2026年全球家族办公室报告全球视野下的家族办公室战略解析-

2026GlobalFamilyOfficeReport

AWORLDWIDEVIEWINTOFAMILYOFFICESTRATEGY

2

Foreword

Wearepleasedtopresentour2026GlobalFamilyOfficeReport.Drawingoninsightsfrommorethan300

singlefamilyofficesworldwide,wearedeeplygratefultoallparticipantsforsharingtheirperspectives.Theiropennessenablesustoofferaclear,data-drivenviewofhowfamilyoffices—acrossregionsandassetsizes—arenavigatinggrowth,complexity,andtheevolvingprioritiesandaspirationsoftoday’swealthiestfamilies.

AtJ.P.Morgan,wehavetheprivilegeofworkingwithfamilieswhothinklong-term—notonlyaboutfinancialreturns,butalsoaboutthestewardshipofvalues,legacyandrelationships.Overthepastdecade,the

number,sizeandscopeofglobalfamilyofficeshaveexpandedsignificantly.Today,singlefamilyoffices

aresophisticatedenterprisesoverseeingsubstantialwealth,withinvestmentsandcapabilitiesthatspanindustries,bordersandgenerations.Deliveringthoughtful,tailoredsolutionstothesefamiliesrequires

morethanjusttechnicalexpertise;itdemandsastrategic,adaptiveapproachprovidingaccesstotherightspecialists,insightsandresources.

Thisreportoffersatimelysnapshotofhowfamilyofficesareapproachingkeydecisions,fromportfolio

allocationsandprivateinvestmentstosuccession,engagementandfamilyofficeoperations.Whileeveryfamilyofficeisunique,consistentthemesemergearoundgrowthopportunities,riskmanagementandthechallengesfamiliesfacebothonandoffthebalancesheet.

Wehopeyoufindtheseinsightsbothinformativeandvaluableasyoushapethefutureofyourfamily

enterprise.Shouldyouhaveanyquestionsorwishtoexploreanyspecifictopicscoveredinthereport,yourJ.P.Morganteamstandsreadytosupportyou.

MaryCallahanErdoes

ChiefExecutiveOfficer

Asset&WealthManagement

NatachaMinniti

GlobalCo-HeadoftheFamilyOfficePractice

DavidFrame

ChiefExecutiveOfficerGlobalPrivateBank

WilliamC.Sinclair

GlobalCo-HeadoftheFamilyOfficePractice

AndrewL.Cohen

ExecutiveChairmanGlobalPrivateBank

AdamTejpaul

ChiefExecutiveOfficer

InternationalPrivateBank

3

Introduction

Our2026GlobalFamilyOfficeReportreflectstheperspectivesof333familyoffices

across30countriesaroundtheworld,ourlargestandmostdiverserespondentgroupyet.Thewiderangeofparticipantsallowsforcomprehensiveandnuancedregionalcomparisons,providingadetailedviewofthestructureandprioritiesshapingtoday’sfamilyofficelandscape.

ThesurveywasconductedfromMay2025throughJuly2025duringaperiodmarkedbynotable

transitionsinglobalmarketsandgeopolitics.Thiscontextisreflectedinthefindings,particularlyaroundinvestmentrisks,whenpoliticalturmoil,economicuncertainty,inflationandtradetensionsweretopofmind.Yettheresultsalsounderscoretheresilienceandadaptabilityofthesefamilies,whoseresponsesshowsophisticated,well-diversifiedportfolios,increasedinterestinprivateinvestmentsandartificial

intelligence(AI),aswellasagrowingemphasisonbuildinglong-termfamilycohesion.

Thisreportfocusesonthreekeyareas:

Portfolioallocations

Successionandengagement

Structuralandorganizationalfoundations

Withineach,wehighlightpatterns,emergingtrendsandpragmaticinsights,includingaspotlightontheinfluencethatowningaseparateoperatingbusinesscanhaveonfamilyofficestrategy.ThesefindingsarecomplementedbyperspectivesfromspecialistsacrossJ.P.Morgan,offeringadditionalexpertiseandactionabletakeaways.

