2025年全球家族办公室报告

2025 Global Family Office Report At a Glance Executive Summary Strong returns across public and private markets translated into more capital and flexibility for families, withwealth creation accelerating in the United States and globally. Growth defined the global family office ecosystemin 2025. Even so, concentration remained a defining feature for many entrepreneurial families, with portfolios still Liquidity strengthened materially, supported by private market exits, public market gains, and a moreconstructive IPO backdrop. Strategic M&A, sponsor-backed activity, and VC secondaries drove a new wave ofrealizations, accelerating diversification and prompting families to formalize family office capabilities earlier. The This growth is reshaping not only portfolios, but operating models. Newer offices, often formed by youngerprincipals with technology roots, are increasingly being set up earlier and run like active investment platforms,with more appetite for direct investing and quicker decision making. At the same time, established multi- Wealth migration remains a key theme to watch. Families are optimizing for global access, resilience, andoptionality by building or expanding their presence in gateway markets such as Singapore, Dubai, Miami, and Taken together, 2025 marked a step-change in how family offices operate. More families had liquidity to workwith, more are choosing to invest directly, and more are building professional teams and structures sooner. Wherethey base the office and who they can hire is shaping what they can access, how fast they can move, and how 2025 Global Family Office Report Key Takeaways More family offices are investing directly More families are moving beyond a “managers only” approach and increasing direct deals and co-investmentsto pursue higher-return opportunities with conviction, gain more control over portfolio construction, and deepen Liquidity is coming earlier and in more forms Founders and families now have more flexibility in how and when they generate liquidity. Secondaries, tenderoffers, and structured solutions have made partial liquidity a standard feature of the private company lifecycle,even as businesses remain private for longer. Traditional exits still play a central role as well. Improving IPO Gateway markets are growing in influence Singapore, Dubai, Miami, and Switzerland continue to attract families looking for stability, global connectivity,and tax advantages. Dubai has become a leading center for the Middle East and a common base for global Talent is the constraint Building a capable family office is now as much about people as it is about capital. Families are competingfor talent seeking professionals with the right blend of experience, network, and expertise in alternatives. Family offices are leaning into select themes AI and health innovation continue to be a central focus area, with energy transition and deep tech rising asfamilies look for longer term opportunities. Sports investing also shows up as a theme, in part because franchises These shifts show up most clearly in how family offices are putting capital to work, which we coverin detail in Part II. Before that, Part I looks at the key markets around the globe. PART I: The Landscape Geographic Distribution The global family office map is shifting. Traditional financial centers still matter, but more families are settingup offices in gateway markets. The sections that follow group the most active locations into three buckets: Core Core Markets Singapore offers regional access alongside a deep wealth management ecosystem. The 13O and 13U schemes Notable Family Offices: • Oppenheimer Generations Asia– Asia-based arm of the Oppenheimer family platform, with diversifiedexposure across public and private markets. New York: Deep Capital Markets and Talent New York remains a core market for family offices because it offers unmatched access to capital markets,investment relationships, and experienced talent. For many families, it is a practical base for building and running Notable Family Offices: • Mousse Partners– The investment office for the Wertheimer family (Chanel family), managing long-term • DFO Management– Dell family investment office focused on technology, private equity, venture, and London: European Base with Global Reach London remains a practical European base with strong legal, advisory, and banking infrastructure for cross-border Notable Family Offices: • Grosvenor Estate– Large multi-generational family office with significant real estate exposure. • INEOS Family Office– Investment platform linked to Sir Jim Ratcliffe, with diversified exposure across 2025 Global Family Office Report Hong Kong: Center for Asian Entrepreneurial Wealth Hong Kong remains a core Asian hub for family offices, combining deep capital markets with a mature privatebanking and advisory ecosystem. It continues to serve as a practical base for families managing wealth an