Goldman Sachs Family Office Investment Insights Report 2025: 245 Family offices & 67% with > $1 Billion Net Worth, Family Office Incorporation 2020s 26%, 2010s 28%, 2000s 14%, Pre-2000 27%, 75% Wealth Generated from Operating Business, Investment Management in-House 70% & Outsource 30%, Size of Investment Team – Less than 5 Employees 62%, 5 Employees or More 38%, Asset Allocation in 2025 – Public Market Equities 31%, Cash & Cash Equivalents 12%, Fixed Income 11%, Private Equity 21%, Real Estate & Infrastructure 11%, Hedge Funds 6%, Private Credit 4%, Commodities 1%, Top 3 Investment Risks – Geopolitical conflict 61%, Political instability 39%, Economic recession 38%
2nd October | Hong Kong
Goldman Sachs has released the Goldman Sachs Family Office Investment Insights Report 2025, providing key insights into investments of 245 family offices (67% with > $1 billion). Family Office Incorporation – 2020s 26%, 2010s 28%, 2000s 14%, Pre-2000 27%. Family Office Generation – The original wealth creator 54%, 2nd generation 27%, 3rd generation 12%, 4th generation or later 7%. Wealth Generated from Operating Business (Founded by family) – 75%. Investment Management – In-house 70% / Outsource 30%. Size of Investment Team – Less than 5 employees 62%, 5 employees or more 38%. Size of Operational Team – Less than 5 employees 52%, 5 employees or more 48%. Asset allocation in 2025 – Public Market Equities 31%, Cash & Cash Equivalents 12%, Fixed Income 11%, Private Equity 21%, Real Estate & Infrastructure 11%, Hedge Funds 6%, Private Credit 4%, Commodities 1%. Top 5 Target Asset Allocation increase in the next 12 months – Private Equity, Public Market Equities, Private Credit, Hedge Funds, Infrastructure. Fixed Income portfolio average duration (1 to 5 years) – 79%. Top 3 Alternative Investments Direct – Private Real Estate, Growth, Venture Capital. Top 3 Alternative Investments via Managers – Buyout, Growth, Venture Capital. Top 3 Sectors Overweight in next 12 months – Technology, Healthcare, Energy / Materials. Top 6 Geographic Allocation (APAC Family Offices) – United States 95%, China 80%, Euro Area 62%, Japan 53%, United Kingdom 52%, India 24%. Top 6 Geographic Allocation (EMEA Family Offices) – United States 98%, Euro Area 89%, United Kingdom 71%, Canada 41%, China 40%, Japan 39%. Geographic Allocation (Americas Family Offices) – United States 97%, Euro Area 60%, United Kingdom 48%, Canada 31%, Japan 22%, China 21%. Top 4 Investment risks – Geopolitical conflict 61%, Political instability 39%, Economic recession 38%, Global tariffs in excess of market expectations 35%. Using AI in family office investment process – 51%. Top 3 Functions using / to use AI – Data analysis & insights, Research, Automation of manual tasks & productivity gains. Top Current investment type in AI – Primary public equities or ETFs, AI-empowered companies utilizing AI to increase productivity & efficiency, Invest in secondary beneficiaries. Invest in Sports – 25%. Top 4 Investments in Sports & Sports Ecosystem – Men’s major leagues, Streaming technology, Venues / real estate, Gaming. Invest in Cryptocurrency – 33%. Top 3 Methods to invest in Cryptocurrencies – Direct purchase of spot, ETFs or listed products, Private funds. See below for key findings | View report here:
“ Goldman Sachs Family Office Investment Insights Report 2025: 245 Family offices & 67% with > $1 Billion Net Worth, Family Office Incorporation 2020s 26%, 2010s 28%, 2000s 14%, Pre-2000 27%, 75% Wealth Generated from Operating Business, Investment Management in-House 70% & Outsource 30%, Size of Investment Team – Less than 5 Employees 62%, 5 Employees or More 38%, Asset Allocation in 2025 – Public Market Equities 31%, Cash & Cash Equivalents 12%, Fixed Income 11%, Private Equity 21%, Real Estate & Infrastructure 11%, Hedge Funds 6%, Private Credit 4%, Commodities 1%, Top 3 Investment Risks – Geopolitical conflict 61%, Political instability 39%, Economic recession 38% “