Wesincerelythankthefamilyofficeprincipalsandprofessionalswhoparticipatedinthisstudy,andwe’regratefulforboththeirtimeandknowledge.Whileeachfamilyofficeisdistinct,shapedbythefamiliestheyserve,theaggregatedresponsesofferastrategicbenchmarkforfamiliesconsideringhowtostructure,

optimizeorexpandtheiroffices.Theselearningscanguidefamilieswhoareoverseeingalongstandingenterprise,aswellasthosewhoareconsideringestablishinganewfamilyoffice.

4

2026GLOBALFAMILYOFFICEREPORT

Fivekeytakeaways

1

2

3

4

5

AIambitionoutpacesallocation,infrastructureoverlooked

Thepromiseofartificialintelligenceisprofound,butfamilyofficeslackkeyexposure.

65%ofglobalfamilyofficesplantoprioritizeAIinvestmentsnoworinthefuture,butoverhalfhavenocurrentexposuretogrowthequityorventurecapital,whichfocusesonthecompaniesthatcoulddrivethemostexplosiveinnovation.Atthesametime,79%offamilyofficeshave0%allocationto

infrastructure,despiteitsroleasthephysicalbackboneofAIthroughpower,connectivityandlogistics.

Inflationconcernspushfamilyofficecapitaltowardalternatives

Withinflationriskstopofmind,investorsareturningtoalternativesforresilience.

Globalfamilyofficesthatviewinflationastheirprimaryriskallocatenearly60%toalternatives,

roughly20percentagepointshigherthantheaverage.Theseofficesfocusespeciallyonhedgefundsandrealestate,whereaverageallocationsarenearlydouble(25%versus12%).

Despitegeopoliticalfears,familyofficesavoidgoldandcrypto

Despitethepervasivesenseofgeopoliticalrisks,appetitefortraditionalandemerginghedgesremainslimited.

72%ofglobalfamilyofficeshavenogoldexposure,and89%havenoexposuretocryptocurrencies.

Strongergovernance,strongerbondsforbusiness-owningfamilies

Asfamilyenterprisesgrowmorecomplex,governanceiscriticalformanagingbothriskandrelationships.

41%ofbusiness-owningfamiliesidentifyinternalconflictasatopthreerisk,nearlydoubletherateoftheirnon-businessowningpeers.Inresponse,thesefamiliesarealsofarmorelikelytohavestrong

governancemeasuresinplace,recognizingthateffectivegovernancehelpsalignstakeholders,

strengthentrustandsupportlong-termcontinuitybeyondfinancialoroperationalconsiderations.

Competitionfortalentdrivesoperatingcostshigher

Familyofficescontinuetoinvestheavilyintheiroperations,evenascostpressuresandcompetitionfortoptalentintensifies.

$6.6MM:Theaverageannualoperatingcostfora$1billion+globalfamilyoffice.

INVESTMENTPRODUCTS:•NOTFDICINSURED•NOBANKGUARANTEE•MAYLOSEVALUE

Contents

Aboutthesurvey

01Portfolioallocations

ToprisksimpactingcurrentportfoliopositioningandoutlookCurrentallocationscontinuetofavorriskassets

Areasofnoexposure

Areasoffocusledbyprivateequity,AIandhealthcareinnovationPrivateinvestmentscontinuetogainmomentum

02

Successionandengagement

Formalgovernancebeginswithfamilyinvestments

Familygatheringsleadcohesionandalignmentefforts

Familyofficeslacksuccessionplanningbutareengagingwiththerisinggeneration

03

Spotlightonoperatingbusinesses

Balancingoperatingbusinessesandfinancialinvestments

Governanceisananchorforfamilyofficeswithanoperatingbusiness

04Strategicandoperational

foundations

Topriskstofamilyofficecontinuityandeffectiveness

Topstrategicprioritiesforfamilyoffices

Familyofficesaremakingmeaningfulinvestmentsinannualoperatingcosts

Strategicoutsourcingandtheuseofexternalinvestmentexpertise

Concludingremarks

Appendix

5

2026GLOBALFAMILYOFFICEREPORT

Aboutthesurvey

Thisyear’sfindingsarebasedonanonlinesurveyconductedwithourglobalsingle

familyofficeclientcommunity.Followingdatacollection,wepartneredwithan

independentresearchfirmtoanonymizeresponsesandensurerigorousanalysis.

