Global Family Office Report 2025: What the Data Reveals About Shifting Priorities

Seventy-three percent of family offices globally plan to increase their allocations to private markets over the next two years, according to Ocorian's 2025 Global Family Office Report — a finding that carries direct implications for principals across Asia-Pacific who are already navigating compressed public-market returns and intensifying competition for quality deal flow. The report, drawn from a survey of senior decision-makers at single and multi-family offices managing assets across multiple jurisdictions, offers granular snapshots yet of how the world's wealthiest families are repositioning capital, restructuring governance, and preparing the next generation for stewardship roles.

For principals in Singapore, Hong Kong, and Dubai, the timing of this report matters acutely. Regulatory frameworks under the Monetary Authority of Singapore (MAS), the Securities and Futures Commission (SFC) in Hong Kong, and the Dubai International Financial Centre (DIFC) are all in active evolution, with new fund structures and enhanced due-diligence requirements reshaping how family offices domicile assets and engage with managers. Understanding where global peers are allocating — and why — is no longer optional background reading; it is core to competitive positioning.

Private Markets Dominate Allocation Intent Across Every Region

The single most striking data point in Ocorian's 2025 report is the scale of the pivot toward private markets. Beyond the headline 73% figure on planned increases, the report notes that private equity and private credit together already represent an average of 38% of family office portfolios surveyed — a proportion that has grown from roughly 28% just three years ago. Real assets, including infrastructure and timberland, account for a further 12% on average, meaning that illiquid or semi-liquid strategies now constitute the majority of many family office balance sheets.

In the Asia-Pacific context, this trend intersects with the growth of Singapore's Variable Capital Company (VCC) structure, which MAS introduced in 2020 and has since attracted over 1,000 registered funds. The VCC's ability to house multiple sub-funds under a single legal entity makes it particularly well-suited to family offices running parallel private equity, private credit, and real estate mandates without the operational complexity of maintaining separate offshore structures. Principals who have not yet reviewed whether their current domicile structure is optimised for a private-markets-heavy portfolio should treat that review as a near-term priority. Hong Kong's Open-Ended Fund Company (OFC) offers a comparable option for offices with stronger ties to Greater China deal flow, and the SFC has been actively encouraging uptake through streamlined authorisation pathways.

"Private equity and private credit together already represent an average of 38% of family office portfolios surveyed — up from roughly 28% just three years ago." — Ocorian 2025 Global Family Office Report

Governance and Succession: The Structural Gaps That Persist

Despite years of industry focus on governance best practice, Ocorian's 2025 data reveals that 54% of family offices surveyed still lack a formally documented succession plan. Among offices managing below US$500 million in assets under management, that figure rises to 61%. These are not hypothetical risks: the report identifies succession-related disputes as the single most common trigger for family office restructuring events in the prior 24-month period, ahead of regulatory changes and investment losses.

The governance deficit is particularly relevant for first- and second-generation offices across Southeast Asia and the Gulf, where founding principals retain both investment authority and operational control. The absence of a documented investment policy statement (IPS), a family constitution, or a defined next-generation onboarding pathway creates structural fragility that no amount of alpha generation can offset. DIFC-domiciled family offices benefit from the DIFC's Family Arrangements Regulations, which provide a dedicated legal framework for multi-generational wealth planning — a tool that remains underutilised relative to the volume of assets now managed from that jurisdiction.

On the next-generation front, 67% of respondents in the Ocorian report said that preparing the next generation for governance responsibilities was among their top three operational priorities for 2025. Yet fewer than one in three offices had a structured next-gen education programme in place. The gap between stated priority and operational reality is one of the more actionable findings in the report, suggesting that external advisory support — whether from a multi-family office platform, a private bank, or a specialist governance consultant — remains in strong demand.

Talent, Technology, and the Operating Model Under Pressure

Staffing costs and talent retention emerged as the second-largest operational concern in the Ocorian survey, cited by 58% of respondents. The report notes that median total compensation for a chief investment officer at a single-family office with more than US$1 billion AUM has risen by approximately 22% since 2022, driven by competition from asset managers, sovereign wealth funds, and the expanding universe of multi-family office platforms seeking experienced investment professionals. In Singapore and Hong Kong, where the supply of qualified family office professionals is structurally constrained relative to demand, this pressure is acute.

Technology adoption is accelerating as a partial response. The report finds that 44% of family offices have deployed or are actively piloting portfolio aggregation and reporting platforms, up from 31% in the prior year's survey. A further 29% are evaluating consolidated data infrastructure to support both investment oversight and regulatory reporting obligations — the latter being an increasingly significant driver as MAS's family office incentive schemes (notably the 13O and 13U tax exemptions) carry enhanced reporting requirements that took effect in 2023. Offices that have not yet invested in scalable reporting infrastructure risk both compliance exposure and the operational drag of manual reconciliation across multiple custodians and fund administrators.

