Key Takeaways
- • Family offices managed an estimated $3.1 trillion in single-family-office assets in 2024, according to Deloitte, with projections rising to $5.4 trillion by 2030.
- • UBS's 2026 report puts private equity at 17% of average family office portfolios based on 2025 actual allocations, behind public equities at 32%.
- • S&P Global Market Intelligence recorded $12.9 billion of family office direct deal value across 158 transactions in 2025, up 123.3% in value from 2024.
- • Citrin Cooperman's 2026 survey found 69% of independent sponsors cite family offices as a capital source, ahead of SBIC funds at 61%.
- • Goldman Sachs reported family office private equity weights fell from 26% in 2023 to 21% in 2025, though portfolio weights do not alone indicate divestment.
Summary
A supplemental research compilation from CapitalPad Research examines how family offices deploy capital into private markets, drawing on surveys from Deloitte, UBS, Goldman Sachs, Citi, RBC and Campden Wealth, Citrin Cooperman, Axial and S&P Global Market Intelligence. Deloitte estimates 8,030 single family offices worldwide in 2024, up from 6,130 in 2019, with projected growth to 10,720 by 2030. Assets under management are estimated at $3.1 trillion, forecast to reach $5.4 trillion by 2030, according to Deloitte.
Allocation data show private equity as a meaningful but not dominant holding. UBS's 2026 report, based on 307 family offices across more than 30 markets, shows private equity at 17% of average portfolios in 2025, split between 8% direct investments and 9% funds and funds of funds. Public equities led at 32%, and fixed income stood at 17%. Goldman Sachs's 2025 survey of 245 family offices found a 21% average private equity allocation, a separate reference point given its different sample. Goldman reported that the average private equity weight fell from 26% in 2023, though the source notes that portfolio weights reflect asset value changes and cash flows as well as new commitments.
Direct deal activity grew substantially. S&P Global Market Intelligence recorded $12.9 billion of family office direct deal value across 158 transactions in 2025, a 123.3% increase in value over 2024, with one $4.5 billion acquisition accounting for more than a third of the total. Citi's 2025 global survey found 70% of respondents engaged in direct investments, and RBC and Campden Wealth reported that almost 90% of North American family offices held private equity.
Family offices also play a notable role as capital partners for independent sponsors. Citrin Cooperman's 2026 report found 53% of respondents often used repeat funding relationships, while Axial's 2025 survey of 83 sponsors found 85% used family offices as equity partners. Axial reports family offices represented an average of 15% of completed lower middle market transactions during 2021–2025, with an average 2025 closed acquisition enterprise value of approximately $12.4 million.
J.P. Morgan's discussion of its 2026 survey of 333 single family offices in 30 countries reports that approximately 55% target returns of 7%–10%, while almost a third target more than 11%. These are stated objectives rather than realized returns. Note that the original article could not be retrieved; this summary relies on the supplemental research compilation.
Allocation data show private equity as a meaningful but not dominant holding. UBS's 2026 report, based on 307 family offices across more than 30 markets, shows private equity at 17% of average portfolios in 2025, split between 8% direct investments and 9% funds and funds of funds. Public equities led at 32%, and fixed income stood at 17%. Goldman Sachs's 2025 survey of 245 family offices found a 21% average private equity allocation, a separate reference point given its different sample. Goldman reported that the average private equity weight fell from 26% in 2023, though the source notes that portfolio weights reflect asset value changes and cash flows as well as new commitments.
Direct deal activity grew substantially. S&P Global Market Intelligence recorded $12.9 billion of family office direct deal value across 158 transactions in 2025, a 123.3% increase in value over 2024, with one $4.5 billion acquisition accounting for more than a third of the total. Citi's 2025 global survey found 70% of respondents engaged in direct investments, and RBC and Campden Wealth reported that almost 90% of North American family offices held private equity.
Family offices also play a notable role as capital partners for independent sponsors. Citrin Cooperman's 2026 report found 53% of respondents often used repeat funding relationships, while Axial's 2025 survey of 83 sponsors found 85% used family offices as equity partners. Axial reports family offices represented an average of 15% of completed lower middle market transactions during 2021–2025, with an average 2025 closed acquisition enterprise value of approximately $12.4 million.
J.P. Morgan's discussion of its 2026 survey of 333 single family offices in 30 countries reports that approximately 55% target returns of 7%–10%, while almost a third target more than 11%. These are stated objectives rather than realized returns. Note that the original article could not be retrieved; this summary relies on the supplemental research compilation.
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