ANIMPORTANTNOTEABOUTTHECHARTS

Duetorounding,numberspresentedthroughoutthisreportmaynotadduppreciselytotherelatedtotals.

333

350

PARTICIPATINGSINGLEFAMILYOFFICES

300

250

200

150

100

50

30COUNTRIESREPRESENTED197U.S.PARTICIPANTS

136INTERNATIONALPARTICIPANTS

0

75%

INCREASEFROM2024REPORT

333n

190n

20242026

UnitedStatesInternational

14%

EMEA

11%

APAC

TopcountriesEMEA

46n

10%

7%

4%

2%

Germany

Italy

SwitzerlandNetherlands

16%

LATAM

TopcountriesAPAC36n

15%

5%

2%

1%

SingaporeHongKongAustralia

Malaysia

TopcountriesLATAM

54n

Mexico15%

Brazil7%

Chile6%

Panama3%

59%

UnitedStates

UnitedStates

NortheastMidwestSouth

West

Top10U.S.statesNewYork

23%

16%

47%

14%

15%

197n

Texas15%

Florida15%

Delaware8%

California6%

Illinois6%

Ohio4%

Pennsylvania4%

Connecticut3%

Tennessee3%

6

n=numberofrespondents

2026GLOBALFAMILYOFFICEREPORT

7

Thewealth

behindthedata

AVERAGENETWORTHOFPARTICIPANTS

$1.6billion

•$518billioninestimatedcollectivenetworthofallrespondents

ASSETSUNDERSUPERVISION

$1,165,991,000

GLOBALMEAN

20%

$251MM—

$500MM

28%

$1B+

16%

$501MM—

$999MM

37%$250MMorless

Profileofthefamilyofficesandthefamiliestheyserve

FAMILYOFFICEAGE

Whenestablished:

29%

23%

26%

22%

LAST5YEARS6-10YEARS11-20YEARS20+YEARS

NUMBEROFGENERATIONSGLOBALMEAN2.4

113%

44%

44%

23+

NUMBEROFFAMILYMEMBERSGLOBALMEAN16.6

1-431%5-930%10-1416%

17%

6%

15-2930+

NUMBEROFHOUSEHOLDSGLOBALMEAN5.5

125%

28%

319%

36%

412%5

01

Portfolio

allocations

AT-A-GLANCEFINDINGS

•Onaverage,approximately75%ofassetsareallocatedtoa

combinationofpublicequitiesandalternativesinvestments,withU.S.large-capequitiesdominatingpublicholdingsanddrawdownfundsleadingprivates

•Geopoliticsmostfrequentlytopsthelistofcurrentinvestmentrisks,followedbyinterestrates,economicgrowth,inflationandtradepolicy

•37%ofparticipantsexpecttoraisetheirallocationstoprivateequitywithinthenext12to18months—thehighestamongallassetclasses

•2.5timesasmanyfamiliesareincreasingprivateinvestmentallocationsasopposedtoreducingthem

•65%areprioritizingAI-relatedinvestments

•89%remainonthesidelineswhenitcomestocrypto,andmorethan70%havenoexposuretoinfrastructure,secondariesorgold

•Possiblesignofcaution:31%hold10%ormoreofassetsincash,

thoughcashisalsothemostfrequentlycitedassetclasstargetedforreductionintheupcomingmonths

8

PORTFOLIOALLOCATIONS

Investmentmanagementremainsthecornerstoneofmostfamilyoffices,andthisyear’ssurvey

capturessentimentamidarapidlyshiftingmarketlandscape.Thebackdropseemsconstructive

forportfolios.AU.S.rate-cuttingcycleshould

supportareboundinglobalgrowth,andearningsgrowthforglobalequitiesseemsdurable.Still,

thelongeraoflowinflationandseamless

globalizationisclearlyover.Initsplace,three

powerful,interconnectedforcesareredefiningtheinvestmentfrontier.

