Key Takeaways
- • Infrastructure dominates alternative allocation plans: 64% of surveyed family offices plan to increase infrastructure exposure by 25–50% over the next two years, outpacing private equity interest at 46% planning 10–25% increases.
- • Survey scope and scale: Ocorian's June 2025 survey of 200 family office professionals managing $68.26 billion in assets collectively reveals systematic shift toward alternatives across 13 jurisdictions including UK, UAE, Singapore, Switzerland, and Hong Kong.
- • Structural drivers behind the shift: Decades of listed company shrinkage, private equity's rise as an asset class, ultra-low interest rates post-2008 crushing equity yields, and pandemic-era volatility have collectively accelerated family office reallocation toward private markets.
- • Broader institutional momentum: Complementary UBS and BNY Wealth surveys confirm two-thirds of family offices plan private equity increases, while approximately 30% target higher private debt exposure, signaling sector-wide consensus.
- • Significant growth trajectory: Preqin data shows family office allocations to private markets surged 524% since 2016, expanding from 651 to 4,067 entities with active private market positions.
Summary
Family offices are executing a decisive pivot toward alternative investments, with infrastructure assets emerging as the standout preference within the broader private markets shift. An Ocorian survey conducted in June 2025 across 200 family office industry professionals overseeing $68.26 billion in combined assets found markedly differentiated allocation intentions: while 46% plan to increase private equity holdings by 10–25% over two years, a substantially larger 64% intend to raise infrastructure exposure by 25–50% within the same timeframe. The survey encompassed respondents across 13 major wealth jurisdictions—including the UK, UAE, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius, Bahrain, Bermuda, Cayman Islands, British Virgin Islands, and Jersey—providing geographic breadth across both established and emerging family office markets.
Simona Watkis, head of private client for Cayman at Ocorian, attributed the acceleration to structural forces reshaping global capital markets. "We're seeing a clear acceleration in the shift toward alternative investments across both mature and emerging family office markets," she stated. The underlying drivers are multifaceted: a persistent shrinkage in the number of publicly listed companies globally since the 1990s has narrowed public equity opportunity sets, while private equity's maturation as an institutional asset class has simultaneously expanded institutional capacity and expertise. The prolonged period of ultra-low interest rates following the 2008 financial crisis compressed yields on traditional listed equities, compelling yield-seeking investors toward private alternatives. Recent volatility surrounding and following the pandemic further catalyzed the reallocation, as family offices sought diversification and return stability through private market exposure.
The Ocorian findings align with parallel research from major wealth managers. Both UBS and BNY Wealth conducted separate surveys indicating that just over two-thirds of family offices intend to increase private equity allocations, while approximately 30% plan higher private debt exposure. Preqin data corroborates the sector's structural transformation: the number of family offices with active private market allocations surged 524% between 2016 and 2025, expanding from 651 to 4,067 entities. This dramatic increase reflects not merely capital growth but systematic institutional adoption of private markets as a core portfolio component alongside traditional public equities and fixed income holdings.
Simona Watkis, head of private client for Cayman at Ocorian, attributed the acceleration to structural forces reshaping global capital markets. "We're seeing a clear acceleration in the shift toward alternative investments across both mature and emerging family office markets," she stated. The underlying drivers are multifaceted: a persistent shrinkage in the number of publicly listed companies globally since the 1990s has narrowed public equity opportunity sets, while private equity's maturation as an institutional asset class has simultaneously expanded institutional capacity and expertise. The prolonged period of ultra-low interest rates following the 2008 financial crisis compressed yields on traditional listed equities, compelling yield-seeking investors toward private alternatives. Recent volatility surrounding and following the pandemic further catalyzed the reallocation, as family offices sought diversification and return stability through private market exposure.
The Ocorian findings align with parallel research from major wealth managers. Both UBS and BNY Wealth conducted separate surveys indicating that just over two-thirds of family offices intend to increase private equity allocations, while approximately 30% plan higher private debt exposure. Preqin data corroborates the sector's structural transformation: the number of family offices with active private market allocations surged 524% between 2016 and 2025, expanding from 651 to 4,067 entities. This dramatic increase reflects not merely capital growth but systematic institutional adoption of private markets as a core portfolio component alongside traditional public equities and fixed income holdings.
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