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Goldman Sachs Family Office Investment Insights Report 2025: 245 Family offices & 67% with > $1 Billion Net Worth, Family Office Incorporation 2020s 26%, 2010s 28%, 2000s 14%, Pre-2000 27%, 75% Wealth Generated from Operating Business, Investment Management in-House 70% & Outsource 30%, Size of Investment Team – Less than 5 Employees 62%, 5 Employees or More 38%, Asset Allocation in 2025 – Public Market Equities 31%, Cash & Cash Equivalents 12%, Fixed Income 11%, Private Equity 21%, Real Estate & Infrastructure 11%, Hedge Funds 6%, Private Credit 4%, Commodities 1%, Top 3 Investment Risks – Geopolitical conflict 61%, Political instability 39%, Economic recession 38%
Goldman Sachs has released the Goldman Sachs Family Office Investment Insights Report 2025, providing key insights into investments of 245 family offices (67% with > $1 billion). See below for key findings | View report here:
Goldman Sachs Family Office Investment Insights Report 2025
Summary
- Family Office Profile – 245 family offices
- Family Office Net worth – 67% > $1 billion
- Family Office Incorporation – 2020s 26%, 2010s 28%, 2000s 14%, Pre-2000 27%
- Family Office Generation – The original wealth creator 54%, 2nd generation 27%, 3rd generation 12%, 4th generation or later 7%
- Wealth Generated from Operating Business (Founded by family) – 75%
- Investment Management – In-house 70% / Outsource 30%
- Size of Investment Team – Less than 5 employees 62%, 5 employees or more 38%
- Size of Operational Team – Less than 5 employees 52%, 5 employees or more 48%
- Asset allocation in 2025 – Public Market Equities 31%, Cash & Cash Equivalents 12%, Fixed Income 11%, Private Equity 21%, Real Estate & Infrastructure 11%, Hedge Funds 6%, Private Credit 4%, Commodities 1%
- Top 5 Target Asset Allocation increase in the next 12 months – Private Equity, Public Market Equities, Private Credit, Hedge Funds, Infrastructure
- Fixed Income portfolio average duration (1 to 5 years) – 79%
- Top 3 Alternative Investments Direct – Private Real Estate, Growth, Venture Capital
- Top 3 Alternative Investments via Managers – Buyout, Growth, Venture Capital
- Top 3 Sectors Overweight in next 12 months – Technology, Healthcare, Energy / Materials
- Top 6 Geographic Allocation (APAC Family Offices) – United States 95%, China 80%, Euro Area 62%, Japan 53%, United Kingdom 52%, India 24%
- Top 6 Geographic Allocation (EMEA Family Offices) – United States 98%, Euro Area 89%, United Kingdom 71%, Canada 41%, China 40%, Japan 39%
- Geographic Allocation (Americas Family Offices) – United States 97%, Euro Area 60%, United Kingdom 48%, Canada 31%, Japan 22%, China 21%
- Top 4 Investment risks – Geopolitical conflict 61%, Political instability 39%, Economic recession 38%, Global tariffs in excess of market expectations 35%
- Using AI in family office investment process – 51%
- Top 3 Functions using / to use AI – Data analysis & insights, Research, Automation of manual tasks & productivity gains
- Top Current investment type in AI – Primary public equities or ETFs, AI-empowered companies utilizing AI to increase productivity & efficiency, Invest in secondary beneficiaries
- Invest in Sports – 25%
- Top 4 Investments in Sports & Sports Ecosystem – Men’s major leagues, Streaming technology, Venues / real estate, Gaming
- Invest in Cryptocurrency – 33%
- Top 3 Methods to invest in Cryptocurrencies – Direct purchase of spot, ETFs or listed products, Private funds
Goldman Sachs Family Office Investment Insights Report 2025
1) Family Office Profile
Family Office Profile:
- 245 family offices
- 67% of a family offices with > $1 billion
Family Office Incorporation:
- 2020s – 26%
- 2010s – 28%
- 2000s – 14%
- Pre-2000 – 27%
- Unknown – 5%
Net worth:
- Less than $500 million – 14%
- $500 million to $1 billion – 19%
