Key Takeaways
- • J.P. Morgan's 2026 Global Family Office Report, covering 333 family offices across 30 countries, finds 72 per cent hold no gold and 89 per cent have no cryptocurrency exposure, with average gold allocation at 0.9 per cent.
- • 79 per cent of family offices have no infrastructure allocation, 58 per cent have no private credit exposure, and 40 per cent avoid real estate, despite inflation concerns.
- • Public equities (38.4 per cent) and private investments (30.8 per cent) make up more than two-thirds of average family office assets, with private equity the top planned increase at 37 per cent of respondents.
- • Family offices citing inflation as their primary risk allocate nearly 60 per cent to alternatives, roughly 20 percentage points above average.
- • 76 per cent have no secondary private equity exposure and 57 per cent have no growth equity or venture capital exposure, a disconnect given 65 per cent identify AI as a priority theme.
Summary
J.P. Morgan's 2026 Global Family Office Report finds that family offices are largely avoiding traditional and emerging hedges such as gold, cryptocurrency and infrastructure, which the bank attributes to concerns about high inflation. According to the report, 72 per cent of global family offices hold no gold, and 89 per cent have no exposure to cryptocurrencies. Average global gold allocation is only 0.9 per cent, and more than three-quarters of offices have 0 per cent in crypto. J.P. Morgan notes that the hesitation reflects a broader internal debate over crypto's role in portfolios, given its elevated volatility and inconsistent correlation with other assets.
The survey, conducted from May through July 2025, draws on 333 family offices across 30 countries. Beyond gold and crypto, 79 per cent avoid infrastructure, 58 per cent do not invest in private credit, and 40 per cent steer clear of real estate. The report states that J.P. Morgan expects inflation to have "a higher floor and more volatility in the next few years." Offices that view inflation as their primary risk allocate nearly 60 per cent to alternatives, about 20 percentage points above the average, with a focus on hedge funds and real estate. More than 30 per cent of offices hold 10 per cent or more of assets in cash, which the report describes as often less than ideal under persistent inflation.
On average, portfolios remain broadly diversified but skew toward risk assets. Public equities account for 38.4 per cent, private investments for 30.8 per cent, and fixed income for 14.8 per cent, bringing core exposure to 84 per cent. Private equity leads private market allocations at 9.8 per cent, followed by real estate at 7.4 per cent and control-oriented private investments at 6.1 per cent. Hedge fund exposure is 4.7 per cent. Drawdown funds are the most common access route, used by 67 per cent of offices. However, 76 per cent have no secondary private equity exposure, and 57 per cent have no growth equity or venture capital exposure, even though 65 per cent identify AI as a top investment theme.
Looking ahead over 12 to 18 months, private equity is the top planned increase, cited by 37 per cent of global respondents. Real estate (30 per cent), growth equity and venture capital (29 per cent), private credit (29 per cent), secondaries (28 per cent) and infrastructure (24 per cent) also feature prominently. The report says offices are 2.5 times more likely to increase private investment exposure than reduce it. Planned reductions are led by cash (21 per cent) and US large-cap equities (19 per cent). Kristin Kallergis Rowland, global head of alternative investments at J.P. Morgan Asset & Wealth Management, said alternatives are "no longer a tactical complement, but a strategic pillar."
The survey, conducted from May through July 2025, draws on 333 family offices across 30 countries. Beyond gold and crypto, 79 per cent avoid infrastructure, 58 per cent do not invest in private credit, and 40 per cent steer clear of real estate. The report states that J.P. Morgan expects inflation to have "a higher floor and more volatility in the next few years." Offices that view inflation as their primary risk allocate nearly 60 per cent to alternatives, about 20 percentage points above the average, with a focus on hedge funds and real estate. More than 30 per cent of offices hold 10 per cent or more of assets in cash, which the report describes as often less than ideal under persistent inflation.
On average, portfolios remain broadly diversified but skew toward risk assets. Public equities account for 38.4 per cent, private investments for 30.8 per cent, and fixed income for 14.8 per cent, bringing core exposure to 84 per cent. Private equity leads private market allocations at 9.8 per cent, followed by real estate at 7.4 per cent and control-oriented private investments at 6.1 per cent. Hedge fund exposure is 4.7 per cent. Drawdown funds are the most common access route, used by 67 per cent of offices. However, 76 per cent have no secondary private equity exposure, and 57 per cent have no growth equity or venture capital exposure, even though 65 per cent identify AI as a top investment theme.
Looking ahead over 12 to 18 months, private equity is the top planned increase, cited by 37 per cent of global respondents. Real estate (30 per cent), growth equity and venture capital (29 per cent), private credit (29 per cent), secondaries (28 per cent) and infrastructure (24 per cent) also feature prominently. The report says offices are 2.5 times more likely to increase private investment exposure than reduce it. Planned reductions are led by cash (21 per cent) and US large-cap equities (19 per cent). Kristin Kallergis Rowland, global head of alternative investments at J.P. Morgan Asset & Wealth Management, said alternatives are "no longer a tactical complement, but a strategic pillar."
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