Key Takeaways
- • BlackRock's 2026 Family Office Survey, conducted with Preqin, polled more than 200 single-family offices across the Americas representing nearly $500 billion in investable assets, and identified a generational divide between newer and established offices.
- • Nearly four in ten family offices say the next generation is more willing to take investment risk, while only one fifth say younger members are more conservative.
- • Governance and decision-making now rank as the most frequently cited challenge, with nearly 30% of family offices listing them as a top concern, ahead of investment returns.
- • Infrastructure interest is strongest among newer offices, with nearly 40% planning to increase allocations versus just over 15% of established offices.
- • More than three-quarters of respondents cite the exit environment as a concern for returns, and nearly two-thirds report limited or no next-generation involvement in investment decisions.
Summary
BlackRock research released October 21, 2026 finds a generational divide emerging among family offices as an estimated $124 trillion passes to heirs and charities between 2024 and 2048. The survey of more than 200 single-family offices across the Americas, representing nearly $500 billion in investable assets, found clear differences between newer and established offices in how they approach investing, liquidity, risk and governance. Nearly four in ten respondents say the next generation is more willing to take investment risk, while only one fifth say younger family members are more conservative. Established offices focus more on market downturns, leverage and manager selection, while newer offices emphasize fees, transparency and illiquidity.
Private markets remain a priority across both groups, though their approaches diverge. Nearly three in ten family offices plan to increase infrastructure allocations over the next 12 months, with nearly 40% of newer offices planning increases compared with just over 15% of established offices. In private equity, 45% of newer offices favor secondaries versus just under 30% of established offices, while established offices show a stronger preference for co-investments (75% versus 60%). Established offices are more likely to view private credit as a source of income (nearly 35%) or diversification (just over 30%), while newer offices prioritize absolute risk-adjusted returns. Liquidity targets vary widely: more than 25% of respondents target less than 30% of portfolios in liquid assets, while nearly 25% target more than 60%.
More than half of respondents are adjusting portfolios as markets shift, most commonly by increasing diversification (35%). Governance has overtaken returns as the leading challenge, and more than four in ten offices cite growing geographic dispersion of family members as creating new difficulties, with over 70% of those citing tax and regulatory considerations. More than half say AI is increasingly important or core to operations, mainly for research and productivity, yet fewer than 10% say it is extensively integrated into investment decision-making. Jessica Bulen, Head of U.S. Family Capital, Endowments, Foundations and Healthcare at BlackRock, said that nearly two-thirds of offices report limited or no next-generation involvement in investment decisions, and that bridging this gap will be critical. Armando Senra, Head of the Americas Institutional Business at BlackRock, said newer offices approach private markets and liquidity differently than established peers.
Private markets remain a priority across both groups, though their approaches diverge. Nearly three in ten family offices plan to increase infrastructure allocations over the next 12 months, with nearly 40% of newer offices planning increases compared with just over 15% of established offices. In private equity, 45% of newer offices favor secondaries versus just under 30% of established offices, while established offices show a stronger preference for co-investments (75% versus 60%). Established offices are more likely to view private credit as a source of income (nearly 35%) or diversification (just over 30%), while newer offices prioritize absolute risk-adjusted returns. Liquidity targets vary widely: more than 25% of respondents target less than 30% of portfolios in liquid assets, while nearly 25% target more than 60%.
More than half of respondents are adjusting portfolios as markets shift, most commonly by increasing diversification (35%). Governance has overtaken returns as the leading challenge, and more than four in ten offices cite growing geographic dispersion of family members as creating new difficulties, with over 70% of those citing tax and regulatory considerations. More than half say AI is increasingly important or core to operations, mainly for research and productivity, yet fewer than 10% say it is extensively integrated into investment decision-making. Jessica Bulen, Head of U.S. Family Capital, Endowments, Foundations and Healthcare at BlackRock, said that nearly two-thirds of offices report limited or no next-generation involvement in investment decisions, and that bridging this gap will be critical. Armando Senra, Head of the Americas Institutional Business at BlackRock, said newer offices approach private markets and liquidity differently than established peers.
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