Key Takeaways
- • Assets managed by mid- and large-sized Indian family offices could rise 1.5 times from roughly Rs 70,000 crore in 2024 to about Rs 1.05 lakh crore over the next three years, a 14 per cent compound annual growth rate, according to a Julius Baer-EY report.
- • Between 40 and 45 per cent of allocations in many Indian family offices are now directed to alternative assets, including private equity, venture capital, private credit, AIFs, REITs and InvITs.
- • The number of Indian family offices has grown from about 45 in 2018 to nearly 300 by 2024-25, the majority of them single-family offices.
- • India had more than 19,000 ultra-high-net-worth individuals with assets above $30 million, a population the report says could exceed 25,000 by 2031.
- • Family offices are shifting from capital preservation toward active investing in startups, co-investments, AI, clean energy, semiconductors and digital infrastructure, driven by IPOs, promoter exits and founder liquidity events.
Summary
Assets managed by mid- and large-sized Indian family offices could rise 1.5 times from around Rs 70,000 crore in 2024 over the next three years, according to the report "Indian family office playbook: Now, next and beyond," published by Julius Baer and EY. The projection implies a 14 per cent compound annual growth rate and a pool of roughly Rs 1.05 lakh crore. The report attributes the growth to rapid private wealth creation in India, driven by successful IPOs, promoter exits, private equity deals and founder liquidity events.
The report describes a clear change in investment strategy. Family offices that once focused mainly on preserving wealth are now active investors across startups, infrastructure, private credit, alternative assets and global markets. Between 40 and 45 per cent of allocations in many Indian family offices now go to alternatives, including private equity, venture capital, private credit, Alternative Investment Funds, REITs and InvITs. Dedicated allocations of 10 to 20 per cent or more to private equity and venture capital are becoming more common. Families are also investing directly in startups and unlisted growth companies and co-investing alongside PE and VC funds. Earlier, the model was concentrated in domestic equities, fixed income and real estate, with capital often reinvested into the family business.
Next-generation leaders are steering capital toward artificial intelligence, climate technology, renewable energy, energy storage, semiconductors, electronics manufacturing, cloud services and data centres. The report says family offices are using operating experience in manufacturing, technology and healthcare to invest in adjacent sectors, including those benefiting from the government's Production-Linked Incentive scheme. Real estate in India and global markets remains an important allocation.
The number of family offices has also expanded rapidly, from around 45 in 2018 to nearly 300 by 2024-25, with most operating as single-family offices. The report notes that India had more than 19,000 ultra-high-net-worth individuals with assets above $30 million, a population that could exceed 25,000 by 2031. As size and complexity grow, family offices are becoming more institutionalised, with greater emphasis on governance, professional management, technology and risk oversight.
Patni, head of wealth management solutions at Julius Baer India, said family offices "have emerged as one of the most transformative forces shaping India's private capital ecosystem." Kunal Sumaya, Ad Interim Country Head - India and Market Head - Global NRI at Julius Baer, said modern family offices are becoming "architects of India's economic future."
The report describes a clear change in investment strategy. Family offices that once focused mainly on preserving wealth are now active investors across startups, infrastructure, private credit, alternative assets and global markets. Between 40 and 45 per cent of allocations in many Indian family offices now go to alternatives, including private equity, venture capital, private credit, Alternative Investment Funds, REITs and InvITs. Dedicated allocations of 10 to 20 per cent or more to private equity and venture capital are becoming more common. Families are also investing directly in startups and unlisted growth companies and co-investing alongside PE and VC funds. Earlier, the model was concentrated in domestic equities, fixed income and real estate, with capital often reinvested into the family business.
Next-generation leaders are steering capital toward artificial intelligence, climate technology, renewable energy, energy storage, semiconductors, electronics manufacturing, cloud services and data centres. The report says family offices are using operating experience in manufacturing, technology and healthcare to invest in adjacent sectors, including those benefiting from the government's Production-Linked Incentive scheme. Real estate in India and global markets remains an important allocation.
The number of family offices has also expanded rapidly, from around 45 in 2018 to nearly 300 by 2024-25, with most operating as single-family offices. The report notes that India had more than 19,000 ultra-high-net-worth individuals with assets above $30 million, a population that could exceed 25,000 by 2031. As size and complexity grow, family offices are becoming more institutionalised, with greater emphasis on governance, professional management, technology and risk oversight.
Patni, head of wealth management solutions at Julius Baer India, said family offices "have emerged as one of the most transformative forces shaping India's private capital ecosystem." Kunal Sumaya, Ad Interim Country Head - India and Market Head - Global NRI at Julius Baer, said modern family offices are becoming "architects of India's economic future."
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