【英文】高盛报告：全球家族办公室投资见解（24页）

This report examines family offices across the globe that are institutional in nature— their asset bases are in line with other institutional investors, and their investment  management functions are professionally staffed.Family offices’ asset allocation tends to have outsized exposure to alternative investments.  This reflects their higher return hurdles, patient capital pools, and professional diligence  capabilities. On average, respondents’ portfolios have a 45% combined allocation to private  equity, real estate, private credit, and hedge funds.About two-thirds of respondents are thinking about  a prolonged low-rate environment, and a similar  number are monitoring inflation. In both cases,  many are reaching for higher returns and higher risk  (increasing their allocation to equities, for example).Almost universally,  respondents have at  least some exposure to  private equity. While we  observe many family offices  invest in private equity  through both funds and  direct transactions, a greater  percentage of respondents  in EMEA and Asia indicated  they invest through  managers in comparison to  respondents in the Americas.

Environmental, social, and governance (ESG) is front and center, with a majority of  respondents moderately to extremely focused on implementing such principles across  their philanthropic efforts, workplace policies, and investing strategy, with an even  sharper focus among EMEA respondents. We anticipate that regulatory tailwinds, the next  generation coming into investment decision-making seats, and technological and business  innovation will serve as key catalysts for a continued shift into ESG investments.While most respondents are not currently invested in cryptocurrencies, almost half  are considering initiating exposure in the future. Among respondents with no current  cryptocurrency exposure, their most cited reason for caution stemmed from skepticism  about cryptocurrencies as a store of value. Outside of cryptocurrencies, we expect to see  family offices monitoring the evolution and potential use cases for other digital assets and  blockchain technology more broadly for future investment opportunities.