Family offices signal $2 trillion risk rotation despite portfolio anxiety—Goldman survey

Goldman Sachs released its latest family office survey this week showing decision makers at global single-family offices intend to increase allocations to risk assets in the coming quarters, even as they report heightened anxiety over portfolio positioning. The survey covers offices managing more than $2 trillion in aggregate assets, a cohort that has kept allocations largely static for two years while cash balances swelled.

The disconnect is precise: family offices report concern over market volatility and macro uncertainty, yet the majority plan to deploy capital into equities, private credit, and venture secondaries within the next twelve months. Cash positions remain elevated relative to historical norms, suggesting the offices have been waiting for clearer entry points rather than abandoning risk appetite. The survey did not disclose exact percentage shifts, but Goldman noted the directional tilt is uniform across North America, Europe, and Asia-Pacific respondents.

This matters because family offices move differently than institutions. They hold no redemption pressure, no quarterly reporting mandates, and no career risk from contrarian positioning. When this cohort signals intent to add risk, it reflects ground-level conviction that valuations or dislocations have reached workable levels. The timing is notable: the survey was conducted after the regional banking stress in March and April, meaning these allocators have already priced in balance-sheet fragility and are moving anyway. That suggests they see the repricing as opportunity, not prelude.

The asset classes drawing interest align with post-cycle positioning. Private credit continues to attract family office capital as banks retreat from middle-market lending and spreads widen. Venture secondaries are mentioned explicitly, which tracks with the two-year markdown cycle now offering entry at fractions of prior fundraising rounds. Public equities remain in the mix, but the survey language implies selectivity—sector rotation rather than broad beta. Real estate allocations were stable, not growing, which is consistent with offices waiting for distress to mature before adding exposure.

Operators and allocators should watch for three follow-on signals in the next ninety days. First, whether family office co-investment vehicles see increased commitments in Q2 and Q3, which would confirm intent is converting to deployment. Second, whether private credit funds see a second wave of closes as family offices move from soft circles to signed capital calls. Third, whether venture secondary platforms report volume increases in June and July, when portfolio companies typically need bridge rounds before end-of-summer valuations.

The Goldman survey did not name specific offices or break out allocation percentages by geography, which limits tactical precision but preserves the directional read. Family offices managing above $500 million were overrepresented in the sample, meaning the findings skew toward the larger, more institutionalized end of the single-family office spectrum. These are the offices that move first and set positioning for the smaller peers who follow six to nine months later. The cash they are sitting on was not raised—it was generated from exits, dividends, and asset sales over the past twenty-four months, meaning the capital is unencumbered and available for immediate deployment without liquidity concerns.