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A version of this article first appeared in the CNBC’s Inside Wealth Newsletter along with Robert Frank, a weekly guide for a high-apene investor and consumer. Sign up To achieve future versions, directly on your inbox.
As the world’s rich have become rich, their investment firms have doubled on private assets such as direct debt and data centers.
The number of family offices with the allocation in private markets has increased by 524% since 2016, which has increased from 651 to 4,067 as per prey data. According to Blackrock -owned alternative investment data platform, this growth crosses money management firms (410%) and settlement and foundation (81%) with the allocation of private markets.
This growth has been marked in recent years, increasing about 21% in 2023 and about 26% in 2024. In the first half of 2025, the number of family offices at risk of private markets increased by 8%.
Armando Sirra, who led Blackrock’s institutional business in the US, said that family office activity reflects widespread interest in private credit and infrastructure from investors. A Blackrock survey This previous spring reported that about one-third single-family offices planned to invest more in private credit and infrastructure from 2025 to 2026.
PWC’s Jonathan Flack told CNBC via email that most of this activity could be attributed to family offices, which have far more money for management. From the estimates of Deloite, family offices managed a joint $ 3.1 trillion In 2024, 63%from 2019.
Family offices are less required for quick cash, so they can tolerate to make private investment, Flack said. With the family offices known to invest for decades or even generations, private markets appeal to their long -term mentality, according to Flack, consultation giant US and Global Family Office Practice Leaders.
He said, “Private markets allow families to invest long -term in an environment of more stable growth than public markets, which have proved to be more unstable in the same period,” he said.
But family offices have become rapidly selective about private offerings. The May 1 survey by UBS found that family offices plan to increase their private loan holdings but Trim their personal equity bets The market developed in 2025 in favor of equity. For American family offices, the expected drawdowns were particularly standing.
He said, when asked about his five -year plans, more family offices aims to increase their allocation for private equity and other private assets rather than reducing their allocation.
