重写规则：家族办公室在新世界秩序中前行

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,

QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY

Rewriting

therules

Familyofficesnavigateanewworldorder

BlackROCK.

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MKTGH0725U/M-4613621-2/28

Foreword

Afterdecadesofincreasingglobal

economicintegration,weseemarketsareenteringanewera,oneshapedbypolicy-driveneconomics,shiftingalliances,andgrowingpoliticalfragmentation.

Thesechangeshaveforcedinvestorstofundamentallyrethinktheirapproachestoassetallocation,portfolio

construction,andriskmanagementastheybuildresilienceintheirinvestmentportfolios.

Investorsareincreasinglylookingtoprivatemarketstoprovideadditionaldiversificationthathasthepotential

Tobetterunderstandhowfamilyofficesarenavigatingthisevolvingenvironment,andwhattheirplansarefortheroadahead,BlackRockpartneredwithIlluminastoconductaglobalsurveyoffamilyoffices’priorities,

challengesandportfoliopositioning.

BetweenMarch17andMay19,2025,wespoketo175single-familyofficesthatcollectivelyoverseeassetsofmorethanU.S.$320billion,viaacombinationof

surveysandaseriesofin-depthinterviewswithkeydecision-makersatfamilyofficesaroundtheworld.

todeliverhigherreturns.Indeed,theglobalalternativesindustryisforecasttoexceed$30tninassetsunder

managementby2030,accordingtoPreqin1.

Whiletheoutlookforanynumberofkeyfactors–frominflationtoeconomicgrowth–canshiftquickly,onethingisclear:investorstodayfaceaverydifferent

landscapethantheydidafewyearsago.

Wearegratefultoallthefamilyofficeinvestorswhotookthetimetoparticipateandcontributetheir

insightstothissurvey.

LiliForouraghi,CFA

MireilleAbujawdeh

HeadofFamilyOffices,Healthcare,Endowments,

HeadofFamilyOffices,Endowments,and

Foundations,andOfficialInstitutionsforBlackRockintheU.S.

FoundationsforBlackRockinEMEA

VictoriaMatthews

SarahButcher

HeadofFamilyOffices,Endowmentsand

HeadofInstitutionalforBlackRockinCanada

FoundationsforBlackRockintheUK

FranciscoRosemberg

HiroShimizu

HeadofWealthandFamilyOfficesforBlackRock

HeadofInstitutionalandRegionalHeadof

inLatinAmerica

NorthAsia,DeputyHeadforBlackRockinAPAC

1.FutureofAlternatives2029-Preqinforecasts

,Preqin,September2024.

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY2

Executivesummary

MKTGH0725U/M-4613621-3/28

Geopoliticaltensionsaremakingfamilyoffices

increasinglycautiousandforcingthemtorethinktheirapproachtogeneratingreturnsand

managingrisks.

Anoverwhelmingmajorityoffamilyoffices(84%)highlightedthe

currentgeopoliticallandscapeasakeychallenge,andanincreasinglycriticalfactorintheirinvestmentdecisions.Pessimismaboutthe

globalmacrooutlookstandsat60%,matchingthefigurefromourMay2023survey,whichwastakenduringtheU.S.FederalReserve’saggressiverate-hikingcampaign.Whilethereisapervasivesense

P5

thatwearewitnessingafundamentalrewritingoftherulesthathavehelpedtoshapemarketssinceWorldWarII,manyfamilyofficesarehopefulthatthedownsidetotheglobaleconomywillbelimited.

Alternativeassetscontinuetobeacornerstone

offamilyofficeportfolios,butthereareincreasingconcernsaboutfees.

Alternativeassetsmakeupclosetohalf(42%)offamilyoffice

portfolios,upfrom39%inourprevioussurvey.Theenduringappealofprivatemarkets,asconfirmedbyfamilyofficeinvestors,liesintheirabilitytodeliverilliquiditypremiaanddifferentiatedreturnstreams.

