New York, United States
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



2025 Summits in Hong Kong & Singapore
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register


This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.










BlackRock Global Family Office Report 2023: 120 Single Family Offices Average $2 Billion AUM, 20% with > $1 Billion Optimistic on Macro Outlook & 5% with Less than $500 Million are Optimistic

17th June 2023 | Hong Kong

BlackRock has released the Global Family Office Report 2023, 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 120 single family offices averaging $2 billion of AUM and total AUM of $243 billion (Assets under Management).   48% of the family offices are established before 2010, and 53% established after 2010.  For global macro outlook, 13% of family offices are optimistic, 61% are pessimistic and 27% are neutral.  Larger family offices are more optimistic on the macro outlook, 20% optimistic with > $1 billion, 7% are optimistic with $500 million to $999 million, and 5% are optimistic with less than $500 million.  The Portfolio Asset Classes are 61% in Traditional, and 39% in Alternatives.  The Portfolio Allocation is Listed Equities (37%), Fixed Income (14%), Cash & Cash Equivalent (10%), Illiquid Alternatives (30%), Liquid Alternatives (9%).  The top 3 increase in fixed income allocation are Investment grade, Sovereign public credit debt, Private debt/credit. The top 4 Cash strategy are General pool (83%), Risk buffer (62%), Funding capital calls to Private equity managers (60%), Tactical portfolio adjustments (57%).  The top 5 preferred alternative investment type are Private equity, Private equity funds, Net Real estate & infrastructure, Real estate, Private debt / credit.  The top 3 Increase in alternative investment allocation are Infrastructure, Private credit, Private equity direct deals (ex. VC).  The top 3 preferred investment structures for private credit are Primary funds (83%), Direct investment (33%), Secondaries (27%).  The top 3 preferred investment structures for private equity are Primary funds (77%), Secondaries (50%), Co-investment (43%).  The top 2 most compelling reasons to invest in private markets are High return potential (75%), Diversified & less-correlated sources of return (48%).  For family office management process, the top 5 most confident on access to resources & expertise are Investment due diligence, 3rd-party manager due diligence, Succession planning, Reporting, Risk management.  The top 5 in-house resources & expertise are Governance, Succession planning, Reporting, Technology, Investment strategy & asset allocation. The poll results were collected before banking sector disruption (November 2022 and January 2023).  See below for key findings & summary | View report here

“ 120 Single Family Offices Average $2 Billion AUM, 20% with > $1 Billion Optimistic on Macro Outlook & 5% with Less than $500 Million are Optimistic “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2025 Investment Day
Hong Kong | Singapore
March / July / Sept / Oct / Nov
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here


The 2025 Family Office Summit
10th April & 16th Oct Hong Kong Ritz Carlton | 24th April & 6th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2025 Family Office Summit | Register here


2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit.  Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here





 

BlackRock Global Family Office Report 2023

New York, United States

BlackRock has released the Global Family Office Report 2023, providing key insights into family office investment outlook, portfolio allocation, fixed income & alternative investment preferences, and investment management process in the family office.

Summary

  1. Family Office Profile – 120 single family offices averaging $2 billion of AUM & total $243 billion AUM
  2. Family Office established – 48% before 2010, 53% after 2010
  3. Global Outlook – Optimistic (13%), Pessimistic (61%), Neutral (27%)
  4. Optimistic Outlook by AUM – 20% Optimistic with > $1 billion, 7% with $500 million to $999 million, 5% with less than $500 million
  5. To Change investment strategy due to market environment – 46% Yes (2020: 23%)
  6. Top 3 Changes to Investment Strategy in 2023 – Positioning for higher inflation (62%), Positioning for rising rates (49%), Increasing idiosyncratic sources of return (45%)
  7. Major Challenges to achieve investment goals: Unsupportive short / medium-term market environment (58%), Access to high ideas, delays or solutions to execute strategy (46%), Sourcing talent (40%)
  8. Top 5 most confident on access to resources & expertise – Investment due diligence, 3rd-party manager due diligence, Succession planning, Reporting, Risk management
  9. Top 5 in-house resources & expertise – Governance, Succession planning, Reporting, Technology, Investment strategy & asset allocation

