Goldman Finds Family Offices Have Less Private Equity Exposure

Some of the world’s richest families are less exposed to private equity as they lean more heavily on public markets, with surging prices underscoring stocks’ value as a consistent wealth engine.

Single-family offices allocated 31%, on average, of their investment portfolio to public equities according to a Goldman Sachs Group Inc. survey of 245 global family offices. That’s up from 28% in 2023, the last time the bank did the survey.

The increase is partly due to soaring values, with the S&P 500 Index up almost 50% over the past two years. But it also reflects wealthy investors’ faith in ...