Key Takeaways
- • BlackRock's annual Global Family Office Survey finds 68% of global family offices in "risk-management mode," actively diversifying assets amid geopolitical uncertainty, with 84% calling geopolitical risk the most important issue in their capital allocation decisions.
- • Alternatives now comprise 42% of single-family office portfolios, up from 39% in 2022, with private credit and infrastructure the most-favored strategies.
- • 32% of family offices plan to increase private credit allocations and 30% intend to raise infrastructure exposure in 2025-26; 75% report a positive outlook on infrastructure.
- • 60% of family offices are pessimistic about the global outlook, with confidence further eroded by new U.S. tariffs, according to BlackRock's Armando Senra.
- • Of the 175 single-family offices surveyed (collectively managing $320 billion), 75% cite gaps in private-market analytics, 63% in deal-sourcing, and 57% in reporting, and 22% use or would consider an outsourced CIO.
Summary
Geopolitical uncertainty is prompting family offices to reduce exposure to U.S. equities and shift capital into cash and liquid alternatives, according to BlackRock's annual Global Family Office Survey. The report characterizes global family offices as operating in "risk-management mode," with 68% reporting efforts to diversify their assets. Geopolitical uncertainty ranks as the most important issue for 84% of respondents and is a critical factor in their capital allocation decisions.
Alternatives are capturing a growing share of allocations. The survey indicates alternatives now make up 42% of single-family office portfolios, up from 39% in 2022. Private credit and infrastructure are the most-favored alternative strategies: 32% of family offices plan to increase private credit exposure and 30% intend to raise infrastructure allocations in 2025-26. Sentiment toward infrastructure is particularly strong, with 75% of respondents reporting a positive outlook on the asset class.
Investor sentiment remains cautious. BlackRock's Armando Senra, head of institutional business in the Americas, said 60% of family offices are pessimistic about the global outlook and that new U.S. tariffs have further undermined confidence. "Family offices are now prioritizing diversification, liquidity, and structural reassessment of risk as they build resilience in their investment portfolios," Senra said in a statement.
The survey also points to demand for external partnerships, particularly in private markets. Among the 175 single-family offices surveyed, which collectively hold $320 billion in assets, respondents cited internal capability gaps in private-market analytics (75%), deal-sourcing (63%), and reporting (57%). Roughly one-quarter (22%) reported using an outsourced chief investment officer or said they would consider doing so.
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Alternatives are capturing a growing share of allocations. The survey indicates alternatives now make up 42% of single-family office portfolios, up from 39% in 2022. Private credit and infrastructure are the most-favored alternative strategies: 32% of family offices plan to increase private credit exposure and 30% intend to raise infrastructure allocations in 2025-26. Sentiment toward infrastructure is particularly strong, with 75% of respondents reporting a positive outlook on the asset class.
Investor sentiment remains cautious. BlackRock's Armando Senra, head of institutional business in the Americas, said 60% of family offices are pessimistic about the global outlook and that new U.S. tariffs have further undermined confidence. "Family offices are now prioritizing diversification, liquidity, and structural reassessment of risk as they build resilience in their investment portfolios," Senra said in a statement.
The survey also points to demand for external partnerships, particularly in private markets. Among the 175 single-family offices surveyed, which collectively hold $320 billion in assets, respondents cited internal capability gaps in private-market analytics (75%), deal-sourcing (63%), and reporting (57%). Roughly one-quarter (22%) reported using an outsourced chief investment officer or said they would consider doing so.
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