Key Takeaways
- • Nearly 40% of family offices plan to increase allocations to both public and private equity over the next 12 months, according to Goldman Sachs' 2025 Family Office Investment Insights survey.
- • A substantial 58% of family office respondents expect to overweight technology sector investments in the next 12 months, compared with only 5% planning to underweight—representing the largest sectoral overweight identified in the survey.
- • Technology allocations are heavily AI-driven, with family offices gaining exposure through both public equities and private markets, including infrastructure investments supporting AI development such as energy infrastructure.
- • Cryptocurrency adoption among family offices has accelerated significantly, rising to 33% of respondents in 2025 from 26% in 2023 and 16% in 2021, indicating a notable shift in attitudes toward digital assets.
- • Larger family offices with assets under management above $500 million demonstrate greater propensity to increase allocations across most asset classes compared to smaller counterparts.
Summary
Goldman Sachs' 2025 Family Office Investment Insights survey reveals meaningful shifts in capital allocation strategy among the ultra-high-net-worth investment community. Nearly 40% of surveyed family offices intend to raise their exposure to both public and private equity markets, signaling sustained confidence in equity-based returns despite macroeconomic uncertainty. This appetite for equity expansion reflects family offices' characteristically long-term investment horizon and patient capital deployment capacity.
Technology sector positioning dominates family office investment intentions, with 58% of respondents planning to overweight the sector over the next 12 months against just 5% pursuing underweight positions. This 53-percentage-point spread represents by far the largest sectoral overweight in the survey's comprehensive results. According to Meena Flynn, co-head of Global Private Wealth Management at Goldman Sachs, much of this technology focus is explicitly driven by artificial intelligence exposure. Family offices are accessing AI opportunities through dual pathways: direct public equity investments in technology companies and private market investments in supporting infrastructure, particularly energy infrastructure critical to AI model development and deployment.
Cryptocurrency represents an emerging area of material reallocation within family office portfolios. The proportion of family offices with active cryptocurrency positions has increased substantially, rising from 16% in the survey's inaugural 2021 edition to 26% in 2023, and reaching 33% by 2025. While this means the majority of family offices remain unexposed to digital assets, the three-fold increase over four years signals a fundamental normalization of cryptocurrency as an asset class within sophisticated multi-family vehicles.
Asset size correlates with allocation expansion appetite, as family offices managing above $500 million in assets demonstrate greater likelihood to increase positions across most asset classes relative to smaller counterparts. This suggests that scale, liquidity, and operational sophistication enable larger family offices to commit capital to both traditional equity markets and emerging opportunities requiring specialized knowledge or illiquidity tolerance.
Technology sector positioning dominates family office investment intentions, with 58% of respondents planning to overweight the sector over the next 12 months against just 5% pursuing underweight positions. This 53-percentage-point spread represents by far the largest sectoral overweight in the survey's comprehensive results. According to Meena Flynn, co-head of Global Private Wealth Management at Goldman Sachs, much of this technology focus is explicitly driven by artificial intelligence exposure. Family offices are accessing AI opportunities through dual pathways: direct public equity investments in technology companies and private market investments in supporting infrastructure, particularly energy infrastructure critical to AI model development and deployment.
Cryptocurrency represents an emerging area of material reallocation within family office portfolios. The proportion of family offices with active cryptocurrency positions has increased substantially, rising from 16% in the survey's inaugural 2021 edition to 26% in 2023, and reaching 33% by 2025. While this means the majority of family offices remain unexposed to digital assets, the three-fold increase over four years signals a fundamental normalization of cryptocurrency as an asset class within sophisticated multi-family vehicles.
Asset size correlates with allocation expansion appetite, as family offices managing above $500 million in assets demonstrate greater likelihood to increase positions across most asset classes relative to smaller counterparts. This suggests that scale, liquidity, and operational sophistication enable larger family offices to commit capital to both traditional equity markets and emerging opportunities requiring specialized knowledge or illiquidity tolerance.
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