Key Takeaways
- • A survey of 200 family office industry leaders collectively overseeing $68.26 billion in AuM reveals significant appetite for alternative asset expansion, with 46% planning to increase private equity allocations by 10-25% over the next two years.
- • Infrastructure emerges as the standout alternative asset class, with 64% of respondents expecting to raise infrastructure exposure by 25-50% within the next two years, substantially outpacing private equity allocation growth.
- • The shift toward alternatives is driven by decades-long structural factors: shrinkage of listed companies since the 1990s, a decade-plus of ultra-low interest rates post-2008 crushing equity yields, and pandemic-related market volatility.
- • Survey respondents span 13 major wealth jurisdictions including the UK, UAE, Singapore, Switzerland, Hong Kong, and the Caribbean financial centers, reflecting a global family office trend rather than a regional phenomenon.
- • Historical surveys from UBS and BNY Wealth corroborate the trend, with two-thirds of family offices planning increased private equity allocation and approximately 30% targeting higher exposure to private debt.
Summary
Family offices globally are accelerating their pivot toward alternative investments, with infrastructure emerging as the most favored asset class among wealth managers. According to a June 2025 survey conducted by Ocorian and research firm PureProfile, 200 family office industry figures collectively managing $68.26 billion in assets under management signaled clear intentions to expand alternative holdings substantially over the next 24 months.
The appetite for infrastructure is particularly pronounced. Sixty-four percent of respondents expect to increase infrastructure exposure by 25-50% within two years—nearly a full percentage point higher than those planning to boost private equity allocations. While 46% plan to raise private equity holdings by 10-25% over the same period, infrastructure's stronger growth trajectory suggests wealth managers view it as a more attractive or complementary allocation within their alternative investment mandates.
Several structural and cyclical factors are fueling this reallocation. The persistent shrinkage in the number of publicly listed companies since the 1990s has compressed opportunities in traditional equity markets, directing capital toward private alternatives. The extended period of ultra-low interest rates following the 2008 financial crisis systematically eroded yields on listed equities, making illiquid alternatives more strategically appealing. More recent pandemic-related volatility has further accelerated family offices' conviction that direct or semi-private exposure—particularly in infrastructure's relatively stable, cash-generative assets—offers superior risk-adjusted returns and portfolio stability.
The geographic breadth of the survey reinforces the global nature of this trend. Respondents span 13 major wealth jurisdictions: the UK, United Arab Emirates, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius, Bahrain, Bermuda, Cayman Islands, British Virgin Islands, and Jersey. This international representation suggests the shift toward alternatives reflects broad structural market conditions rather than isolated regional dynamics. Simona Watkis, head of private client services for Cayman at Ocorian, noted: "We're seeing a clear acceleration in the shift toward alternative investments across both mature and emerging family office markets."
Broader industry surveys from institutional managers corroborate these findings. Research from UBS and BNY Wealth indicates that just over two-thirds of family offices plan to increase private equity allocations, while approximately 30% target higher exposure to private debt. Collectively, these data points demonstrate a fundamental rebalancing within the family office sector away from traditional public markets toward illiquid, yield-generative alternatives—with infrastructure commanding particular attention as a dual-benefit asset combining capital appreciation with stable cash flows.
The appetite for infrastructure is particularly pronounced. Sixty-four percent of respondents expect to increase infrastructure exposure by 25-50% within two years—nearly a full percentage point higher than those planning to boost private equity allocations. While 46% plan to raise private equity holdings by 10-25% over the same period, infrastructure's stronger growth trajectory suggests wealth managers view it as a more attractive or complementary allocation within their alternative investment mandates.
Several structural and cyclical factors are fueling this reallocation. The persistent shrinkage in the number of publicly listed companies since the 1990s has compressed opportunities in traditional equity markets, directing capital toward private alternatives. The extended period of ultra-low interest rates following the 2008 financial crisis systematically eroded yields on listed equities, making illiquid alternatives more strategically appealing. More recent pandemic-related volatility has further accelerated family offices' conviction that direct or semi-private exposure—particularly in infrastructure's relatively stable, cash-generative assets—offers superior risk-adjusted returns and portfolio stability.
The geographic breadth of the survey reinforces the global nature of this trend. Respondents span 13 major wealth jurisdictions: the UK, United Arab Emirates, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius, Bahrain, Bermuda, Cayman Islands, British Virgin Islands, and Jersey. This international representation suggests the shift toward alternatives reflects broad structural market conditions rather than isolated regional dynamics. Simona Watkis, head of private client services for Cayman at Ocorian, noted: "We're seeing a clear acceleration in the shift toward alternative investments across both mature and emerging family office markets."
Broader industry surveys from institutional managers corroborate these findings. Research from UBS and BNY Wealth indicates that just over two-thirds of family offices plan to increase private equity allocations, while approximately 30% target higher exposure to private debt. Collectively, these data points demonstrate a fundamental rebalancing within the family office sector away from traditional public markets toward illiquid, yield-generative alternatives—with infrastructure commanding particular attention as a dual-benefit asset combining capital appreciation with stable cash flows.
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