P9

Thatsaid,nearlythree-quarters(72%)offamilyofficescitedhighfeesasasignificantchallengetoinvestinginprivatemarkets,upfromjust40%inourpriorsurvey.Formanyfamilies,itisanissuenotwiththecompensationmodelperse,butwithvalueformoney.Familyofficesremainwillingtocommittopartnersandstrategiesthattheytrustandthatarepositionedtoexploitspecificopportunitiesintheirareasof

focus.

Privatecredithasevolvedintoacoreallocation

formanyfamilyoffices.

Familyofficesviewprivatecredit’stotalreturn,yield,andliquidityprofileasincreasinglyattractive.Sentimentamongfamilyofficesisaccordinglyquitebullish,withmorethanhalf(51%)feelingpositiveabouttheassetclass’sprospects,againstjust21%thathaveanegativeoutlook.Familyoffices’bullishnessisreflectedintheirupcomingallocationintentions.

Nearlyone-third(32%)plantoincreasetheirallocationstoprivatecreditin2025-2026,thehighestfigureforanyalternativeassetclass.Within

privatecredit,familyofficeshaveaclearpreferenceforspecialsituations/opportunisticanddirectlending.

P11

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY3

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Familyofficeshaveagrowingappetiteforinvestingininfrastructure.

Infrastructureisgainingstrongmomentumwithfamilyoffices.Familyofficesappreciateitsalignmentwithlong-termseculargrowththemes,itsperceivedresilienceandinflationmitigation.Three-quarters(75%)feelpositiveabouttheassetclass’sprospects,andamere5%citea

negativeoutlook.Asaresult,threeinten(30%)plantoincreasetheirallocationstoinfrastructurein2025-2026;withinalternativesinoursurvey,thisissecondonlytoprivatecredit’s32%.Familyofficesareleaningmoretowardsopportunisticandvalue-addstrategies,ratherthancoreandcore-plus.

P14

Familyofficesareopentodeeperandcloser

partnerships,ratherthantransactionalrelationships.Tocomplementtheirin-housetalent,manyfamilyofficesseekacertaindegreeofcollaborationwithexternalpartners,especiallywhenitcomestoprivatemarkets.Morethanhalfofrespondentsnotedgapsintheir

internalexpertisearoundprivatemarketanalytics(75%),deal-sourcing(63%),andreporting(57%).Manyrespondentsarelookingtostreamlinetheirrelationshipswithinvestmentmanagerstoimproveefficiency.

Aroundone-quarter(22%)offamilyofficeshaveusedanoutsourcedCIO(OCIO)orwouldconsiderdoingso,andmanyfamilyofficeslooktothird-partypartnersforexpertiseinbothinvestmentsandtechnology.

P17

FamilyofficesseepotentialinAI,buttherearesignificantbarrierstogreateradoption.

AmajorityoffamilyofficesindicatedthattheywouldconsiderusingAIforavarietyoftasksfromriskmanagementtocash

flowmodeling.However,therearetechnical,organizational,andpsychologicalbarriersthatmustbeovercomebeforetheyfeelcomfortableadoptingAImorebroadly.Theseincludelackof

transparency,limitedinterpretability,andthepotentialforerrorormanipulation.Now,familyofficesarefarmorelikelytoinvestintechfirmsbuildingAIsolutions(45%),orininvestment

opportunitiesthatwillbenefitfromthegrowthinAI(51%),

ratherthandeployingAItechinternallytoimprovetheinvestingprocess(33%).

P20

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MarketoutlookAlternativesPrivateCreditInfrastructurePartnershipsAI

Marketoutlook

Sentimentsoursamidshocksto

theglobaleconomiclandscape

Globalfamilyofficesstartedtheyearwitha

cautiousoutlookontheeconomy,butarelativelyoptimisticviewoftheirprospectsforachievingtheirreturntargets.