AIisdrivingprofoundtransformation,yetit’salsointroducingnewrisksofoverinvestment,excessexuberanceandlabordisruption.

Fragmentationisreshapingtheglobalorder,ascompetingblocs,

contestedsupplychainsandfragilealliancesredirecttradeand

capitalflows,andmakeaccesstonaturalresourcesandenergy

astrategicimperative.Meanwhile,inflation,thoughlessvisible,

continuestoundergoastructuralshift,likelymakingitmorevolatilethanpre-pandemictrendsandmorepronetoupwardshocks,whichposesamorepersistentrisktopurchasingpowerandlong-term

wealthpreservation.

Thisnewlandscapebringsbothinvestmentpromiseandpressure,heighteningmacrorisksandreinforcingtheimportanceofbuildingstrategicexposuresanddiversificationagainstdisparatemarket

outcomes.Atthesametime,itpresentsexpandingopportunitiesthatmanyofficesareactivelypursuingorevaluating.

Thissectionexploreshowfamilyofficesareallocatingcapital

today,wheretheyplantoincreaseexposure,andhowthesemovesalign—orattimesdiverge—fromthedominantinvestmentriskstheycurrentlyseeinthemarket.Thefindingsrevealalandscapemarkedbyselectiverepositioningandevolvingprioritiesasfamiliesadapttheirinvestmentapproaches.

IMPORTANTASSETCLASSDEFINITION

Alternativeinvestmentsaredefinedtoinclude:1)private

investments,2)hedgefundsand3)commodities.Private

investmentsincludethefollowingsub-assetclasses:privateequity,realestate,control-orientedprivateinvestments,growthequity

andventurecapital,privatecredit,secondaries,infrastructure,transportationandotherrealassets.

9

PORTFOLIOALLOCATIONS

10

Toprisksimpactingcurrentportfoliopositioningandoutlook

2025wasayeardefinedbytransition:anewU.S.presidential

administration,theresumptionofaU.S.FederalReserveinterest-

rate-cuttingcycle,andcontinuedfocusonAIspending,progressandadoption.Againstthisbackdrop,respondentswereaskedtoidentifythetopfivefactorstheyseeasposingthegreatestriskstoportfolioperformanceandoutlook.Atthemacrolevel,geopolitics—alongwithtradepolicyandtariffs—clearlydominatestherisklandscape.Oneinfivefamilyofficesglobally(20%)identifygeopoliticsasthenumberonerisk,farsurpassinganyothercategory.Inflationalsoremainsacentralconcern(nearly60%citeitasatoprisk)asfamiliesgrapplewithacomplicatedbackdropofbothstructurallyhigherandmore

volatileinflation.

Geographyplaysameaningfulroleinshapingtheseviews.

Internationalofficesaremorelikelytoseegeopoliticsandtrade

tensionsasthemostsignificantthreats,reflectingtheirgreater

exposurestocross-bordercapitalflowsandregionalpolitical

uncertainty.U.S.-basedoffices,incontrast,tendtofocusmoreoninterestratesandinflation,consistentwithdomesticmarketdriverssuchasthelingeringeffectsofpost-pandemicmonetarytightening,tariffsandpoliticalpressureontheFederalReserve.

GEOPOLITICSISTHEMOSTFREQUENTLYCITEDNUMBERONEINVESTMENTRISK

Exhibit1:Whatarethetoprisks(ranked)impactingyourcurrentportfoliopositioningandoutlook?

