In 2024, the family offices placed private equity at the heart of their strategy, confirming the ramp -up of the unlisted
Private Equity stands out as the first asset class in family allowances, representing 37.5% of their investments. It largely ahead of the listed shares (17.3 %), investment real estate (12.8 %), listed and private debt (10.8 %) and liquidity (9 %).
Follow the infrastructure, which reach 2.9%, as well as a set of alternative investments representing in total 9.7%: structured and hedge funds (5.3%), forests, vineyards and agricultural land (2.1%), passion investments such as art or automobile (0.9%), materials (0.5%), gold and precious metals (0.5%), and finally cryptocurrencies and digital assets (0.4%).
Family offices allowances: Focus on asset classes in 2024 and their trends for 2025
Rémi Béguin, head of the AFFO barometer : “For family offices, investing is no longer a matter of performance: it is also a matter of convictions, impact and meaning”.
Le private equity represents 37.5%of the benefits of family offices, divided between direct investment (28.2%) and investment via funds (9.4%). This asset class records a notable increase, with an increase of 15 points compared to the previous year (16 points for direct investment, and a drop of 1 point for investment in funds).
The prospects for 2025 confirm this dynamic: almost half of respondents anticipate an increase in their live investments, while 40% provide for stability and only 10% a decrease. A similar trend is found for investments made via funds.
This rise in power of the Private Equity is accompanied by an increasing commitment in the capital of SMEs (40%) and ETIs (30%), confirming the will of the family offices to support the real economy in a targeted manner, by supporting the development of companies carrying sustainable growth.
In this context, co-investment represents on average 28% of allocation strategies, a share of stabilizing, or even to progress in 2025. This dynamic reflects a growing will of families to pool expertise and to seize opportunities collectively.
Listed actions Represent 17.3% of allowances, down almost 4 points (12.4% in direct investment and 4.9% via funds) with stability for live investments but a drop for investments via funds (3 points) compared to the previous year.
For 2025, 30 % of respondents estimate that the share of listed live shares should increase, while 65 % anticipate stability and 5 % a decrease. Regarding investment via funds, 20 % provide for an increase, 70 % stability and 10 % a decrease.
Investment real estate represents 12.8% of allowances in 2024, recording a drop of more than 8 points compared to last year. For 2025, just over 20 % of respondents anticipate a recovery, 46 % expect stability, while 30 % provide for a continuation of the decline.
Listed or private debtrepresents 10.8% of allowances in 2024, down more than 2 points, after having experienced a strong renewed interest the previous year (+7 points). Listed debts represent 7.2% down almost 3 points (4.5% via funds down 1 point and 2.7% via the direct down 2 points). Private debts represent 3.6% up 1 point (2.4% via funds up 1 point and 1.2% via direct which remains stable.
In 2025, 25% consider that this asset class should increase, 45% anticipate stability, and 10% a drop.
Infrastructure Represent 2.9% of allowances (1.8% live and 1.1% via funds, stable compared to 2023.
For 2025, 12% envisage an increase, 47% anticipate stability, while 20% provide a drop.
Alternative investments represent 9.7% and remain stable compared to the previous year.
Family investment sectors & themes
In 2024, family offices oriented their investments towards sectors combining resilience and innovation, with a preference for technology (63%), health (49%), real estate (41%), industry (33%) and energy (31%). This strategy reflects a desire to reconcile strategic performance and relevance, in an always uncertain environment.
The desire to combine growth and profitability is also a major strategic axis for half of the respondents. This orientation reflects an increasingly selective and disciplined investment approach, based on the solidity of economic models and the capacity of companies to generate value in a sustainable manner. The themes of technological transformation, in response to the challenges of digital transformation (32%), as well as innovation and disruption (30%), are among the most structuring subjects. Consolidation by external growth (36%) and sustainable investment (32%), are two levers also deemed essential to build sustainable and aligned strategies with market developments.
Large concerns of families
In 2025, the protection of the family (100%) and the intergenerational transmission of their cultural and professional heritage (98%) remain undisputed priorities, up 9 points compared to the previous year. Changes in tax policies (89%), digital transformation (83%), governance (82%, despite a drop of 7 points), as well as security issues are also among the most identified themes.
At the same time, families are increasingly attentive to new risks. Awareness of the issues related to AI and cybersecurity is growing strongly, reaching 74% respectively (+34 points) and 78% (+14 points), arouse growing interest.
Conversely, philanthropy (71%, down 9 points) and energy transition and carbon neutrality (56%, down 14 points) record a decline this year, while remaining significant subjects. The dimensions linked to new sustainable business models (44%), diversity and inclusion in detained companies (46%) and new innovation financing methods (50%) are still insufficiently integrated.
The education of family members (78%), new investment methods –Club Deals, Funds– (74%), emerging technologies – IA, Blockchain, Quantum, etc. – (72%) and geopolitical issues (72%) are entering the barometer and are immediately identified as strategic themes, showing an awareness of families and their impacts. on their heritage.
Define the Family Office
A Family Office is an organization of people to the heritage interest services of one or more families over time. He supports them in the fields of taxation, investment, family organization, governance and family relationships. A true prime contractor, the Family Office pilot and deploys the heritage strategy of a family by surrounding himself with the best experts and specialists.
