全球家族办公室投资见解-高盛-24页

Widening the Aperture Family Office Investment Insights We are pleased to share our inaugural Goldman Sachs family office report with you— Widening the Aperture: Family Office Investment Insights— which draws from our firm’s first global survey of family office stakeholders and from our collective experience working with family offices. The family office community has rapidly transformed. While industry metrics are limited and widely varied, our observations and experiences suggest that this investor base continues to grow in size and influence. Across this landscape, family offices differ substantially in their purpose, investment policy, and infrastructure. Some handle the ongoing management of noninvestment family affairs, including tax and estate planning, philanthropy, and risk management. Other family offices have significant operating and portfolio company interests. Others transact and operate similarly to traditional hedge funds. At Goldman Sachs, we have had the opportunity to build longterm relationships with family offices and family-controlled enterprises around the world with diverse needs and objectives. Our distinct position serving the family office community across our global franchise affords us unique perspectives on this highly complex investor base. This report encapsulates the views of over 150 distinct family office decision-makers from every major region, along with our shared observations on the institutional family office landscape. We strive to capture the compelling themes and common investment behaviors across a wide array of family offices, focusing on the subset whose asset bases are in line with other institutional investors and whose investment management functions are mostly provided by a robust team of in-house investment professionals. Our findings are organized into three principal areas of discussion: the evolving family office industry, current and future asset allocation, and family office investing themes. As family offices continue to grow in number and size—amid increased monetization events and equity valuations—we have witnessed their influence on the capital markets grow in tandem. It is our view that this momentum is more than likely to endure, given the sophistication of family offices and their relatively unique position of being unencumbered by benchmarks, fixed mandates, exit timelines, and outside investors. While the respondents of this survey hail from family offices, our objective is for these findings to be helpful to family offices and non–family offices alike. We believe that providing a peek under the hood into the institutional family office cohort’s interests and priorities can reveal established and emerg...