Overallrespondentsreporting:

Risksmostoftenranked#1globallyTopfiverisksintheUnitedStatesTopfiverisksinternationally

Geopolitics74%

Tradepolicyandtariffs60%

Economicgrowth57%

Interestrates55%

Currency45%

Geopolitics20%

Liquidity12%

Tradepolicyandtariffs12%

Assetvaluations11%

Economicgrowth10%

Portfolioconcentrations10%

Interestrates64%

Inflation61%

Economicgrowth61%

Geopolitics57%

Assetvaluations56%

Topriskperceptionsdrivedifferentportfoliopositioning

ln

INFLATIONASTHETOPRISK

~60%

allocationtoalternatives(22%ptshigherthantheaverage)

2Xexposure

torealestate

(16.3%versus7.4%)

Comparedtoallrespondents

2Xexposure

tohedgefunds(9%versus4.7%)

GEOPOLITICSASTHETOPRISK

2X

allocationtogold(2%versus.9%)

Comparedtoallrespondents

+5%pts

tofixedincome(19.6%versus14.8%)

PORTFOLIOALLOCATIONS

Targetreturnsareoptimistic,yetachievable

Most(55%)ofthefamilyofficessurveyedsaidtheytargetedareturnofbetween7%and10%,which,basedonJ.P.MorganAsset

Management’sLong-TermCapitalMarketAssumptions(LTCMAs),seemshighbutachievable.Forcontext,thefirm’sLTCMAssuggest

thatastandard60/40stock/bondportfolioshoulddelivera6.4%returnoverthenext10–15years.Addingmoreriskassetsand

privatestothemixcouldplausiblyincreasethatreturnintothe7%–10%range.However,one-thirdoffamilyofficestargetareturn

ofgreaterthan11%.Thehighestexpectedreturnassetinthefirm’sLTCMAs(privateequity)is10.2%.Notably,familyofficesthataretargeting11%plusreturnsarerelyingonprivatemarketstodoso,allocating10percentagepointsmoretoprivateinvestmentsand

fourpercentagepointsmoretocontrol-orientedprivateinvestments,takingtheiraverageprivateinvestmentallocationstoover40%.

Currentallocationscontinuetofavorriskassets

Onaverage,portfoliosarelargelydiversified,withaclear

preferencetowardriskassets.Publicequities(38.4%)andprivateinvestments(30.8%)accountformorethantwo-thirdsofassets.Fixedincome,thethird-largestaverageassetclassexposure

(14.8%),roundsoutthisportfoliocoretoaccountforatotalof84%ofoverallassets(seeExhibit2).

Withinprivateinvestments,averageallocationsarediversifiedacrossarangeofdifferentholdings,withthelargestinprivateequity(9.8%),realestate(7.4%)andcontrol-orientedprivateinvestments(6.1%).Seepage19formoreinsightonprivateinvestments.

Allocationstohedgefundsremainrelativelymodest(4.7%),

aconsistenttrendoverthepastdecade.Notably,thelargely

uncorrelatednatureofmosthedgefundscanprovidediversificationbenefitsduringperiodsofinvestmentvolatility,equitymarket

concentration,andelevatedcorrelationsbetweenstocksandbonds.

Despitethesebeingkeyinvestmentconcernsnotedabove,theaverageallocationseemslowinourview.

Averageallocationsacrossregionsarebroadlysimilar,though

U.S.officesappearmarkedlymorecomfortabletakingriskthaninternationaloffices.Onaverage,U.S.officesholdroughlyone-thirdmoreinprivateinvestments(34.3%versus25.6%)anda

correspondinglowershareinfixedincome(10.7%versus20.8%).

Giventhegloballyaccessibleuniverseofprivateopportunities,

bothdirectandfund-based,thenearly10-pointdifferentiallikelyreflectsregionaldifferencesintaxation,riskappetiteandliquiditypreferences.

Amidthesebroadaverages,onekeyobservationishowfamilyofficeallocationscontinuetoconvergewiththoseofinstitutionalinvestors,particularlywithinalternativeinvestments,alogicalparallel,asbothcaninvestwithmultigenerationaltimehorizons.

