Insights
How family offices approach co-investment
Summary
- Family offices hold 42 percent of portfolios in alternatives, with private equity at 17 to 21 percent depending on the survey (UBS Global Family Office Report 2026; Goldman Sachs Family Office Investment Insights 2025).
- Private equity is the asset class the largest share of family offices plan to increase, at 39 percent over the next 12 months (Goldman Sachs 2025).
- Most buyout investing runs through managers, so direct and co-investment are selective, and the constraint is access to quality deals (Goldman Sachs 2025).
Family offices remain committed to private markets, and they are more inclined to add private equity than any other asset class. How they access it varies. Much runs through managers, while direct deals and co-investment are selective and concentrated in areas such as growth equity, venture, and real estate.
Family offices remain committed to private markets
Alternative assets make up 42 percent of family office portfolios, according to the UBS Global Family Office Report 2026, with private equity at 17 percent in 2025, split between 8 percent in direct investments and 9 percent in funds of funds. Goldman Sachs, in a separate survey, places private equity at 21 percent of portfolios and total alternatives at 42 percent.
Appetite to add private equity is the strongest of any asset class
Even after trimming exposure, family offices are more inclined to increase private equity than any other asset class. Goldman Sachs found that 39 percent plan to increase their private equity allocation over the next 12 months, the largest share for any asset class. More broadly, 60 percent of family offices plan to adjust their strategic asset allocation over the coming year, the highest share UBS has recorded.
Why demand for private capital keeps growing
Companies are staying private longer. Goldman Sachs reports that the median age of a company at its initial public offering rose from 6.9 years in 2014 to 10.7 years in 2024, so more capital is raised privately and for longer. Goldman describes growth equity as an area where demand for capital exceeds supply.
Where the difficulty lies
The constraint is access, not appetite. Strong off-market opportunities are rarely advertised, and the ability to invest directly depends on sourcing and relationships built over years rather than on public channels.
How Barany Group fits
Barany Group introduces curated direct and co-investment opportunities to aligned family offices across Europe, the Middle East, Asia, North America, and Africa. Each opportunity is evaluated before it reaches an investor.
Sources: UBS Global Family Office Report 2026; Goldman Sachs Family Office Investment Insights 2025.