- $1 billion to $5 billion – 40%
- $5 billion to $10 billion – 14%
- $10 billion or more – 13%
Family Office Generation:
- The original wealth creator – 54%
- 2nd generation – 27%
- 3rd generation – 12%
- 4th generation or later – 7%
Wealth Generated from Operating Business (Founded by family):
- Yes – 75%
- No – 25%
Investment Management:
- In-house – 70%
- Outsource – 30%
Size of Investment Team:
- Less than 5 employees – 62%
- 5 to 10 employees – 28%
- 11 to 20 employees – 5%
- More than 20 employees – 2%
- Not applicable – 3%
Size of Operational Team:
- Less than 5 employees – 52%
- 5 to 10 employees – 28%
- 11 to 20 employees – 9%
- More than 20 employees – 7%
- Not applicable – 4%
Next Generation involved in investment decisions:
- Involved in the entire investment process – 26%
- Oversight / approval through investment committee seat – 19%
- Consulted on one-off investment decisions – 8%
- Managing a separate pool of capital – 8%
- Not involved in any investment decisions – 39%
2) Family Office Asset Allocation
Asset allocation in 2025:
- Public Market Equities – 31%
- Cash & Cash Equivalents – 12%
- Fixed Income – 11%
- *Private Equity – 21%
- *Real Estate & Infrastructure – 11%
- *Hedge Funds – 6%
- *Private Credit – 4%
- Commodities – 1%
- Other – 3%
* Alternatives – 42%
Private Equity – 21% of Portfolio:
- Buyout – 9%
- Growth – 6%
- Venture Capital – 6%
- Other – 1%
Asset allocation in 2023:
- Public Market Equities – 28%
- Cash & Cash Equivalents – 12%
- Fixed Income – 10%
- *Private Equity – 26%
- *Real Estate & Infrastructure – 9%
- *Hedge Funds – 6%
- *Private Credit – 3%
- Commodities – 1%
- Other – 4%
* Alternatives – 44%
Asset allocation in 2025 (APAC Family Offices):
- Public Market Equities – 30%
- Cash & Cash Equivalents – 19%
- Fixed Income – 14%
- *Private Equity – 15%
- *Real Estate & Infrastructure – 10%
- *Hedge Funds – 7%
- *Private Credit – 4%
- Commodities – 1%
- Other – 1%
* Alternatives – 36%
Asset allocation in 2023 (APAC Family Offices):
- Public Market Equities – 23%
- Cash & Cash Equivalents – 25%
- Fixed Income – 13%
- *Private Equity – 19%
- *Real Estate & Infrastructure – 8%
- *Hedge Funds – 9%
- *Private Credit – 2%
- Commodities – 1%
- Other – 1%
* Alternatives – 38%
Target Asset Allocation in the next 12 months (Increase, Decrease):
- Private Equity – 39% increase, 15% decrease
- Public Market Equities – 38% increase, 18% decrease
- Private Credit – 26% increase, 9% decrease
- Hedge Funds – 24% increase, 4% decrease
- Infrastructure – 21% increase, 3% decrease
- Fixed Income – 20% increase, 13% decrease
- Private Real Estate – 20% increase, 17% decrease
- Cash & Cash Equivalents – 16% increase, 34% decrease
- Commodities – 14% increase, 1% decrease
Fixed Income portfolio average duration:
- Less than 1 year – 7%
- 1 to 2 years – 22%
- 3 to 5 years – 57%
- 6 to 7 years – 10%
- More than 8 years – 5%
Positioning portfolio in event for a tail risk:
- Geographic diversification in investment – 54%
- Gold – 24%
- US Treasuries – 22%
- Hard assets (excluding Gold) – 20%
- Geographic diversification in the custody of assets – 16%
- Cryptocurrencies – 11%
- Other – 13%
- Have not positioned for a tail risk event – 23%
- Do not believe there will be a tail risk event in near future – 3%
3) Alternative Investments
Alternative Investments Approach – Direct vs Managers (Do not invest):
- Private Real Estate – 44% vs 33% (17%)
- Growth – 25% vs 57% (7%)
- Venture Capital – 21% vs 54% (17%)
- Seeding & General Partner (GP) Stakes – 19% vs 30% (41%)
- Secondaries – 13% vs 51% (28%)
- Private Credit – 13% vs 53% (26%)
- Buyout – 12% vs 65% (15%)
- Infrastructure – 7% vs 44% (44%)
Commitments to Alternatives:
- Decrease / considering to sell – 39%
- Have not reduced or sold – 61%
Top 7 Reasons to decrease commitments to Alternatives / Considering secondary sales:
- Portfolio rebalancing – 22%
