July 07, 2025, United States, New York: a street panel reading “Wall Street” is hung on a position in front of the New York Stock Exchange in the Manhattan financial district. Photo: Sven Hoppe / DPA (photo of Sven Hoppe / Picture Alliance via Getty Images)
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A version of this article appeared for the first time in Inside Wealth Newsletter of CNBC with Robert Frank, a weekly guide to the investor and consumer with high shuttle. Register To receive future editions, directly in your reception box.
Family offices have increased their bets on actions while reappearing their investment capital, according to a new Goldman Sachs survey.
Ultra-Riche families investment companies have declared an average allowance of 31% to public shares, up 3 percentage points compared to the last banking survey in 2023. During the same period of two years, their infvestment capital allowance increased from 26% to 21%, the biggest change for all the asset classes.
The transition to actions was marked for family offices in the United States and the Americas, which made their average allowance from 27% to 31%. As for investment capital, their allowance fell by 2 Percentage points at 25%, but still exceeds that of their international peers. The bank interviewed 245 family offices worldwide, two thirds of which said that they had managed at least $ 1 billion in assets, from May 20 to June 18.
Tony Pasquariello, a global head of hedge coverage at Goldman Sachs, described the portfolio as a “mixture of pro-risk assets” because family offices have maintained a relatively high allowance for capital investment.
It is despite the growth Concerns about geopolitical risks and inflation. Over the next 12 months, more than three -quarters of the respondents said they expected that the prices were identical or higher and the evaluations expected the same thing to or decrease.
Family offices, especially those of the United States, can face heavy tax invoices if they make significant diversions, according to Sara Naison-Tarajano, head of the family business of Goldman Sach. In addition, she said, families tend to invest in a opportunistic way when other market players withdraw, as they did in April when pricing announcements have turned the markets.
“There are market concerns, geopolitical problems, business war problems,” said Naison-Tarajano, who is also the world leader in capital markets for the private wealth division. “If they are concerned about these things, they will be ready to put money at work when these dislocations occur.”
Investing in public shares and FNB is also the preferred way for family offices to invest in artificial intelligence, according to the survey. The vast majority (86%) of respondents said that they had been invested in AI to a certain extent, with other popular options, including investments in secondary AI boom as the data centers or venture capital funds focused on AI.
Meena Flynn of Goldman Sachs added that family offices are still Make opportunistic investment capital games, with 72% investment in secondary, compared to 60% in 2023. Endowments and foundations took place while they are in a hurry for liquidity, but family offices can collect attractive assets with a discount and resist the slowdown in the outing.
“They have the capacity to invest in assets they can keep over several generations and not worry about an outing,” said Flynn, co-responsible for Global Private Wealth Management.
And while family offices seem to manage in the investment capital, 39% said they had plans to invest more in the asset class in the next 12 months, the highest of all categories. Almost the same proportion (38%) intends to invest more in shares.
Most family offices did not expect to change their portfolios during the coming year. However, in all asset classes, more family offices planned to increase their allowances rather than decrease. A third of respondents intend to deploy more capital while only 16% intend to increase their cash allowance and cash equivalents.
“I think what this prospective image tells us is that families realize the importance of remaining invested, and they achieve the importance of vintage, in particular with investment capital,” said Naison-Tarajano.
That said, the family offices of the Americas are more optimistic than their peers. More than a third party said that he did not position for the risk of a tail, compared to 14% and 12% of companies in the EMEA and APAC. The most popular method for preparing for a black swan event was 53%geographic diversification, with gold classified second at 24%. While gold represented less than 1% of the average portfolio of family offices, Flynn said that she had seen benefits in certain portfolios As high at 15%.
“Especially in regions where our customers are very worried about political instability, they actually hold gold in physical form,” said Flynn. “Many of our customers literally want to see the serial number and know where it is in the safe.”
According to Flynn. Only a quarter (26%) of the Pati family offices said they were not interested in the crypto, compared to 47% and 58% of their peers in the Americas and Emea, respectively.
Overall, a third of family offices are invested in the crypto, compared to 26% in 2023 and doubled compared to 2021. Of those who did not do so, the offices of the Asian family reported the most interest (39%) to do so, against 17% of their peers. Flynn has attributed a large part of their interest to concerns about geopolitics.