Family offices managing a combined $727bn are ramping up their exposure to private equity, according to the Citi Wealth 2025 Global Family Office Report.

A global survey of 346 family offices, each with an average net worth of $2.1bn, revealed that 36% boosted allocations to private equity in the past year, while only 10% cut back. Direct private equity was ranked as their second most favoured asset class after developed-market equities.

Almost three-quarters of respondents said they are looking to acquire direct stakes in companies, with startups attracting particular interest. The findings highlight how family offices are embracing higher-risk strategies to drive returns, despite global trade uncertainty.

The survey also showed that more than a third of family offices are taking a more active approach to investments in response to tariff policies, while half reported using no leverage to maintain financial flexibility.

Prominent families are helping fuel this trend. UK tycoon Brian Souter’s family office co-invested with Horizon Capital this year to acquire a majority stake in ERA Group, while Blackstone billionaire Tony James’ family office has anchored Madison River Capital, a New York firm targeting mid-market buyouts.

The results underscore how family offices are becoming an increasingly important force in private equity dealmaking worldwide.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.