Philanthropy and Impact: From Aspiration to Allocation

One of the more nuanced findings in Ocorian's 2025 report concerns the formalisation of philanthropic and impact-related activity. Forty-one percent of family offices surveyed now have a dedicated philanthropic vehicle — a charitable foundation, donor-advised fund, or equivalent structure — compared with 34% in the 2023 edition of the same report. Among offices with AUM above US$2 billion, that figure rises to 68%, suggesting that formalisation of giving correlates strongly with scale and institutional maturity.

In Asia-Pacific, the philanthropic structuring conversation increasingly intersects with impact investing mandates. Singapore's Philanthropy Tax Incentive Scheme and the MAS's Green and Sustainability-Linked Loan Grant Scheme are among the tools that principals are using to align charitable and investment activity. The shift from ad hoc charitable giving to structured impact allocation is not merely reputational management — it reflects a genuine next-generation preference for purpose-aligned capital deployment that offices ignore at the cost of future governance cohesion. The report notes that 52% of next-generation family members surveyed identified impact investing as their highest-priority area for increased involvement, ahead of private equity and real estate.

Strategic Takeaways for Asia-Pacific Family Office Principals

1. Audit your private markets exposure and structure: If private equity and private credit exceed 35% of AUM, review whether your current domicile — VCC in Singapore, OFC in Hong Kong, or a DIFC structure — is optimised for operational efficiency and regulatory compliance.
2. Document your succession framework now: A formally ratified investment policy statement, family constitution, and next-gen onboarding plan are not administrative luxuries. They are the structural foundation that determines whether wealth survives a generational transition.
3. Benchmark your CIO compensation: With total compensation for senior investment staff up approximately 22% since 2022, underpaying key personnel is a retention risk that compounds over time.
4. Invest in reporting infrastructure before the regulator requires it: MAS 13O and 13U scheme holders face enhanced reporting obligations. Consolidated data platforms reduce both compliance risk and operational cost.
5. Formalise your philanthropic vehicle: A structured charitable foundation or donor-advised fund creates tax efficiency, governance clarity, and a meaningful pathway for next-generation engagement.
6. Map your impact allocation to next-gen priorities: With 52% of next-generation family members prioritising impact investing, offices that lack a credible impact framework risk governance friction at the moment of succession.

Frequently Asked Questions

What does Ocorian's 2025 Global Family Office Report cover?

The report surveys senior decision-makers at single and multi-family offices globally, examining allocation trends, governance structures, succession planning, talent pressures, technology adoption, and philanthropic activity. Key data points include the finding that 73% of family offices plan to increase private markets allocations and that 54% lack a formally documented succession plan.

How does the VCC structure in Singapore benefit family offices with private markets exposure?

Singapore's Variable Capital Company (VCC), regulated by MAS, allows multiple sub-funds to operate under a single legal entity with segregated liability. This makes it well-suited to family offices running parallel private equity, private credit, and real estate mandates, reducing the administrative and cost burden of maintaining separate offshore structures for each strategy.

What are the MAS 13O and 13U tax exemptions, and what reporting do they require?

The MAS Section 13O and 13U schemes provide income tax exemptions for qualifying family office fund vehicles in Singapore. Enhanced conditions that took effect in 2023 require minimum AUM thresholds (S$10 million for 13O, S$50 million for 13U at fund level), minimum local investment spending, and annual reporting to MAS on fund activities, local hiring, and investment activity — making scalable reporting infrastructure operationally essential.

How should family offices in Asia approach next-generation engagement in light of the 2025 report findings?

The Ocorian report finds that 52% of next-generation family members prioritise impact investing as their primary area for increased involvement. Offices should consider establishing a structured impact allocation framework alongside a formal next-gen governance education programme. Tying philanthropic vehicles — whether a Singapore-registered charity, a DIFC foundation, or a Hong Kong-based charitable trust — to the next generation's involvement creates both engagement and governance continuity.

What to Watch: Key Developments Ahead for Family Offices in Asia-Pacific

Several regulatory and market developments will shape family office strategy in the months ahead. MAS is expected to publish updated guidance on the VCC's use in fund-of-one structures, which has implications for single-family offices seeking greater flexibility in private asset custody arrangements. In Hong Kong, the SFC's ongoing review of the OFC regime is anticipated to include provisions that make the structure more accessible for family offices with sub-US$100 million mandates — a segment currently underserved by existing fund domicile options. At the DIFC, the Family Wealth Centre launched in 2023 continues to expand its advisory and structuring services, with new bilateral arrangements with Asian jurisdictions expected to be announced before year-end. Principals should also monitor the outcomes of Singapore's MAS consultation on enhanced single-family office disclosure requirements, which could introduce new transparency obligations for the approximately 1,650 family offices currently operating under MAS oversight. The convergence of these regulatory developments with the allocation and governance trends identified in Ocorian's 2025 report means that the next 12 months will be a defining period for offices that are serious about institutional-grade operations. Principals who treat the report's findings as a benchmarking tool — rather than background reading — will be better positioned to make the structural decisions that compound over decades.

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