Nearly 40% of family offices surveyed by Goldman Sachs intend to increase equity allocations across public and private markets this year, the firmest signal yet that patient capital is rotating back into risk assets after two years of defensive positioning. The survey, published this week, tracks sentiment among institutions that collectively manage an estimated $6 trillion globally and typically move capital in multi-year cycles rather than quarterly.

The intended allocation increase spans both listed equities and private market stakes, suggesting family offices view current valuations as entry points rather than risk zones. Goldman did not disclose the total respondent count or geographic weighting, but prior waves of this survey have centered on North American and European offices managing between $500 million and $5 billion in assets under management. The survey timing matters: it was fielded in late 2024, after equity markets had already rallied 23% from October lows, indicating allocators see further upside rather than chasing performance.

This matters because family office capital moves slowly and sticks. Unlike hedge funds or mutual funds, these allocators do not face quarterly redemption pressures or benchmark-relative mandates. When 40% signal a directional shift, it implies multi-year conviction, not tactical repositioning. The survey arrives as Northern Trust named a dedicated family office chief investment officer this week, a structural acknowledgment that this segment now demands specialized infrastructure. Northern Trust's move follows similar hires at JPMorgan Private Bank and UBS in the past eighteen months, all targeting the same cohort Goldman surveyed.

The equity rotation also reflects a broader pattern: family offices that sat in cash and short-duration fixed income during the 2022-2023 rate shock are now redeploying. Goldman's survey did not specify whether the equity increase comes at the expense of cash, bonds, or alternative assets, but allocator conversations over the past six months consistently cite private credit as overallocated and public equities as underweight relative to historical norms. If 40% are adding equity exposure, the capital has to come from somewhere, and cash balances at family offices remain elevated at roughly 18% of portfolios, according to UBS data from Q4 2024.

Operators and allocators should watch three follow-on signals. First, family office participation in private equity secondaries markets, which typically accelerates when allocators want exposure without primary fund lockup periods—expect volume data from Jefferies and Lazard by mid-Q2. Second, public equity flows into mid-cap growth names, where family offices tend to concentrate when rotating back into equities, visible in 13F filings due in May. Third, any uptick in family office co-investment activity alongside institutional private equity sponsors, a sign they are bypassing funds entirely to control deployment pace.

Goldman published the survey without naming specific offices or disclosing whether respondents manage single-family or multi-family capital, which limits precision but not direction. The 40% figure is high enough to move markets if it translates into actual deployment over the next twelve months, and family offices telegraph poorly—they do not file advance notice.