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Family offices are moving **$120B-$160B** from bonds to equity in 2025, favoring private deals with control and co-invest rights over passive public exposure.
39%
of respondents plan to increase allocations to both public…
$6 trillion
with an estimated
$800 billion
in uncommitted capital available for redeployment
166 single-family offices
with median assets of
Goldman Sachs released its annual family office survey this week showing 39% of respondents plan to increase allocations to both public and private equity over the next twelve months. The figure marks the highest stated intent for equity deployment since the survey began tracking allocation shifts in 2019. Aggregate family office assets under management globally now exceed $6 trillion, with an estimated $800 billion in uncommitted capital available for redeployment.
The survey polled 166 single-family offices with median assets of $2.3 billion between November 2024 and January 2025. The planned shift represents a reversal from 2023 and 2024, when family offices increased fixed-income exposure by an average of 340 basis points to capture elevated yields. Current allocations stand at 28% private equity, 22% public equity, 18% fixed income, 14% real estate, and 18% alternatives including hedge funds and venture capital. The stated intent to raise equity exposure by nearly two-fifths of respondents suggests a reallocation of approximately $120 billion to $160 billion from cash and fixed income into equity strategies over the next four quarters.
The timing aligns with two conditions family offices have historically required for large-scale deployment: valuation normalization in private markets and clarity on the monetary policy cycle. Private equity secondary pricing has compressed 18% from peak multiples, while public equity volatility measures have declined to pre-2022 levels. Meanwhile, the Federal Reserve's terminal rate guidance has stabilized around 3.75% to 4.00%, removing the yield competition that made cash and short-duration bonds attractive in 2023. Family offices are creatures of relative value. When the risk-free rate sits above 5%, equities must compete on compressed timelines. When that rate falls below 4%, the calculus shifts back to growth and long-duration compounding.
The survey also noted divergence between public and private equity preferences. Among those raising allocations, 61% favor private equity over public markets, citing control, illiquidity premiums, and sector-specific expertise. Healthcare, infrastructure, and AI-adjacent software represent the three most cited verticals for new commitments. Public equity allocators are concentrating in large-cap technology and financials, with minimal interest in small-cap or emerging market exposure. This is not broad-based risk appetite. This is selective deployment into liquid compounders and illiquid control situations where family offices believe they have structural advantages over institutional capital.
Operators should watch for secondary market activity in the Q2 and Q3 2025 reporting windows, particularly LP-led restructurings where family offices can negotiate direct co-invest rights or preferential economics. Public equity inflows will likely concentrate in the April to June period, as tax planning from 2024 gains crystallizes and capital becomes available. Fund managers with existing family office LPs should expect re-up conversations to include requests for separately managed accounts or fee reductions tied to commitment size. Alpine Asset Management, a Switzerland-based family office, publicly stated this week it plans to scale its portfolio in 2026, naming agriculture and infrastructure as priority sectors. That is not an isolated signal.
Goldman's survey was released without warning on January 14, 2025. The bank does not typically pre-announce family office research. The survey's publication three weeks into the year, rather than in late Q4 as in prior cycles, suggests the data was rushed to clients ahead of expected allocation committee meetings in late January and early February.
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For the principal
Expect co-invest solicitations from GPs by mid-February; negotiate fee waterfalls and governance rights before committing capital to new vintages.
For the operator
Watch for secondary deal flow in Q2; family office dry powder creates pricing tension in LP-led restructurings and direct buyouts.
For the house
Huang Goodman reallocating $42M from duration-matched Treasuries into healthcare and infrastructure PE co-invests, targeting Q2 close.
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