- Disappointment with performance &/or lack of DPI – 14%
- Risk management – 13%
- Broader liquidity needs – 11%
- To liquidate positions in tail-end funds – 9%
- To reinvest in newer vintages – 7%
- Consolidation of manager relationships – 6%
4) Sectors Allocation
Sectors Allocation in next 12 months (Overweight, Neutral):
- Technology – 58% Overweight, 28% Neutral
- Healthcare – 28% Overweight, 47% Neutral
- Energy / Materials – 27% Overweight, 42% Neutral
- Financials – 26% Overweight, 50% Neutral
- Real Estate – 21% Overweight, 37% Neutral
- Industrials – 21% Overweight, 53% Neutral
- Consumer – 12% Overweight, 49% Neutral
- Media – 6% Overweight, 55% Neutral
5) Geographic Allocation
Geographic Allocation (APAC Family Offices):
- United States – 95%
- China – 80%
- Euro Area – 62%
- Japan – 53%
- United Kingdom – 52%
- India – 24%
- Canada – 16%
- Middle East – 10%
- Africa – 5%
Geographic Allocation (EMEA Family Offices):
- United States – 98%
- Euro Area – 89%
- United Kingdom – 71%
- Canada – 41%
- China – 40%
- Japan – 39%
- India – 35%
- Middle East – 30%
- Africa – 10%
Geographic Allocation (Americas Family Offices):
- United States – 97%
- Euro Area – 60%
- United Kingdom – 48%
- Canada – 31%
- Japan – 22%
- China – 21%
- India – 19%
- Middle East – 11%
- Africa – 6%
6) Family Office Investment Outlook
Top 11 Investment risks:
- Geopolitical conflict – 61%
- Political instability – 39%
- Economic recession – 38%
- Global tariffs in excess of market expectations – 35%
- Inflated valuations – 27%
- Inflation – 27%
- Liquidity – 15%
- Cost of financing – 11%
- Regulation – 7%
- Bank or shadow bank instability – 5%
- Climate risk – 4%
Top 6 increase of indicators in next 12 months:
- Economic protectionism – 77%
- Geopolitical risks – 66%
- Inflation – 57%
- Probability of US recession – 50%
- Interest rates – 17%
- Valuations – 11%
Average global tariff in next 12 months:
- Higher – 57%
- Same – 13%
- Lower – 30%
7) On AI (Artificial Intelligence)
Using AI in family office investment process:
- Yes – 51%
- No but interested – 42%
- Not interested – 7%
Top Family Office Functions using / to use AI:
- Data analysis & insights – 85%
- Research – 82%
- Automation of manual tasks & productivity gains – 70%
- Investment due diligence & assistance with decision making – 39%
- Idea generation – 28%
- Portfolio optimization & management – 24%
- Risk management – 23%
Current investment type in AI:
- Primary public equities or ETFs – 52%
- AI-empowered companies utilizing AI to increase productivity & efficiency – 38%
- Invest in secondary beneficiaries – 32%
- Actively invest in AI-focused venture capital funds – 31%
- Invest directly in AI startups – 25%
- Exploring AI opportunities but haven’t invested yet – 9%
- Not considering AI investments at this time – 5%
8) On Sports
Invest in Sports:
- Yes – 25%
- No but interested – 25%
- Not interested – 50%
Top 13 Investments in Sports & Sports Ecosystem:
- Men’s major leagues – 71%
- Streaming technology – 31%
- Venues / real estate – 31%
- Gaming – 26%
- Events / tournaments – 25%
- Emerging sports – 25%
- Ticketing – 22%
- E-sports – 20%
- Women’s established leagues – 19%
- Women’s emerging leagues – 16%
- Men’s minor leagues – 16%
- Apparel – 16%
- Betting – 15%
Top 5 Sports investments drivers of future value creation:
- Media & Content – 61%
- Digital & Social – 51%
- Betting & Gaming – 33%
- Adjacent Real Estate – 24%
- Stadium – 18%
9) On Cryptocurrency
Invest in Cryptocurrency:
- Yes – 33%
- No but interested – 23%
- Not interested – 44%
Methods to invest in Cryptocurrencies:
- Direct purchase of spot – 35%
- ETFs or listed products – 31%
- Private funds – 29%
- Other – 6%
Goldman Sachs Family Office Investment Insights Report 2025
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.
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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