【英文】高盛报告：全球家族办公室投资见解（24页）

英文研究报告 2021年09月16日 11:38 管理员

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.