Goldman Sachs disclosed survey findings showing 39% of family offices intend to increase equity allocations in the coming twelve months, marking the highest concentration of upward position-building since the post-pandemic deployment cycle. The survey polled offices managing a combined $5.3 trillion in assets under supervision, including single-family offices and multi-family platforms. Both public and private equity received buying interest, though private equity drew stronger conviction, with 22% of respondents planning "material" increases versus 17% for listed equities.

The timing coincides with Goldman and Ardian completing a $1 billion acquisition of China Investment Corporation's US private equity secondary stakes, a transaction that closed without prior announcement and underscores institutional appetite for illiquid exposure at current entry prices. Family offices surveyed cited three primary drivers: sustained earnings growth in technology and industrials, private equity valuations 12-18% below 2021 peaks, and reduced correlation between public and private books during rate volatility. Cash allocations fell to a median 11%, down from 19% in mid-2023, suggesting liquidity buffers built during the hiking cycle are now rotating into risk assets.

The shift carries implications for secondary markets and direct co-investment volume. Family offices moving into private equity typically favor middle-market buyouts and growth equity over venture, a preference that aligns with current fundraising patterns where funds targeting $500 million to $2 billion saw the fastest close times in Q4 2024. Public equity interest concentrated in health care, financials, and energy infrastructure, not technology, which most offices already overweight. The Goldman data also noted 61% of respondents expect artificial intelligence investments to generate measurable portfolio returns within 24 months, a tighter timeframe than earlier surveys suggested and one that may pull forward deployment schedules.

Operators should track three developments: Q1 2025 co-investment volumes from family office platforms, secondary pricing in the $250 million to $750 million lot size where family desks transact, and prime brokerage data on leveraged long positioning in financials and industrials. If the 39% allocation increase materializes across the surveyed asset base, it implies roughly $200 billion in incremental equity demand through year-end, enough to tighten spreads in private markets and sustain multiple expansion in mid-cap public equities. The Goldman survey arrives as family offices also report declining allocations to fixed income and real estate, both down 4-6 percentage points from prior-year levels, reinforcing the equity-centric tilt.

The China Investment Corporation secondary sale to Goldman and Ardian, executed at an undisclosed discount to net asset value, signals that sovereign and pension sellers remain willing to crystalize losses for liquidity, creating entry opportunities for patient capital. Family offices with established co-investment relationships and direct sourcing capabilities are positioned to capture those dislocations without paying intermediary carry, a structural advantage as deployment accelerates.