However,sentimentonbothofthosefrontsturnedpost“LiberationDay”onApril3whentheU.S.administrationannouncedtariffsonallofitstradingpartners.

Priortotheseannouncements,themajority(57%)offamilyofficeswerealreadybearishabouttheglobaloutlook,andmany(39%)wereconcernedabouta

possibleU.S.economicslowdown.PostApril3,thosefiguresincreasedto62%and43%respectively,andfamilyofficesindicatedgreaterconcernabouthigherinflationandinterestratesaswellasslowergrowthacrossdevelopedmarkets.

DifferencebetweenSentimentofthoseSurveyedPreandPost‘LiberationDay’

Howsignificantarethefollowingrisksinshapingyourthinkingfor2025-2026?PreApril3rd

April3rdonwards

62%

57%

Bearishre.

GlobalOutlook

43%

39%

32%

29%

27%

23%

20%20%

PossibleU.S.Economic

Slowdown

Persistent/

accelerating

inflation

Generallylower

growthforecast

inDM

Ratesremaininghigherforlonger

Unlessotherwisenoted,sourceforalldataisBlackRockGlobalFamilyOfficeSurvey,May2025,forillustrativepurposesonly.

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY5

MKTGH0725U/M-4613621-6/28

Thetariffannouncementshavehadanespeciallystrong

“Ourbiggestconcernrightnowis

thedirectionwe'retakingintermsofthegeopoliticaland

macroeconomiclandscapes,bothofwhich,ofcourse,havemassiveimpactsonmarkets.Ithinkwe'regoingtospendalittletimeonthesidelines,waitingforthedustto

settleandsomeclaritytoemerge.Butitseemsprettyclearthatwe

aretalkingaboutabreakinthe

rules-basedsystemswe’veallbeenaccustomedtoforsolong,andonwhichwebaseourthinking.Whoknowshowmarketswillemerge,

andwhatfactorswilldrivethosemarketswhentheydo?”

FamilyOffice(EMEA)

influenceonfamilyoffices’confidenceinachievingtheir

returntargets.Pre“LiberationDay,”64%ofsurvey

respondentswereconfidentthattheywouldhittheirtarget

returnsfor2025-2026.Thatnumberhasfallendramaticallyto51%,post“LiberationDay.”

Pessimismabouttheglobalmacrooutlookstandsat60%,alevelofbearishnessmatchingthatseeninourlastsurveyaftertheseveredrawdownthathitbothequitiesandbondsduring2022’saggressiverate-hikingcycle.InEMEA,familyoffices

areevenmoredownbeat:70%areeithermildlyorstrongly

pessimisticabouttheglobaloutlook.Thislikelyreflectsthescaleoftheproposedtariffincreases(fromapproximately

1.6%tomorethan20%)andEurope’spositionastheUnitedStates’largesttradingpartner.

WhilemanyrespondentsexpressedconcernsastotheimpactofpolicydirectioninWashington,DC,otherswerehopefulthatthedamagetotheglobaleconomywillbelimited.Family

officesbroadlyremaincalm,withmostbelievingmarketswillforcearethinkonthescopeofthetariffs.Thatsaid,thereis

recognitionthatthecurrentenvironmentreflectsmorethanshort-termdisruptionandregardlessofhowtariffsevolve,therulesthathavegovernedglobalmarketssincetheendof

WorldWarIIareundergoingaprofoundtransformation.AsonefamilyofficeinEMEAputit,“Theyhavethepotentialtodisrupt,andturnonitshead,aglobalworldorderthatwasclear,well-understood,andstable.”

Q

Inlate2022/early2023…

61%

werebearishonthemacro/marketoutlook

Howoptimistic–orotherwise–areyoufeelingaboutthe

globalmacroandmarketsoutlookfor2025-2026?

Theglobalview

Global

U.S./N.

