<\/p>\n
In the uncertain landscape, more family offices are allocating to alternative assets<\/p>\n
Geopolitical uncertainty has pushed global family offices to shift their risk management strategies into high gear, according to a recent survey.<\/p>\n
Conducted by global asset manager BlackRock Inc. and market research firm Illuminas, the 2025 Global Family Office Survey involved 175 single family offices, which collectively manage more than US$320 billion in assets.<\/p>\n
It revealed that geopolitical uncertainty was the most important issue for family offices (84%) and a key driver in their capital allocation decisions.<\/p>\n
The survey found that 68% of family offices were increasing diversification, and 47% were increasing their use of a variety of return sources \u2014 including illiquid alternatives, ex-U.S. equities, liquid alternatives and cash \u2014 in response to geopolitical risks.<\/p>\n
When asked about the global macroeconomic and markets outlook for 2025\u201326, 60% of family offices expressed pessimism.<\/p>\n
\u201cGlobal family offices entered 2025 with caution \u2014 a stance expected to continue through 2026 \u2014 as geopolitical tensions, policy shifts and market fragmentation weigh on sentiment,\u201d said Armando Senra, head of the Americas institutional business for BlackRock.<\/p>\n
In the uncertain geopolitical landscape, the survey found that alternative assets were taking up a larger portion of family office portfolios.<\/p>\n
About 42% of family office portfolios included alternative assets, up from 39% in BlackRock\u2019s 2022\u201323 survey.<\/p>\n
The illiquidity premium (87%) and lower-correlated returns (67%) were cited as top reasons for investing in alternatives.<\/p>\n
Private credit and infrastructure were the most favoured alternative asset classes. About 32% of family offices said they intended to increase allocations to private credit, while 30% planned to allocate more to infrastructure in 2025\u201326.<\/p>\n
At the same time, the survey showed that 72% of family offices cited high fees as a barrier to investing in private markets, up from 40% in the previous survey. A lack of attractive valuations (47%) was the second most pressing challenge.<\/p>\n
The research also examined family offices\u2019 views on the use of AI.<\/p>\n
Nearly half (49%) believed AI adoption would give them a competitive edge. Most respondents said they were already using AI or would consider it for tasks such as risk management and cash-flow modelling.<\/p>\n
However, barriers remain: 47% cited privacy and data security concerns, 44% noted a lack of in-house AI expertise and 31% raised concerns about hallucinations or biases in AI models.<\/p>\n
More family offices are investing in opportunities they believe will benefit from the growth of AI (51%) or in tech firms building AI solutions (45%) than in using AI internally to improve the investment process (33%).<\/p>\n
The survey also found that many family offices were collaborating with external partners to address internal capability gaps.<\/p>\n
Respondents noted weaknesses in areas such as reporting (57%), deal sourcing (63%) and private market analytics (75%).<\/p>\n
To address these challenges, 22% said they had either used or would consider using an outsourced chief investment officer.<\/p>\n
BlackRock partnered with Illuminas to conduct the research between March 17 and May 19. The study included surveys and in-depth interviews with chief investment officers and other key decision-makers at family offices globally.<\/p>\n
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