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Family offices are moving **40%** toward dual-equity exposure—private and public—on distribution confidence and lower PE entry multiples.
40%
of family offices intend to raise allocations to both…
2022
through mid-
2024
when cash and fixed income held
32%
of aggregate family office portfolios
Goldman Sachs published survey data showing 40% of family offices intend to raise allocations to both private equity and public equities in the coming twelve months. The figure represents a marked departure from the defensive posturing that characterized 2022 through mid-2024, when cash and fixed income held 28% to 32% of aggregate family office portfolios. The survey captured responses from 166 family offices managing a combined $580 billion in assets under advisement.
The dual-equity tilt reflects three discrete convictions. First, family offices are pricing in a soft-landing scenario where corporate earnings growth supports public equity multiples without triggering rate volatility. Second, private equity distributions have resumed at scale—$147 billion returned to LPs in Q4 2024 alone—giving allocators dry powder and confidence that managers can exit positions. Third, the 2023-vintage PE funds now coming to market carry structural advantages: lower entry multiples, cleaner cap tables, and management teams tested by the rate-shock cycle. Family offices are treating this as a buyer's window, not a momentum chase.
The geographic and sector nuances matter. North American family offices are overweighting technology and healthcare PE, particularly funds targeting $250 million to $750 million enterprise-value businesses with defensible margins. European family offices are adding to listed European equities, where dividend yields of 3.2% to 4.1% combine with currency tailwinds for dollar-denominated pools. Asian family offices—comprising 19% of the survey sample—are splitting capital between Hong Kong-listed infrastructure plays and Southeast Asian growth equity, avoiding mainland China exposure where regulatory risk remains unquantified.
What separates this cycle from prior allocation waves is the absence of leverage euphoria. Family offices are not chasing IRR promises north of 20%. They are targeting funds with 12% to 15% net return profiles, co-investment rights, and quarterly transparency. The survey shows 62% of respondents now require side-letter provisions for ESG reporting and cybersecurity audits, up from 34% in 2021. This is patient capital with institutional rigor, not tourist money.
The public equity increase is more tactical. Family offices are adding to direct indexing strategies and separately managed accounts, not broad ETFs. They want tax-loss harvesting, sector tilts, and the ability to exit positions without triggering wash-sale rules. The average family office is increasing public equity from 23% to 27% of the portfolio, funded by reductions in cash (18% to 14%) and a 2-point trim in fixed income. The duration positioning is telling: they are exiting long-dated Treasuries and buying 2-year to 5-year corporates, betting the curve steepens but front-end rates stay anchored.
Allocators should watch three follow-on signals in the next 90 to 120 days. First, whether Blackstone, KKR, and Apollo report subscriptions above their Q1 fundraising targets, confirming the survey sentiment translates to capital calls. Second, whether family office conferences in June—particularly the Agreus summit and the Citi private bank event—show clustering around specific PE funds, which would compress those managers' terms. Third, whether the equity inflows trigger multiple expansion in small-cap and mid-cap indices, where family offices have historically been price-setters, not price-takers.
The Goldman survey was conducted between January 12 and February 8, 2025. The next wave publishes in Q3.
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For the principal
Consider whether your PE portfolio is positioned for the 12%-15% net-return vintage now attracting peer capital and co-investment flow.
For the operator
Track whether Blackstone, KKR, and Apollo exceed Q1 subscription targets—confirmation the survey sentiment is converting to deployed capital.
For the house
Named accounts: shift 3-5% from cash reserves into mid-cap equity SMAs and funds with co-invest rights closing Q2.
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