America

EMEA

Inearly2025…

60%

arebearishonthecurrentoutlook

LatAmAPAC

Veryoptimistic

2%

2%

4%

-

-

Mildlyoptimistic

18%

20%

14%

25%

15%

Neutral

20%

20%

12%

31%

20%

Mildlypessimistic

55%.

55%.

61%.

44%.

55%.

Stronglypessimistic

6%.

4%.

9%.

-

10%.

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY6

MKTGH0725U/M-4613621-7/28

Decreasing/SellingDown

8%

4%

Theupheavalinmarketsandgeopoliticalrelationsare

forcingmanyfamilyofficestoreexaminetheirinvestmentportfolios,whichoftenhavesignificantexposuretoU.S.

equities,bonds,andthedollar.Anoverwhelmingmajority

(84%)highlightedthecurrentgeopoliticallandscapeasakeychallenge,andanincreasinglycriticalfactorintheir

investmentdecisions.Nearlytwo-thirds(64%)ofsurvey

respondentsarelookingtoimproveportfoliodiversification,andonlyone-third(33%)arewhollycomfortablewiththeirportfolioliquidity.

Asignificantmajorityoffamilyofficeshadalreadymade

changestoallocations,orhadplanstodoso,priortothe

tariffannouncements.Almostthree-quarters(72%)haveorareplanningtomakechangestoportfolioallocations,andnearlyall(94%)areeithermakingchangesorlookingfor

opportunitiestodoso.

Interestingly,postApril3rd,familyofficesarelesslikelytobeplanningsignificantchangestotheirallocations,inlarge

measureduetotheuncertainpolicybackdrop.However,theyaremorelikelytobelookingtacticallyatriskandopportunity,likelyinresponsetotheopportunitiesthatcanariseduringtimesofheightenedvolatilityandmarketdislocations.

Fewerthanoneinfivearemovingtorisk-onpositioning,

whilemanymorearediversifyingandmanagingliquidity

wherepossible,includingbyraisingcash,movingtothefrontendoftheyieldcurve,andlookingtosecondarymarkets.Themainbeneficiariesoffamilyoffices’pushfordiversificationanddownsidemitigationincludeliquidandilliquid

alternatives,ex-U.S.equities,cash,andcrypto.

Q

ViewsofkeychallengesfacingFamilyOfficesin2025-2026

64%

arelookingtoincrease

portfoliodiversificationin

thecurrentoutlook

Only

33%

arewhollycomfortable

withtheliquidityprofiles

oftheirportfolio

84%

seethecurrentgeopolitical

landscapeasincreasingly

criticalincapitalallocation

decisions

Q

Inwhichareasoftheportfolioareyouimplementingchanges/areyoumostactivelyopportunistic?

Assetclass

IlliquidAlts

DMEquity(Ex-US)

LiquidAlts

Cash/ShortDurationCrypto

EMEquity

Longduration

71%

59%

37%29%

14%14%14%

1%

3%

Adding/Increasing

U.S./N.

AmericaEMEALatAmAPAC

Decrease

Increase

Decrease

Increase

Decrease

Increase

Decrease

Increase

8%

72%

5%

83%

7%

46%

20%

75%

3%

69%

4%

61%

3%

78%

10%

40%

–

20%

–

42%

–

24%

–

55%

–

35%

2%

26%

3%

26%

–

45%

–

22%

–

17%

-

14%

–

50%

–

3%

–

15%

–

31%

–

–

2%

2%

2%

21%

3%

13%

10%

20%

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY7

MKTGH0725U/M-4613621-8/28

MikePyle

Internalperspective

Globalfamilyofficesfaceadifficultand

dynamicinvestmentlandscape—oneinwhich

thetectonicplatesofgeopoliticsandeconomicpolicyareshifting.Weseethetariffsasdrivinghistoricuncertainty,evidencedbythe13%

lowerconfidenceforreachingtheirreturntargetfor2025-2026amonginvestorswhorespondedtooursurveyafter“LiberationDay.”