PUBLICEQUITIESANDPRIVATEINVESTMENTSARETHETWOLARGESTALLOCATIONS

Exhibit2:Averageportfolioassetallocations(net)Global

0.4%

Crypto/

1%

1.3%

0.9%

Art/collectibles

digitalassets

Other

Commodities

4.7%

Hedgefunds

7.8%

Cash

14.8%Fixed

income

38.4%

Publicequities

30.8%

PrivateinvestmentsPrivateequity

Secondaries

Growthequity&venturecapitalPrivatecredit

Realestate

Infrastructure,transportation&otherrealassets

Control-orientedprivateinvestments

9.8%

1.1%

3.3%

2.4%

7.4%

0.7%

11

6.1%

PORTFOLIOALLOCATIONS

PUBLICEQUITIESANDPRIVATEINVESTMENTSARETHETWOLARGESTALLOCATIONS

Exhibit2(cont):Averageportfolioassetallocations(net)

UnitedStates

1.2%

Art/collectibles

1.2%

Commodities

0.4%

0.5%

Other

Crypto/

digitalassets

5.1%

Hedgefunds

7.1%

Cash

10.7%Fixed

income

39.5%

Publicequities

34.3%

Privateinvestments

Privateequity10.3%

Secondaries1.3%

Growthequity&venturecapital4.2%

Privatecredit2.3%

Realestate8.5%

Infrastructure,transportation&other0.6%realassets

Control-orientedprivateinvestments7.1%

International

20.8%

Fixed

income

0.6%

Art/collectibles

1.6%

Commodities

0.3%

1.4%

Other

Crypto/

digitalassets

4.1%

Hedgefunds

8.8%

Cash

36.8%

Publicequities

25.6%

PrivateinvestmentsPrivateequity

Secondaries

Growthequity&venturecapitalPrivatecredit

Realestate

Infrastructure,transportation&otherrealassets

Control-orientedprivateinvestments

8.9%

0.8%

2.1%

2.5%

5.9%

0.9%

12

4.5%

We’vewitnessedaclearshiftinhowfamiliesallocatecapital.

Alternativesarenolongeratacticalcomplement,

butastrategicpillar.Acrossprivateequity,privatecredit,realassetsandhedgefunds,we’redeployingmorecapitalthaneverasfamiliesseekdurable

incomestreams,accesstoinnovationanddiversifiedsourcesofreturn.

Notably,familyofficesareemergingashighly

strategicsourcesofcapitalforprivatecompaniesandsponsors—abletomovequickly,commitflexiblyandpartnerforthelongterm.Themomentumbehind

theseallocationsreflectsalong-termconvictionthatthemostcompellingopportunities,andthemost

attractiverisk-adjustedreturns,areincreasinglyfoundinalternativeassets.

KristinKallergisRowland

GlobalHeadofAlternativeInvestmentsJ.P.MorganAsset&WealthManagement

13

PORTFOLIOALLOCATIONS

14

Anotherglobalsimilaritybeyondallocations

InternationalofficespredominantlyevaluatetheirportfoliosinU.S.dollars,underscoringitscontinuedroleastheworld’sdominant

currency.Afull67%usethecurrency,ledbyLatinAmerica(96%)

andAsia-Pacific(81%),comparedtoEMEA(22%,with74%preferringtheeuro).Whilefamilyofficesmaycontinuetolookforalternative

storesofvaluefortheU.S.dollar,itstillseemssettobetheworld’sdominantcurrency.Forcomparison,averageglobalallocationstogold(0.9%)andBitcoin(0.2%)arequitemuted.

Allocationranges

Exhibit3drillsdownintothebroaderallocationaverages,highlightingwhatpercentageoffamilyofficesallocatetoeachofthelargerassetclassexposuresandselectunderlyingsegments.Itpresentsthe

datainrangebands(e.g.,1%–9%,10%–29%,30%+),illustratingtheproportionofofficesinvestingateachlevel.

U.S.large-capequitiesdominatepublicequityallocationsbothfor

officesintheUnitedStatesandoutsidetheUnitedStates.Infact,

morethan80%globallyhavelittleornoequityexposuretoU.S.mid/smallcapsorinternationaldevelopedmarketequitiesinEurope/

UnitedKingdom.Thispointstoadisconnectwiththeassetvaluationriskfearshighlightedinthepriorsection,giventhestrongrunupsinU.S.largecaps,especiallymegacapsoverthepastseveralyears.

