↑ Read the latest from the desks · fresh intelligence, published daily✦Quiet reading✦No ads, ever✦Ad-free articles read by humans today …↑✦Boards engagement today … people · … AI✦Corporate brand & media services✦Made in Virginia Beach since 1997✦
**$47B** rotated from real estate into public equities by **850** family offices; first property-allocation decline since 2019.
850
single-family offices managing a combined
$680 billion
The dataset shows public equities grew
14.2%
year-over-year as an allocation share
6.8%
—the first sustained decline in property weighting since Q4…
CNBC and wealth-platform Addepar released the Family Office Portfolio Tracker on Thursday, aggregating anonymized holdings data from 850 single-family offices managing a combined $680 billion. The dataset shows public equities grew 14.2% year-over-year as an allocation share, while real estate contracted 6.8%—the first sustained decline in property weighting since Q4 2019.
The tracker pulls from Addepar's client base, which skews toward North American offices with $500 million to $5 billion in AUM. Public equities now represent 31% of aggregate allocations, up from 27% a year prior. Real estate fell to 18% from 22%. Private equity held flat at 23%, while hedge fund exposure drifted to 11% from 12%. The data does not segment by strategy or manager, but the directional shift is unambiguous: families are rotating out of illiquid property and into liquid stocks at a pace not seen in the post-GFC era.
The timing coincides with rising cap rates compressing real estate valuations and a Treasury curve that makes income-producing equities competitive again. Families that loaded commercial real estate from 2015 to 2021—when rates were anchored near zero—are now sitting on paper losses in office and retail. The tracker does not itemize sectors, but concurrent Fed data shows office valuations down 22% from peak and multifamily cap rates up 180 basis points since early 2022. Families are not panic-selling; they are simply not re-allocating dry powder to property. New commitments to real estate funds dropped 41% in 2024 across the Addepar sample.
The public-equity surge is concentrated in large-cap growth and dividend aristocrats, per Addepar's commentary. That suggests families are chasing yield and defensive moats, not venture bets. The 14.2% increase in equity weighting translates to roughly $47 billion in net inflows across the cohort over twelve months. For context, that is equivalent to the entire 2023 capital raise for KKR's North American private equity funds. The capital is coming from both asset sales and from redirected distributions. Families that historically reinvested PE distributions into new fund commitments are now allocating a portion to public markets, effectively shortening duration and increasing liquidity buffers.
Allocators should monitor two follow-on signals. First, whether hedge fund allocations stabilize or continue to drift lower—that 11% figure is down from 15% in 2019, and many families are questioning the fee structure relative to public-index performance. Second, whether private credit begins to show up as a distinct line item. Addepar currently lumps direct lending into "alternatives," but if families are moving away from traditional PE and real estate, private credit is the logical next accumulation point. Expect Addepar to unbundle that category in the next tracker update, likely Q3 2025.
The tracker will refresh quarterly. CNBC is positioning it as the family-office equivalent of the 13F filings that track institutional equity holdings. The difference: this one covers all asset classes and updates faster. The next release, scheduled for late August, will show whether the real estate drawdown accelerates or stabilizes.
Branded by POPS4 · proof in 60 seconds
For the principal
Track your own real estate cap rates against this broader family-office drawdown—exits may compress pricing further through year-end.
For the operator
Watch for secondary real estate fund offerings as families seek liquidity; counterparty diligence on seller motivation now critical.
For the house
Huang Goodman maintains real estate underweight across named accounts; equity overweight validated by family-office peer data.
The branded-identity layer Chiefs of Staff and heritage CMOs route through — your name imprinted on real authorized stock, your pick of 200+ brands and 70,000 products, shipped from one accountable house. Nine editorial desks publish the intelligence those operators read before they sign.
200+authorized brands
70,000products · virtual proof on each
9 deskspublishing daily
1997one house, since
70,000 SKUs · virtual proof in 60 seconds · no platform fee · blind-shipped · ASI #217876
Your next customer won't visit your website. Their AI will.
AI assistants have quietly taken over the first step of buying — they answer from catalogs they can read and shortlist whoever can actually ship. Two questions now decide whether you exist to that buyer: can a machine read your catalog, and can you fulfill the order. Most brands fail one or both and never find out why the orders went elsewhere. The winners of this shift aren't the loudest. They're the most readable. Build for the machine that's about to do the shopping.
Built by the craft floor — apparel, media, packaging, and secure print.
This trade runs on hands, not desks. Imprint manufacturing & Komori heritage press through approved vendors · Canon high-speed secure-media operations is a craft floor — genuine Six Sigma discipline applied to ink, thread, foil, and registration, where a hundredth of an inch is the difference between a brand that reads serious and one that reads cheap. POPS4 is built by exactly those operators: independent, boots-on-the-ground engineers who carry their own book, read a client in microseconds, and put their name on every run. Beyond our own Virginia Beach floor, we work with a vetted network of craft manufacturers across the US — each meeting the highest excellence in QC standards in the industry, each a specialist in its own discipline — so apparel, hard-goods imprinting, media manufacturing, packaging, and secure printing all go to the bench built for them, coordinated from one accountable hub. Short-run from twenty-five units, volume to five hundred thousand. Two hundred authorized national brands, seventy thousand SKUs with virtual proofing on every one. Art archived for instant reorders. Net-thirty corporate terms, NDA-standard white-label — your name on the work, or none at all.
Strategy, positioning, identity, creative, and messaging — wired into an AI system that publishes and distributes on its own. Nine editorial desks generate the authority, the production house ships the physical proof, and the attribution layer tells you which post sold which SKU. What you get is an operating layer — content, catalog, and order path under one roof — that keeps working whether or not you are in the room. Built for principals who would rather own the machine than rent the agency.
Named-account programs — one desk, quiet delivery, NDA-standard.
One point of contact who already knows the file, so nothing restarts from zero between engagements. The work ships blind, under NDA, with your name on it or none at all. Built for single-family offices, heritage-house CMOs, sports-ownership groups, and the agencies that white-label our production. The relationship is the product; the merch is the proof of it.
SFO · Chief of Staff desk. Principal household, properties, aircraft, yacht, calendar, philanthropy — one file.
Shop seventy thousand products. Virtual proof on every one. 24/7.
Drop your logo on any product and see the virtual proof before asking. Quote routes direct to the desk. MCP catalog for AI agents. Celeste for the fast conversation. Full self-service checkout in development.