重写规则：家族办公室在新世界秩序中前行

Family offices navigate a new world order Foreword After decades of increasing globaleconomic integration, we see markets areentering a new era, one shaped by policy- To better understand how family offices are navigatingthis evolving environment, and what their plans are forthe road ahead, BlackRock partnered with Illuminas to These changes have forced investors tofundamentally rethink their approachesto asset allocation, portfolio Between March 17 and May 19, 2025, we spoke to 175single-family offices that collectively oversee assets ofmore than U.S. $320 billion, via a combination ofsurveys and a series of in-depth interviews with key Investors are increasingly looking to private markets toprovide additional diversification that has the potentialto deliver higher returns. Indeed, the global alternatives We are grateful to all the family office investors whotook the time to participate and contribute their While the outlook for any number of key factors – frominflation to economic growth – can shift quickly, onething is clear: investors today face a very different Mireille Abujawdeh Lili Forouraghi, CFA Head of Family Offices, Healthcare, Endowments,Foundations, and Official Institutions for Head of Family Offices, Endowments, andFoundations for BlackRock in EMEA Victoria Matthews Head of Family Offices, Endowments andFoundations for BlackRock in the UK Sarah ButcherHead of Institutional for BlackRock in Canada Francisco RosembergHead of Wealth and Family Offices for BlackRockin Latin America Hiro ShimizuHead of Institutional and Regional Head ofNorth Asia, Deputy Head for BlackRock in APAC Executivesummary Geopolitical tensions are making family officesincreasingly cautious and forcing them to rethink An overwhelming majority of family offices (84%) highlighted thecurrent geopolitical landscape as a key challenge, and an increasinglycritical factor in their investment decisions. Pessimism about theglobal macro outlook stands at 60%, matching the figure from ourMay 2023 survey, which was taken during the U.S. Federal Reserve’s Alternative assets continue to be a cornerstoneof family office portfolios, but there are increasing Alternative assets make up close to half (42%) of family officeportfolios, up from 39% in our previous survey. The enduring appealof private markets, as confirmed by family office investors, lies in theirability to deliver illiquidity premia and differentiated return streams.That said, nearly three-quarters (72%) of family offices cited high feesas a significant challenge to investing in private markets, up from just Private credit has evolved into a core allocationfor many family offices. Family offices view private credit’s total return, yield, and liquidity profileas increasingly attractive. Sentiment among family offices is accordinglyquite bullish, with more than half (51%) feeling positive about the assetclass’s prospects, against just 21% that have a negative outlook. Familyoffices’ bullishness is reflected in their upcoming allocation intentions. Family offices have a growing appetite for investingin infrastructure. Infrastructure is gaining strong momentum with family offices. Familyoffices appreciate its alignment with long-term secular growth themes,its perceived resilience and inflation mitigation. Three-quarters (75%)feel positive about the asset class’s prospects, and a mere 5% cite anegative outlook. As a result, three in ten (30%) plan to increase their Family offices are open to deeper and closerpartnerships, rather than transactional relationships. To complement their in-house talent, many family offices seek a certaindegree of collaboration with external partners, especially when it comesto private markets. More than half of respondents noted gaps in theirinternal expertise around private market analytics (75%), deal-sourcing(63%), and reporting (57%). Many respondents are looking to streamline Family offices see potential in AI, but thereare significant barriers to greater adoption. A majority of family offices indicated that they would considerusing AI for a variety of tasks from risk management to cashflow modeling. However, there are technical, organizational, andpsychological barriers that must be overcome before they feelcomfortable adopting AI more broadly. These include lack of Market outlook Sentiment sours amid shocks tothe global economic landscape Prior to these announcements, the majority (57%) offamily offices were already bearish about the globaloutlook, and many (39%) were concerned about apossible U.S. economic slowdown. Post April 3, those Global family offices started the year with acautious outlook on the economy, but a relatively However, sentiment on both of those fronts turned post“Liberation Day” on April 3 when the U.S. administration The tariff announcements have had an especially stronginfluence on family offices’ confidence in achieving theirreturn targets. Pre “Liberation Day,” 64% of survey “Our big