Key Takeaways
- • Roland Berger's 2026 Family Office Study finds geopolitical upheaval has replaced interest rate uncertainty as the primary external risk for DACH family offices.
- • Private equity is the primary growth vehicle, with a strong majority of respondents planning to increase exposure through fund structures and, where expertise allows, direct investments.
- • Defensive assets such as precious metals are gaining ground, while venture capital and crypto/digital assets are being scaled back by a growing share of respondents.
- • Infrastructure leads sector priorities for its stable, inflation-linked returns, followed by healthcare and artificial intelligence; finance and fintech are rising from a low base.
- • North America remains the main destination for international allocations, while Northern Europe is the leading area for planned increases; appetite for higher-risk regions is declining.
Summary
Roland Berger's Family Office Study, published in July 2026, examines how family offices in the DACH region (Germany, Austria and Switzerland) are reassessing their portfolios, priorities and internal structures. According to the study, family offices continue to operate as disciplined, long-term investors focused on capital preservation and measured risk-taking, while taking a more hands-on role in their investments, most visibly in private equity.
Geopolitical upheaval now sits at the top of the risk agenda, overtaking interest rate uncertainty, which has declined in relative importance as investors adapt to the current rate environment. Structural risks, including digitalization and energy security, are also rising. The study notes that navigating successive crises appears to have strengthened risk management capabilities across the sector.
In asset allocation, family offices show a clear bias toward control and stability. Private equity has emerged as the primary growth vehicle, with a strong majority planning to increase exposure through funds and, where expertise allows, direct investments. Defensive assets, including precious metals, are also gaining ground. Venture capital and crypto/digital assets are being scaled back by a growing share of respondents.
At the sector level, infrastructure is the top investment focus, valued for stable, inflation-linked returns. Healthcare and medicine attract sustained interest in line with long-term demographic trends, and artificial intelligence is gaining traction for its cross-sector growth potential. Finance and fintech are rising from a low base. Geographically, family offices remain international but concentrated: North America is the primary destination, while Northern Europe leads planned increases. Appetite for higher-risk regions is declining, with incremental adjustments rather than structural exits. The study also identifies cybersecurity as the top operational concern, alongside digitalization and professionalization of internal structures.
Geopolitical upheaval now sits at the top of the risk agenda, overtaking interest rate uncertainty, which has declined in relative importance as investors adapt to the current rate environment. Structural risks, including digitalization and energy security, are also rising. The study notes that navigating successive crises appears to have strengthened risk management capabilities across the sector.
In asset allocation, family offices show a clear bias toward control and stability. Private equity has emerged as the primary growth vehicle, with a strong majority planning to increase exposure through funds and, where expertise allows, direct investments. Defensive assets, including precious metals, are also gaining ground. Venture capital and crypto/digital assets are being scaled back by a growing share of respondents.
At the sector level, infrastructure is the top investment focus, valued for stable, inflation-linked returns. Healthcare and medicine attract sustained interest in line with long-term demographic trends, and artificial intelligence is gaining traction for its cross-sector growth potential. Finance and fintech are rising from a low base. Geographically, family offices remain international but concentrated: North America is the primary destination, while Northern Europe leads planned increases. Appetite for higher-risk regions is declining, with incremental adjustments rather than structural exits. The study also identifies cybersecurity as the top operational concern, alongside digitalization and professionalization of internal structures.
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