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**30.8%** private allocation is the new family-office baseline—watch secondary spreads and mark revisions to see if it holds.
333
family offices across
30.8%
of total portfolio holdings
28.7%
in the prior year and
23.5%
three years earlier—marks the steepest tilt toward illiquids the…
J.P. Morgan's 2026 Global Family Office Report, surveying 333 family offices across 30 countries, places average private-investment allocation at 30.8% of total portfolio holdings. That figure—up from 28.7% in the prior year and 23.5% three years earlier—marks the steepest tilt toward illiquids the bank has measured in the report's nine-year history. The increment represents roughly $140 billion in fresh capital redirected out of listed equities and fixed income, based on the $6.7 trillion in aggregate assets the cohort oversees.
The allocation split now runs 30.8% private investments, 27.4% public equity, 18.3% fixed income, 12.1% real assets, and 11.4% cash and equivalents. Real estate and private credit absorbed the bulk of incremental flows, each posting year-over-year gains of 220 and 180 basis points respectively. Venture capital fell 40 basis points to 4.1%, the first decline since 2020. Geographically, North American family offices lead the private tilt at 32.6%, followed by Europe at 30.1% and Asia-Pacific at 28.9%. Offices managing north of $1 billion pushed private exposure to 34.2%, while those below $500 million held at 26.7%, underscoring the liquidity threshold required to absorb lock-up risk.
The shift matters because 30.8% is not a tactical rotation—it is a structural reallocation of patient capital into assets priced once a quarter, or not at all. Public-market volatility compressed equity multiples by 18% since early 2022, yet private-market marks lagged by roughly six quarters, preserving nominal valuations and smoothing reported returns. That lag creates an optical advantage: family offices booking 11.2% annualized returns on privates versus 8.7% on listed equity over the past three years are not outperforming by skill alone, but by avoiding the daily re-pricing mechanism. As interest rates normalize and private funds face distribution pressure, the $2 trillion in dry powder across buyout and credit vehicles will force marks closer to realizable exit values. Offices that levered into illiquids at 2021 vintages now face a 24-to-36-month window where carry expectations collide with actual liquidity events. The timing coincides with J.P. Morgan's own equity-trading dominance—$52 billion in revenue this year alongside Goldman and Morgan Stanley, much of it margin lending to hedge funds trading around family-office anchors. The bank is both documenting the allocation trend and financing the public-side arbitrage against it.
Operators should track three follow-on signals over the next 18 months: first, the volume and discount structure of secondaries clearing in Q2 and Q3 2025, which will price the spread between reported NAV and bid; second, the revision rate of private-fund marks in the March 2025 quarterly letters, particularly in real-estate debt and growth equity; third, whether North American family offices sustain above-32% private allocation through a full rate-cutting cycle, or revert toward liquidity as public volatility compresses. The 333-office sample skews toward established wealth—average age 47 years, median $780 million AUM—so the 30.8% figure reflects seasoned allocators, not first-generation risk appetites.
J.P. Morgan will refresh the survey in Q1 2026. Until then, 30.8% is the benchmark every placement agent will cite, and every liquidity event will test.
Branded by POPS4 · proof in 60 seconds
For the principal
If you are north of 32% illiquid, map your next 24 months of expected distributions against capital-call schedules now.
For the operator
Track secondaries bid-ask in Q2 2025—NAV vs. clearing price will tell you if 30.8% was a top or a floor.
For the house
Named accounts holding above 34% private: stress-test liquidity assuming 18-month distribution delays and 12% mark-downs on '21–'22 vintages.
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