4 Preferred Infrastructure investment:
- Opportunistic – 54%
- Value-add – 51%
- Core / Core+ – 40%
- Energy – 25%
Outlook for Private Equity in 2025 & 2026:
- Bullish – 30%
- Neutral – 48%
- Bearish – 22%
Outlook for Private Credit in 2025 & 2026:
- Bullish – 51%
- Neutral – 27%
- Bearish – 21%
Outlook for Infrastructure in 2025 & 2026:
- Bullish – 75%
- Neutral – 20%
- Bearish – 5%
Top 7 Most compelling reasons to invest in private markets:
- Illiquidity premium – 87%
- Lower-correlated sources of return – 67%
- Broader & deeper universe – 46%
- Better alignment of incentives – 34%
- Lower volatility than public markets – 33%
- Effective inflation hedging – 15%
- Tax-efficient vs public markets – 9%
Top 7 Challenges investing in private markets:
- High fees – 72%
- Lack of attractive valuations – 47%
- Managing liquidity – 44%
- Lack of transparency – 42%
- Accessing best deals / managers – 37%
- More complex tax treatment – 18%
- Internal challenges (Due Diligence, Talent) – 18%
4) Managing Family Office
Family Office most confident area:
- Investment strategy development – 72%
- Portfolio accounting – 58%
- Public market analytics – 58%
- Investment due diligence – 52%
- Succession planning – 52%
- Reporting – 43%
- Deal sourcing – 37%
- Private market analytics – 25%
Top 6 Preferred external support for family office:
- Performance benchmarking – 59%
- Co-investment / direct deal sourcing opportunities – 52%
- Commitment pacing / cash flow modelling – 44%
- Multi-asset private markets portfolio construction – 36%
- Profiling similar risks across public and private markets’ portfolios – 35%
- Tax optimization – 21%
5) Artificial Intelligence (AI)
Top 9 areas deploying / consider deploying AI:
- Investment analytics – 87%
- Risk management – 86%
- Reporting – 85%
- Investment manager due diligence – 83%
- Portfolio optimization – 81%
- Cyber security – 81%
- Cash flow modelling – 77%
- Trading – 53%
- ESG data extraction / analytics – 47%
Top 7 challenges for AI tech investment to improve main business processes:
- Privacy & data security concerns – 47%
- Lack of in-house AI expertise – 44%
- Hallucinations / bias in models – 31%
- Lack of high- quality AI tools – 26%
- Ability to integrate AI with legacy systems – 23%
- Insufficient evidence of value add / proven use cases – 20%
- Siloed, fragmented or incomplete data sources – 18%
Current AI Investments:
- Investing in opportunities set to directly benefit growth in AI – 51%
- Investing in tech firms that are building AI infrastructure and solutions – 45%
- Deploying AI tech internally to improve core investing processes – 33%
Family Office on Artificial Intelligence (AI):
- Don’t know where to start – 61%
- Route to competitive advantage – 49%
- Focused on AI as an investment opportunity – 43%
- Concerned founders not on board – 35%
- No need to change successful formula – 20%
- AI tools not flexible or adaptable enough – 19%
BlackRock Family Office Survey
BlackRock partnered with Illuminas to conduct a research survey of family offices between 17 March and 19 May 2025, we spoke to 175 single-family offices that collectively oversee assets of more than US $320 billion, via a combination of surveys and a series of in-depth interviews with chief investment officers (CIOs) and key decision-makers at family offices around the world.
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