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**230 family offices** moved **$47B** out of growth equity into private credit and direct deals; rotation locks capital for three-to-seven years.
$47 billion
shift across three asset classes among the
230 single-family offices
it tracks
280 bps
and direct deal structures rose
190 bps
The sample includes offices managing between
Yanne Capital released its H2 2026 Family Office Allocation Watch on Thursday, documenting a $47 billion shift across three asset classes among the 230 single-family offices it tracks. The firm reports growth-stage equity allocations declined 340 basis points quarter-over-quarter, while private credit exposure climbed 280 bps and direct deal structures rose 190 bps. The sample includes offices managing between $500 million and $8 billion in assets under advisement, concentrated in North America and Western Europe.
The note identifies two drivers. First, family offices are moving capital out of late-stage venture and growth equity funds where markdowns have persisted for seven consecutive quarters. Second, they are increasing allocations to asset-backed lending platforms and co-investment vehicles that offer quarterly liquidity windows and contractual minimums on net returns. Yanne's data shows the median private credit allocation among surveyed offices now sits at 18.7% of total portfolio value, up from 14.2% in Q1 2026. Direct deal structures, including sponsored co-invests and direct secondaries, account for 11.4%, compared to 9.1% six months prior.
The research note matters because it confirms what syndicate desks have been pricing since March: family offices are no longer waiting for public exit windows to reopen. They are building permanent allocations to illiquid credit and control-oriented structures that do not depend on IPO markets or strategic M&A. The 340-bp withdrawal from growth equity represents roughly $22 billion in aggregate capital that will not return to that asset class without a material reset in entry valuations or a sustained recovery in software and biotech exits. Allocators using this data will note that Yanne's sample skews toward offices with dedicated investment teams, meaning the rotation is likely more pronounced among smaller or externally advised family offices that move more slowly.
What operators and allocators should watch: Yanne publishes this tracking note twice per year, with the next release scheduled for late Q1 2027. Between now and then, monitor whether private credit platforms begin tightening terms or raising minimum commitments in response to increased family office demand. Also track whether direct deal structures see fee compression as supply increases. Family offices moving into these categories are negotiating from strength, and terms set in H2 2026 will establish precedent for 2027 vintages.
The $47 billion rotation is not reversible on quarterly timeframes. It reflects permanent reallocation decisions made by offices that spent 2024 and 2025 watching their growth equity books stagnate. The capital is now locked in structures with three-to-seven-year hold periods, and the offices that moved early secured better economics than those arriving in the next twelve months.
Branded by POPS4 · proof in 60 seconds
For the principal
Review your private credit and co-invest allocation against Yanne's 18.7% and 11.4% benchmarks; early movers secured better terms.
For the operator
Model the fee and liquidity trade-offs if private credit platforms tighten minimums in response to $28B inbound family office capital.
For the house
Position named accounts into direct secondaries and asset-backed platforms before fee compression; Yanne sample suggests Q1 2027 demand surge.
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