Thisisnotaneasyenvironmentformakingbig,

directionalbets.Theworldisshifting,includingfor

investors,andthecontoursofthelandingplacearestillobscure.However,opportunityaboundsforinvestors

whoremainagile,diversified,andfocusedonfundamentals.

Firstandforemost,stayinginvestediscritical.This

year’svolatilityhasbeenmarkedbysharpreversals—

missingjustafewkeyrebounddayscansignificantly

impairannualreturns.Sellingintofearriskslocking

inlossesandlosingoutontheupsidethatoftenfollowsmarketdislocations.

Second,diversificationismoreessential—andmore

complex—thaneverforbuildingaportfoliothatcan

succeedinarangeoffuturescenarios.Traditional

diversificationstrategieswithinU.S.assetshavefaltered,withequities,bonds,andthedollaroftenmovingin

tandem.Thisshiftunderscorestheimportanceof

diversifyinggeographicallyandlookingforsourcesofuncorrelatedreturnstreams,suchasliquidalternativesandhedgefunds—whichhavehistoricallythrivedin

high-volatilityperiods.

Familyofficesarealreadyresponding.Nearlytwo-thirdsareactivelyseekingtodiversifyportfolios,andmanyareturningtoalternativeslikeprivatecreditand

infrastructure.Theseassetclassesarenotonlyseenasresilientbutalsoalignedwithmegaforcessuchas

digitalinfrastructureandtheenergytransition.Privatecredit,inparticular,isviewedfavorablyforitsyieldandliquidityprofile,with32%offamilyofficesplanningtoincreaseallocations—thehighestamongallalternativesinoursurvey.

Third,investorsneedtolookthroughthenoiseandconcentrateontheunderlyingeconomicstory.We’veseenhugeswingsinsentimentthisyear,fromearlyexuberanceoverU.S.exceptionalismtothedoom

following‘LiberationDay’totheretracingsincethen.

Throughout,corporateearningsandmacro

fundamentalshaveremainedrelativelystable.Andwhilegeopoliticalshocksarestressingthetraditionalroleof

theUnitedStates,itremainsanextraordinarilyattractivemagnetforglobalcapitalwithdeepmarkets,innovativefirms,andenduringinstitutionalstrength.

Still,weareenteringaregimeofstructurallyhigher

volatility.The2010sweredefinedbylowratesandrisingassetprices;today’senvironmentischaracterizedby

dispersion,geopoliticalstress,andtechnological

disruption.Thisshiftdemandsanewplaybook—one

thatemphasizesactivemanagement,tacticalflexibility,andawillingnesstoembracecomplexity.

“Firstandforemost,staying

investediscritical.Thisyear’s

volatilityhasbeenmarkedby

sharpreversals—missingjustafewkeyrebounddayscansignificantlyimpairannualreturns.Sellingintofearriskslockinginlossesand

losingoutontheupsidethatoftenfollowsmarketdislocations.”

MikePyle

DeputyHeadofthePortfolioManagementGroup

Forfamilyoffices,thismeansleaningintoselectivity.Activestrategiesthatcanidentifywinnersandavoidlosersacrosssectorsandgeographiesarelikelyto

outperforminaworldwherebetaalonenolongersuffices.Italsomeansbuildingrelationshipswithmanagerswhocanofferdifferentiatedinsights,access,andexecutioninprivatemarkets.

Evenwiththedynamicsofanewmarketregime,theprinciplesofsoundinvestingendure.Andaboveall,remainfocusedonthelong-termfundamentalsthatdrivevaluecreation.