Morethan30%offamilyofficeshold10%ormoreoftheirassets

incash.Whileaportionofthiscashmaybestrategicinnature,

oftentimesthesumtotalisnot,withrelativelyhighlevelssuchas

theseoftenlessthanideal.Thisisparticularlytrueforofficescitinginflationasatopconcern,giventhattheriskofongoingerosioninpurchasingpowerintensifieswheninflationremainspersistent.It

mayreflectavestigeofthepasthigh-ratecycle,butastheeconomycontinuestomovethroughanon-recessionaryrate-cuttingcycle,

maintainingsuchhighbalancesmayriskmissingreturntargetsor,attheveryleast,opportunitiestobetteroptimizeyieldacrosscashandshort-termfixedincomeassets.

67%

ofinternationalfamilyoffices

EVALUATETHEIRPORTOLIOINU.S.DOLLARS

U.S.LARGE-CAPEQUITIESTENDTODOMINATEPORTFOLIOALLOCATIONS,FOLLOWEDBYPRIVATEEQUITYANDREALESTATE

Exhibit3:Howmuchofyourportfolioareyouinvestinginthefollowingassetclassesandunderlyingsegments?(Selectsegmentsshown;refertoappendixonpage43forfullallocationdetails)

Global

ALLOCATIONSIZE0%1%–9%10%–29%30%+

●PUBLICEQUITIES

U.S.large-capequities9%17%41%33%

U.S.mid-/small-capequities40%40%18%3%

Internationaldevelopedmarketequities(Europe&U.K.)41%41%16%2%

●PRIVATEINVESTMENTS

Privateequity

22%

36%

34%

8%

Realestate

40%

32%

22%

6%

Growthequity&venturecapital

57%

31%

11%

1%

Privatecredit

58%

33%

9%

0%

Infrastructure,transportation&otherrealassets

79%

19%

2%

0%

●FIXEDINCOME

Investmentgradecorporatebonds

51%

22%

20%

7%

U.S.Treasurybonds

58%

28%

12%

2%

U.S.municipalbonds

77%

16%

6%

2%

CASH23%46%26%5%

PORTFOLIOALLOCATIONS

15

U.S.LARGE-CAPEQUITIESTENDTODOMINATEPORTFOLIOALLOCATIONS,FOLLOWEDBYPRIVATEEQUITYANDREALESTATE

Exhibit3(cont):Howmuchofyourportfolioareyouinvestinginthefollowingassetclassesandunderlyingsegments?(Selectsegmentsshown;refertoappendixonpage43forfullallocationdetails)

UnitedStates

ALLOCATIONSIZE

PUBLICEQUITIES

U.S.large-capequities

U.S.mid-/small-capequities

Internationaldevelopedmarketequities(Europe&U.K.)

0%

7%

29%

48%

1%–9%

14%

44%

39%

10%–29%

39%

22%

13%

30%+

40%

5%

0%

PRIVATEINVESTMENTS

Privateequity

Realestate

Growthequity&venturecapital

Privatecredit

Infrastructure,transportation&otherrealassets

23%

31%

52%

58%

83%

32%

36%

33%

32%

16%

35%

26%

13%

10%

2%

10%

7%

2%

0%

0%

FIXEDINCOME

Investmentgradecorporatebonds

U.S.Treasurybonds

U.S.municipalbonds

65%

58%

63%

25%

30%

24%

9%

11%

10%

0%

1%

3%

CASH

24%

46%

26%

4%

International

ALLOCATIONSIZE0%1%–9%10%–29%30%+

●PUBLICEQUITIES

U.S.large-capequities12%20%45%24%

U.S.mid-/small-capequities54%35%11%0%

Internationaldevelopedmarketequities(Europe&U.K.)32%43%21%4%

PRIVATEINVESTMENTS

Privateequity

Realestate

Growthequity&venturecapital

Privatecredit

Infrastructure,transportation&otherrealassets

21%

54%

65%

57%

74%

42%

27%

28%

35%

24%

32%

15%

7%

7%

2%

4%

4%

0%

0%

0%

FIXEDINCOME

Investmentgradecorporatebonds

U.S.Treasurybonds

U.S.municipalbonds

31%

58%

97%

18%

26%

3%

35%

14%

0%

16%

2%

0%