New York-based investment manager BlackRock has launched its 2025 Global Family Office Survey, assessing the most important issues for family offices and how they are affecting their asset allocation.

A new BlackRock survey reveals that geopolitical uncertainty is the most important concern for family offices (84 per cent) and is a critical factor in their capital allocation decisions. In this environment, family offices are increasing their exposure to alternative assets.

The survey also showed that concern over disruptions to trade and the increasing fragmentation in geopolitics turned overall sentiment negative for the first time since the survey began in 2020.

“Family offices, globally, entered 2025 with caution â€“ a stance expected to continue through 2026 â€“ as geopolitical tensions, policy shifts, and market fragmentation weigh on sentiment,” Armando Senra, head of the Americas Institutional Business for BlackRock, said. “With 60 per cent of family offices pessimistic about the global outlook, confidence has been further shaken by new US tariffs. Family offices are now prioritising diversification, liquidity, and structural reassessment of risk as they build resilience in their investment portfolios.”

In this environment, alternative assets are becoming more important to family offices, making up 42 per cent of their portfolios, up from 39 per cent in the firm’s 2022 to 2023 survey. Looking ahead, private credit and infrastructure are the most-favoured alternative assets, the survey shows.

Nearly one-third (32 per cent) of family offices intend to increase their allocations to private credit (32 per cent) and infrastructure (30 per cent) in 2025 to 2026, with allocations to private credit marking the highest figure for any alternative asset class.

“The sustained demand and interest in private credit and infrastructure from family offices is a testament to the illiquidity premia and differentiated return opportunity in the current investment landscape,” Lili Forouraghi, head of family office, healthcare, endowment and foundations for BlackRock in the US, said. 

BlackRock partnered with Illuminas to conduct the research survey of family offices between 17 March and 19 May 2025. It covered 175 single-family offices  which collectively oversee assets of more than $320 billion, via a combination of surveys and a series of interviews with chief investment officers (CIOs) and key decision-makers at family offices around the world.

Many family offices are also seeking to collaborate with external partners, especially when it comes to private markets, the firm continued. More than half of respondents noted gaps in their internal expertise in reporting, deal-sourcing, and private-market analytics. Around one-quarter of family offices have used an outsourced chief investment officer (OCIO) or would consider doing so, and many seek the services of third-party partners for expertise in both investments and technology.

“As family offices navigate increasing complexity across investment strategies, risk management and private markets, they are turning to select partners who can deliver more than just products,” Mireille Abujawdeh, head of family offices, endowments, and foundations for BlackRock in EMEA, said. “They need tailored solutions, data-driven insights, deal sourcing and due diligence support, particularly in private markets where over half of respondents recognise gaps in internal expertise."

A majority of family offices also indicated that they would consider using artificial intelligence for a variety of tasks from risk management to cash-flow modelling. However, there are technical and organisational barriers to greater adoption. Currently, family offices are far more likely to invest in tech firms building AI solutions (45 per cent), or in investment opportunities which they believe would benefit from the growth in AI (51 per cent), than they are to deploy AI tech internally to improve the investing process (33 per cent), the survey shows.