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MKTGH0725U/M-4613621-9/28

Alternatives

PrivateCredit

Infrastructure

Partnerships

AI

Marketoutlook

Alternatives

Allocationsremaincore,butchallengesarerising

Alternativesaremoreimportantthaneverforfamilyoffices.Theymakeuponaverage42%of

respondents’portfolios,upfrom39%inour2022-

2023survey.Familyofficeinvestorsconfirmthe

enduringappealofprivatemarketsliesintheirabilitytoharvestilliquiditypremiaanddeliverdifferentiatedreturnstreams.Inperiodsofhighvolatilityinpublicmarkets,manyfamilyofficesalsoappreciatethefactthatprivatemarketsallocations–whicharemarkedtomarketlessfrequently–canhelpsmoothout

short-termperformance.

However,thepastfewyearshavepresentedsome

significantchallengesforprivatemarketsinvestors,includingdisappointingreturnsinsomeasset

classesandlower-than-hoped-forliquidity.For

familyoffices,thebiggestissueisfees.Nearlythree-quarters(72%)ofrespondentscitedhighfeesasthemostsignificantchallengetoinvestinginprivate

markets,upfromjust40%inour2022-23survey.

Formany,itisanissuenotwiththecompensationmodelperse,butwithvalueformoney.Asone

respondentnoted,“I’mhappytopaythreeand40ifthemanagergenuinelyaddsvalue.”

Q

Whatdoyouconsidertobethemostcompellingreasonstoinvestinprivatemarkets?

Illiquiditypremium

Lower-correlatedsourcesofreturn Broaderanddeeperuniverse BetteralignmentofincentivesLowervolatilitythanpublicmarketsEffectiveinflationhedging

Tax-efficientvs.publicmarkets

87%

67%

46%34%

33%15%

9%

Theglobalview

Global

U.S./

N.America

EMEA

LatAm

APAC

87%

96%

86%

83%

75%

67%

55%

68%

81%

75%

46%

41%

54%

36%

55%

34%

37%

36%

33%

25%

33%

24%

38%

44%

25%

15%

14%

11%

14%

35%

9%

22%.

5%

-

5%

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY9

MKTGH0725U/M-4613621-10/28

Q

Whatdoyouconsidertobethemostsignificantchallengesininvestinginprivatemarkets?

72%

47%

44%

42%

37%

18%18%

Theglobalview

U.S./

APAC

EMEA

Global

LatAm

N.America

72%

69%

75%

78%

60%

47%

63%

43%

39%

35%

44%

49%

41%

44%

40%

42%

41%

36%

44%

60%

37%

27%

43%

39%

45%

18%

16%

21%

22%

10%

18%

22%

14%

17%

25%

SentimenttowardPEismixed.Althoughmanyremain

committed,with30%ofrespondentsbullishonthe

prospectsfortheassetclassinto2026,therearereferencestofallingIRRs,delaysinreturningcapital,valuation

mismatches,andlackoftransparencyforexits.Withalackofdistributionscreatingliquidityheadachesforsomefamily

offices,thereisevidenceofdissatisfaction,witharespondentintheU.S.claiming,“AllPEfundssaytheyhavea10-yearlife,withtwoone-yearextensions.Butanyonewhosebeenaliveforthelast20yearsknowsthesefundsgoonforever.”

Despitethechallenges,PEremainsacoreallocationfor

familyoffices,withholdingssometimesexceeding50%of

AUM.However,familyofficesareplacinggreateremphasis

ontheselectionofstrategiesandmanagers.Tosucceedin

thisenvironment,respondentssuggestPEmanagersneedtopresentmorecompellingevidenceoftheirabilitytogeneratealpha,moreflexibleliquidityoptions,andmorereliableexitdynamics.AsonefamilyofficeinEMEAputit,“Ithinkthat

we’rejustinadifferentworldnow.Freeleveragesince2009madeeveryoneawinner.Itwaseasymoney.Nowmanagershavetoworkharderandaddalotmorevaluefortheir

money.”

