Goldman Sachs released survey data showing 39% of family office investors plan to increase allocations to both public and private equity over the next twelve months. The figure represents a material pivot in deployment strategy among ultra-high-net-worth capital pools managing an estimated $6 trillion globally. The survey captured responses from family offices overseeing assets ranging from $500 million to north of $10 billion.

The intended increase arrives as private equity secondary markets report record volume. GreenBear, a family office managing undisclosed AUM, confirmed this week it is using secondaries to rebalance legacy fund commitments while maintaining net private equity exposure. The move reflects broader portfolio engineering: family offices are not retreating from illiquids but reshaping vintage curves and manager concentration. Public equity interest centers on quality compounders trading below normalized multiples after two years of factor rotation. Several offices told Goldman they view current S&P 500 valuations—approximately 20x forward earnings—as reasonable entry points if inflation prints hold below 3% through mid-year.

The shift matters because family office capital moves slower and stays longer than institutional money. These pools do not face redemption pressure or quarterly performance reviews. When 40% signal intent to add equity exposure, it suggests conviction that the next eighteen months favor risk assets over cash and short-duration fixed income. The survey also showed 28% plan to reduce cash holdings, which had swelled to 15-20% of portfolios during the rate hiking cycle. That dry powder now seeks deployment into both liquid and private markets, with family offices favoring direct co-investments alongside established GPs rather than blind pool commitments.

Secondaries activity provides the mechanism. Family offices are selling down older fund positions at 85-92 cents on NAV to fund new commitments without raising overall illiquidity. This is not distressed selling—it is active portfolio management by investors who typically hold to maturity. The willingness to trade positions mid-cycle signals urgency to reposition before deployment windows narrow. Multi-family offices are aggregating smaller tickets into $50-100 million pool vehicles to access deals previously reserved for larger institutions. The model allows participation in growth equity and buyout transactions with ticket sizes family offices cannot efficiently underwrite individually.

Operators should monitor GP fundraising timelines and pricing discipline through Q2 2025. Family office capital will flow toward managers who maintained valuation rigor during the 2021-2022 vintage years. Watch for co-investment syndication platforms to report increased throughput as family offices seek direct exposure without paying 2-and-20. Public equity deployment will likely concentrate in sectors with pricing power and operating leverage—industrials, select technology infrastructure, healthcare services.

The Goldman survey included no family offices planning to decrease equity allocations. That unanimity of direction is the signal. Patient capital has decided the risk-reward now favors equity duration over safety.