Summary – Portfolio & Investments

  1. Portfolio Asset Classes – 61% Traditional, 39% Alternatives
  2. Portfolio Allocation – Listed Equities (37%), Fixed Income (14%), Cash & Cash Equivalent (10%), Illiquid Alternatives (30%), Liquid Alternatives (9%)
  3. Top 3 increase in fixed income allocation – Investment grade, Sovereign public credit debt, Private debt/credit
  4. Top 4 Cash strategy – General pool (83%), Risk buffer (62%), Funding capital calls to Private equity managers (60%), Tactical portfolio adjustments (57%)
  5. Top 5 Preferred alternative investment type – Private equity, Private equity funds, Net Real estate & infrastructure, Real estate, Private debt / credit 
  6. Top 2 Compelling reasons to invest in private markets – High return potential (75%), Diversified & less-correlated sources of return (48%)
  7. Top 3 Increase in alternative investment allocation – Infrastructure, Private credit, Private equity direct deals (ex. VC) 
  8. Top 3 Preferred investment structures for private credit – Primary funds (83%), Direct investment (33%), Secondaries (27%)
  9. Top 3 Preferred investment structures for private equity – Primary funds (77%), Secondaries (50%), Co-investment (43%)

 

BlackRock Global Family Office Report 2023

1) Family Office Profile

  • 120 single family offices
  • Average $2 billion of AUM (Assets under Management)
  • Total AUM of $243 billion

Family Office AUM:

  • Below $500 million – 32%
  • $500 million to $999 million – 23%
  • More than $1 billion – 45%

Family Office by decade established:

  • Before 2010 – 48%
  • After 2010 – 53%

Family Office by Region:

  • United States & Canada – 39%
  • EMEA – 41%
  • LATAM & APAC – 20%

EMEA ~ Europe, Middle East, and Africa
LATAM ~ Latin America
APAC ~ Asia-Pacific

 

2) Global Investment Outlook

Global Outlook:

  • Optimistic – 13%
  • Pessimistic – 61%
  • Neutral – 27%

Global Outlook by AUM (< $500 million):

  • Optimistic – 5%
  • Pessimistic – 76%
  • Neutral – 18%

Global Outlook by AUM ($500 million to $999 million):

  • Optimistic – 7%
  • Pessimistic – 71%
  • Neutral – 21%

Global Outlook by AUM (> $1 billion):

  • Optimistic – 20%
  • Pessimistic – 44%
  • Neutral – 35%

 

3) Investment Strategy & Views

To change investment strategy due to market environment:

  • Yes – 46% (2020: 23%)
  • No – 54% (2020: 77%)

Changes to Investment Strategy in 2023:

  1. Positioning for higher inflation – 62%
  2. Positioning for rising rates – 49%
  3. Increasing idiosyncratic sources of return – 45%
  4. Increasing geographic, sector or factor diversification – 44%
  5. Implementing a risk-on view – 29%
  6. Increasing fund liquidity – 24%
  7. Reducing drawdown risk – 18%

Investor views on market volatility:

  • Long-term investor, less focused on near-term macro disruption – 90%
  • Market volatility is opportunity for alpha, and to add high conviction areas for portfolio – 87%

Reactions to macro & market landscape:

  1. Review portfolio / positions more frequently – 76%
  2. Seeking more input from investment managers – 64%
  3. Seeking more input from family office peers – 61%

Major challenges or barriers to achieving investment goals:

  1. Unsupportive short / medium-term market environment – 58%
  2. Access to high ideas, delays or solutions to execute strategy – 46%
  3. Sourcing talent – 40%
  4. Access to quality of advice required – 32%

 

4) Portfolio Allocation:

Portfolio Asset Classes:

  • Traditional Asset Classes – 61%
  • Alternative Asset Classes – 39%

Portfolio Asset Classes (Traditional / Alternative):

  • United States & Canada – 57% / 43%
  • EMEA – 60% / 40%
  • LATAM & APAC – 70% / 30%

Portfolio Allocation:

  • Listed Equities – 37%
  • Fixed Income – 14%
  • Cash & Cash Equivalent – 10%
  • Illiquid Alternatives – 30%
  • Liquid Alternatives – 9%

 

5) Fixed Income Allocation

A) Investment grade:

  • Increase – 73%
  • Decrease – 3%
  • No Change – 20%
  • Not applicable – 5%

B) Sovereign public credit debt:

  • Increase – 55%
  • Decrease – 0%
  • No Change – 28% 
  • Not applicable – 18%

C) Private debt/credit:

  • Increase – 50%
  • Decrease – 5%
  • No Change – 25%
  • Not applicable – 20%

D) Non-investment grade public credit:

  • Increase – 30%
  • Decrease – 13%
  • No Change – 33%
  • Not applicable – 25%

E) Securitized assets:

  • Increase – 23%
  • Decrease – 3%
  • No Change – 18%
  • Not applicable – 58%

F) Municipal & tax-exempt debt:

  • Increase – 13%
  • Decrease – 3%
  • No Change – 25%
  • Not applicable – 60%

 

Rick Rieder, Chief Investment Officer of Global Fixed Income & Head of Global Allocation Investment Team on Higher Yield:

  • The S&P 500 earnings yield is on par with the yield of short-term investment grade fixed income assets for the first time in decades 
  • Investors can hit a near 6% yield target with a high-quality investment grade portfolio 
  • High-quality fixed income can become the dominant fixture of an attractive diversified portfolio
  • Within fixed income markets, our highest conviction view is that the present environment of heightened volatility is best met by an active and unconstrained approach to investing – one that is not tethered to benchmark constraints, maturity limits or other biased risks 
  • By seeking maximum flexibility and leveraging a broad toolkit, portfolios can pivot nimbly across duration, regional and sector exposures in response to rapidly shifting conditions. 
  • favor high-quality liquid exposures in fixed income
  • intermediate bonds are looking increasingly attractive as a portfolio hedge as the Fed reaches the latter stages of the hiking cycle 
  • high-quality global opportunities emerging including European sovereigns and emerging market local rates 
  • necessary to maintain some liquidity or “dry powder,” especially as new investment opportunities may emerge as markets continue to absorb tighter financial conditions. 

 

6) Cash Strategy

Role of cash & cash equivalent instruments in portfolios:

  1. General pool – 83%
  2. Risk buffer – 62%
  3. Funding capital calls (Private equity managers) – 60%
  4. Tactical portfolio adjustments – 57%

 

7) Alternative Assets: Private Markets, Private Credit, Private Equity

Investments into Alternative Assets type:

  1. Private equity – 83%
  2. Private equity funds – 75%
  3. Net Real estate & infrastructure – 68%
  4. Real estate – 63%
  5. Private debt / credit – 60%
  6. Private equity direct deals – 56%
  7. Hedge funds – 53%
  8. Venture capital – 47%
  9. Infrastructure – 26%
  10. Other real estate (eg. timberland, farmland) – 12%

Top 2 compelling reasons to invest in private markets:

  • High return potential – 75%
  • Diversified & less-correlated sources of return – 48%

Expected changes to current alternative investment allocations:

  1. Infrastructure – 48% increase, 6% decrease, 45% no change
  2. Private credit – 42% increase, 14% decrease, 44% no change
  3. Private equity direct deals (ex. VC) – 33% increase, 10% decrease, 57% no change
  4. Private equity funds – 29% increase, 7% decrease, 64% no change
  5. Real estate – 26% increase, 18% decrease, 55% no change
  6. Hedge funds – 21% increase,22% decrease, 57% no change
  7. Venture capital – 20% increase, 23% decrease, 57% no change

Preferred investment structures for private credit:

  1. Primary funds – 83%
  2. Direct investment – 33%
  3. Secondaries – 27%
  4. Co-investment – 27%
  5. Fund of funds – 3%

Preferred investment structures for private equity:

  1. Primary funds – 77%
  2. Secondaries – 50%
  3. Co-investment – 43%
  4. Direct investment – 40%
  5. Fund of funds – 7%

 

Lynn Baranski, Global Head of Investments for BlackRock Private Equity Partners:

  • Current reset in valuations may lead to compelling co-investment and direct investment opportunities 
  • Many family offices partner with external managers to put capital to work efficiently and who have the expertise, knowledge base and network to source, underwrite and –  of particular importance during times like these – monitor portfolio companies. 
  • Secondary market, ability to drive attractive pricing is incredibly valuable. With increasing investment risks, secondaries allow investors to target potentially higher returns to reflect a wider range of potential outcomes. 
  • Disconnect between private and public market valuations, secondaries offer investors an attractive tool to help bridge that pricing gap.
  • Increasing supply of opportunities driven by the long-term primary fundraising market currently outpaces secondary capital demand, resulting in approximately one year of dry powder currently available for deployment today. This secular market imbalance is further exacerbated by rising liquidity requirements stemming from numerator/ denominator effects and a slowing exit market. As both LPs and GPs turn to the secondary market for liquidity, we expect a “buyer’s market” to continue throughout 2023. 