OursurveyconfirmsfamilyofficesremainwillingtocommittoGPsandstrategiesthattheytrust,andthatcanexploit

specificopportunitiesintheirareasoffocus.Secondarieswillremainimportantsourcesofliquidity,andthereisgrowing

interestindealstructuresthatcanoffergreatertransparencyandLPcontrol,includingdirect,co-investment,‘fundsof

one,’andclubs.Networkinganddealsourcingwillbeofparamountimportanceinthiscontext.

Q

Areyoufeelingbullish,bearishorneutralabouttheprospectsforprivateequityin2025-2026?

Bullish

OptimisticNeutral

Neutral

PessimisticBearish

48%

30%

22%

BullishBearish

“Ithinkthelastthreeyearswerea

goodtimetoadjust,toslowdown,toreallystudythemarket.Noone’sreallyrushingtobuy,butthat's

whynoonecanexiteither.ButI

thinkit'sahealthyadjustment.Ifyouhavefreshmoneytogoin,it'snotabadtimeatall,fromavery

top-downpointofview;valuationsarebetter,andpeoplearecalmer.”

FamilyOffice(APAC)

Highfees

LackofattractivevaluationsManagingliquidity

Lackoftransparency Accessingbestdeals/managers MorecomplextaxtreatmentInternalchallenges(DD;Talent;etc.)

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MarketoutlookAlternativesPrivateCreditInfrastructurePartnershipsAI

Privatecredit

movestothefore

Privatecredithasbecomeacoreallocationinmany

familyofficeportfolios.Itscompellingcombinationof

yieldandtotalreturn,alongwithamoreflexibleliquidityprofile,makesitavaluabletoolfornavigatingchangesinprivateequityexitsanddistributions.

Q

Areyoufeelingbullish,bearishorneutralabouttheprospectsforprivatecreditin2025-2026?

Bullish

Optimistic●Neutral

Pessimistic●Bearish

Insomerespondents’portfolios,privatecreditmakesup15%–30%oftotalAUM,andtheassetclasshasattractedfreshcapitalandallocationspreviously

earmarkedforpublicdebt,PE,andventurecapital.

Sentimentamongfamilyofficesisaccordinglybullish,withmorethanhalfofrespondents(51%)feeling

positiveabouttheassetclass’sprospects,againstjust21%thathavea(generallymildly)negativeoutlook.

Familyoffices’bullishnessisreflectedintheirupcomingallocationplans.Nearlyone-third(32%)ofthose

surveyedplantoincreasetheirallocationstoprivatecreditin2025-2026,thehighestfigureforany

alternativeassetclassinoursurvey.

Optimistic

34%27%

20%

17%

1%

BullishBearish

Q

Doyouexpecttoincrease,decrease,retaincurrentallocationsoraddnewexposuresin2025-2026?

Net

Movement

PEFunds(ex.VC)+17%

Increase

26%

New

3%

Retain

46%

Decrease

Donotuse

12%

13%

PrivateDebt/Credit

+32%

33%6%27%7%27%

RealEstate

+10%

20%3%31%13%33%

PEDirect(ex.VC)

+14%

19%7%27%12%35%

VentureCapital

-1%

13%4%25%18%40%

LiquidAlts

+23%

22%6%23%5%44%

Infra(Equity/Debt)

+30%

17%15%11%2%55%

OtherRealAssets

+10%

7%7%10%4%72%

FORINSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIEDINVESTORSANDQUALIFIED,PERMITTEDCLIENTSONLY11

Whenitcomestochoosingaparticularstrategywithinprivatecredit,respondentshave

aclearpreferenceforspecialsituations/opportunisticanddirectlending.Bothcategoriesareviewedasofferingequity-likereturnswithbetterstructuralprotectionpotentialthanprivateequityorventurecapital.

MKTGH0725U/M-4613621-12/28

Q

PD/PCcategoriesfavored(TOPFIVE)/plannedchangestothosecategoriesin2025-2026

62%

favor

SpecialSits

53%

favor

DirectLending

33%

favor

Specialty

27%

favor

Distressed

25%

favor

C