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Family offices are publicly rotating out of real estate and back into listed equities — the first visible peer benchmark for SFO allocation behavior.
$6 trillion
in assets across
800
RIAs and family offices globally
18%
annualized returns in the S&
$12 billion
in family office capital closed into new private credit…
CNBC and Addepar released the Family Office Portfolio Tracker on May 21, a joint data product that aggregates anonymized holdings across family offices using Addepar's wealth platform. The tracker shows public equities as the fastest-growing asset class in family office portfolios over the past twelve months, while real estate allocations have contracted for the first time in the post-pandemic cycle.
The tracker does not disclose absolute dollar figures or the number of participating offices, but Addepar administers over $6 trillion in assets across 800 RIAs and family offices globally. CNBC will refresh the data monthly and publish commentary each quarter. The product is free to access and targets allocators, journalists, and service providers seeking real-time sentiment shifts in the ultra-high-net-worth channel.
The pivot back to public equities is notable. Family offices spent 2021 through early 2024 rotating into private credit, direct real estate, and venture secondaries — illiquid bets with premium carry. That trend appears to have stalled. Real estate allocations are now shrinking, likely pressured by higher-for-longer rates, stubborn cap-rate compression in office and retail, and muted exit activity in both debt and equity. Public equities, by contrast, offer instant liquidity and have delivered 18% annualized returns in the S&P 500 since October 2023. The rotation reflects caution, not conviction — family offices are de-risking duration and re-weighting toward mark-to-market transparency.
The tracker also creates a new visibility problem for family offices that value discretion. Addepar's data is anonymized and aggregated, but the very existence of a public dashboard shifts the competitive information landscape. Allocators now have a benchmark for peer behavior, and that benchmark will influence capital calls, co-investment decisions, and manager selection. Fund managers pitching illiquid strategies will face harder questions about why real estate is underperforming the peer set. Prime brokers and private banks will adjust their product mix.
Watch for Addepar's quarterly commentary in August, which should clarify whether the real estate decline is broad-based or concentrated in specific geographies. Also watch whether competing platforms — Carta for venture, Chronograph for alts reporting — launch similar trackers to capture attention in the family office channel. If this becomes a standard reference, it will compress information asymmetry and accelerate herd behavior in a segment that historically moved slowly and independently.
The tracker goes live the same week that $12 billion in family office capital closed into new private credit vehicles, per Preqin. The contradiction is the story: families are still writing checks into illiquid credit, but they are no longer expanding real estate and they are rebuilding public equity buffers. That is not a rotation. That is a hedge.
Branded by POPS4 · proof in 60 seconds
For the principal
Consider whether your office's real estate weighting is now visible as an outlier through peer aggregation tools like this one.
For the operator
Use the tracker as a monthly sanity check for your illiquid book; watch if private credit allocations follow real estate down next quarter.
For the house
Monitor tracker data for shifts in family office sentiment; adjust prime desk commentary and co-invest outreach accordingly each quarter.
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