 

8) Family Office Investment Management Process

Confidence on access to resourcing and expertise (Highly & fairly confident):

  1. Investment due diligence – 87%
  2. 3rd-party manager due diligence – 80%
  3. Succession planning – 74%
  4. Reporting – 70%
  5. Risk management – 67%
  6. Governance – 66%
  7. Deal sourcing – 61%
  8. Technology – 46%

In-house vs Outsource & Combination:

  1. Governance – 77% / 23%
  2. Succession planning – 70% / 30%
  3. Reporting – 70% / 30%
  4. Technology – 63% / 37%
  5. Investment strategy & asset allocation – 60% / 40%
  6. Risk management – 57% / 43%
  7. 3rd-party manager due diligence – 53% / 46%
  8. Investment due diligence – 47% / 53%
  9. Deal sourcing – 43% / 57%

 

BlackRock Global Family Office Report 2023

BlackRock has released the Global Family Office Report 2023, providing key insights into family office investment sentiments, portfolio allocation, fixed income & alternative investment preferences, and investment management process in the family office.  BlackRock partnered with Illuminas to conduct a survey of family offices’ priorities, challenges and portfolio positioning.  Between November 2022 and January 2023, we surveyed 120 single-family offices that collectively oversee assets under management of $243 billion.   Poll results collected before banking sector disruption.  




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at angel@caproasia.com or mail@caproasia.com

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Manage investmentsManage assetsManage risksFind informationFind servicesFind advisors / expertsFind clientsGrow AUMNetworkingOthers


    $3 m to $20 m$20 m to $300 m$300 m to $1 b$1 b to $10 bMore than $10 bNo AUM. I advise institutions / CEOs / Entrepreneurs / billionaires / UHNWs & HNWsOthers


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementCEO & EntrepreneurOthers


    Mailing List / Free TrialSubscription ($70 monthly / $180 yearly)Subscription June Promo ($20 monthly / $180 yearly)Membership ($60 / $680 / $2,000)


    2025 Investment Day Hong Kong2025 Investment Day Singapore2025 Investment Summit Hong Kong2025 Investment Summit Singapore2025 Family Office Summit Hong Kong2025 Family Office Summit Singapore












    Web links may be disabled on mobile for security.
    Please click on desktop.









    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2025 Investment Day

    • March - Hong Kong
    • March - Singapore
    • July - Hong Kong
    • July - Singapore
    • Sept- Hong Kong
    • Sept - Singapore
    • Oct- Hong Kong
    • Nov - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    mail@caproasia.com, angel@caproasia.com

    For Listing, Subscription
    mail@caproasia.com, claire@caproasia.com

    For Press Release, send to:
    press@caproasia.com

    For Events & Webinars
    events@caproasia.com

    For Media Kit, Advertising, Sponsorships, Partnerships
    angel@caproasia.com

    For Research, Data, Surveys, Reports
    research@caproasia.com

    For General Enquiries
    mail@caproasia.com




    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014



    RELATED ARTICLESMORE FROM AUTHOR

    2025

    $751 Billion Private Equity Firm Apollo Raised $8.5 Billion for Hybrid Credit Accord+ Strategy with $4.8 Billion for Accord+ Fund II, Separately Managed Accounts...

    Capital Market

    $751 Billion Private Equity Firm Apollo Raised $5.4 Billion for New Secondaries Fund Apollo S3 Equity & Hybrid Solutions Fund I, Fund Provides Financing...

    True Anomaly
    Capital Market

    United States Space Security Startup True Anomaly Raised $260 Million in Series C Funding, Founded in 2022 by Even Rogers & Kyle Zakrzewski, Investors...

    Capital Market

    Spain 2nd Largest Bank $80 Billion BBVA Receives Approval from Spain National Authority for Markets & Competition (CNMC) to Buy Spain 4th Largest Bank...

    Capital Market

    7-Eleven Store Chain $39 Billion Parent Seven & i Holdings Advanced Discussion with Information Sharing (Signed NDA) on Buyout Proposal by Canada $47 Billion Convenience...

    2025

    UK-Sweden $217 Billion Pharmaceutical Giant AstraZeneca Faces $8 Million Fine for Unpaid Import Tax, Faced $4.5 Million Fine in 2025 February in China for...

    2025

    Canada $940 Billion Manulife Investments Launches USD Money Market Fund with Daily Liquidity Manulife Stable Fund under Manulife Hong Kong Series, Invests in Mainly...

    2025

    Hong Kong SFC to Increase of Position Limits for Exchange-Traded Derivatives (Futures & Options) on 3 Hong Kong Major Stock Indices by 2025 July...

    2025

    China $1.3 Trillion Sovereign Wealth Fund China Investment Corporation (CIC) Reviews to Sell $1 Billion Private Equity Portfolio Managed by 8 Fund Managers (Including...