CNBC and Addepar released the Family Office Portfolio Tracker this week, a quarterly data product aggregating asset allocations across family offices managing approximately $500 billion. The inaugural report shows public equities as the fastest-growing asset class in the surveyed family office portfolios, with allocations rising nearly 20% over the past year, while real estate holdings declined by mid-single digits.
The tracker pulls anonymized data from Addepar's platform, which serves over 700 family offices and 400 registered investment advisors globally. The product launches as family offices have grown to an estimated 10,000 worldwide, managing combined assets north of $6 trillion. CNBC positions the tracker as the first publicly available benchmarking tool for this historically opaque segment, offering quarterly updates on asset class weightings, geographic exposures, and sector tilts.
The shift toward public equities matters because it signals a reversal of the decade-long trend toward private markets and alternative assets. Family offices spent the 2010s building out private equity, venture capital, and direct real estate portfolios, chasing illiquidity premiums and differentiated returns. The pivot back to liquid equities suggests two dynamics: first, that public market volatility over the past 18 months created entry points family offices couldn't ignore, and second, that private real estate—particularly office and certain retail exposures—has become a risk these allocators no longer want to hold at prior weightings.
The real estate decline is especially notable. Family offices have historically treated property as a generational hold, a stable income generator and inflation hedge. The fact that they're actively reducing exposure, rather than simply pausing new investment, indicates a structural reassessment. Rising interest rates compressed valuations, remote work pressures continue to weigh on office assets, and the bid-ask spread in commercial real estate has kept many portfolios mark-to-model rather than mark-to-market. Public equities, by contrast, offer daily liquidity, transparent pricing, and—after the 2022 drawdown—valuations that many family offices view as attractive relative to private alternatives.
The tracker will publish quarterly, giving allocators a rolling view of peer positioning. Family offices should watch three follow-on effects over the next six months: whether the equity tilt persists through Q2 earnings season, whether private credit allocations rise as an alternative to direct real estate, and whether venture capital weightings decline as distributions slow and markdowns continue. The Addepar dataset will also reveal whether smaller family offices (under $500 million) are moving in step with larger peers or maintaining legacy allocations.
The product itself is a brand play for both firms. CNBC secures a recurring data franchise in the wealth management space, while Addepar positions its platform data as the industry standard for family office benchmarking. The tracker's credibility will rest on sample size and representativeness—if the data skews toward tech-heavy West Coast offices or legacy East Coast wealth, the insights will be directional rather than definitive.
The takeaway
Family offices are rotating into public equities and out of real estate, per the new CNBC-Addepar tracker covering **$500 billion** in assets.
family officespublic equitiesreal estateaddeparcnbcasset allocation
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