Global family offices continue to maintain strong allocations to risk assets despite widespread concerns about geopolitical conflict and political instability, according to Goldman Sachs.

Its third Family Office Investment Insights report showed that portfolios remained broadly consistent with 2023, with public equity allocations rising slightly from 28 per cent in 2023 to 31 per cent in 2025.

Allocations to alternatives were marginally down from 44 per cent to 42 per cent over the same period, including a five percentage point reduction in private equity allocations.

Fixed income allocations rose slightly from 10 per cent to 11 per cent, while cash (excluding US Treasuries) and commodities remained stable at 12 per cent and 1 per cent respectively.

More than half (58 per cent) of family offices expected their portfolios to be overweight in tech in the next 12 months.

Exposure to artificial intelligence (AI) investments was confirmed by 86 per cent of family offices, largely through public equities, while the proportion investing in cryptocurrencies increased from 26 per cent in 2023 to 33 per cent in 2025.

Geopolitical conflict was the most frequently cited investment risk, with 61 per cent of respondents listing it among their top three concerns, and 66 per cent forecast geopolitical risks to rise over the next year.

Political instability (39 per cent) was the second most commonly cited concern, followed by economic recession (38 per cent), and global tariffs (35 per cent).

More than three quarters (77 per cent) expected greater economic protectionism and 70 per cent forecast tariff rates to hold steady or increase over the next 12 months.

Despite these concerns, family offices indicated their readiness to deploy capital, with more than a third (34 per cent) planning to reduce their cash balances and invest in risk assets.

Among those planning a change in their allocations over the next 12 months, 39 per cent expected to increase their private equity exposure, followed by public equities (38 per cent) and private credit (26 per cent).

“Family offices have shown extraordinary consistency in their investment approach despite expressing concerns about geopolitical tensions and protectionist trade policies,” commented Goldman Sachs co-head of global private wealth management, Meena Flynn.

“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.”

Goldman Sachs head of apex and private wealth management capital markets and One Goldman Sachs Family Office Initiative co-head, Sara Naison-Tarajano, added: “Family offices are signalling confidence in long-term growth while remaining disciplined in their approach.

“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.”

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