Asian family offices are leaning toward private credit and secondaries for downside protection, according to panellists at the Asia PE-VC Summit 2026, even as UBS survey data shows a wider rebalancing of portfolios.

TL;DR

  • Panellists said family offices are still adding private-markets exposure but are more selective, favouring private credit and secondaries for stability and flexibility (DealStreetAsia, 10 October 2026).
  • UBS's Global Family Office Report 2026 found that 81% of Southeast Asian family offices plan to change their strategic asset allocation in 2026, with AI, power and resources, and automation among the top themes.
  • The panel views are opinions from practitioners, not survey results, and the two sources use different samples.

What did the Asia PE-VC Summit panel say?

DealStreetAsia reported on 10 October 2026 on a panel held on 24 September at the Asia PE-VC Summit 2026. Panellists said Asian family offices are raising their private-markets exposure but being more selective about strategy, with private credit and secondaries preferred for downside protection and flexibility.

Tony Edwards of Sun Hung Kai and Co. said the group is shifting capital from private equity toward credit, adding: "We're seeking more stability and downside protection from that." Rebekah Woo of Farro Capital, which reportedly manages more than US$3.5 billion, said many families already earn strong returns from their core businesses and do not feel the need to take much more risk. LN Sadani of Lensbridge Capital said he favours single-asset, GP-led secondary deals over portfolios of assets. Alex Ma of AO Holdings said no one can predict whether AI is a bubble or when it might burst.

What does the UBS Global Family Office Report 2026 add?

UBS surveyed more than 300 family offices in over 30 markets, with an average net worth of US$2.7 billion. Its Singapore page says 81% of Southeast Asian family offices plan to make changes to strategic asset allocation in 2026, and lists AI, power and resources, and automation and robotics as the top three themes. Finews.asia reported that 60% of respondents globally plan changes and that 88% of Southeast Asian offices have invested in AI. Caproasia, summarising the report, lists global private debt at 4% of portfolios in 2025 with 3% planned for 2026, and global private equity at 21% falling to 17%; for APAC in 2025 it lists private debt at 3% and private equity at 13%.

Do the panel and the survey point the same way?

Not exactly. The panellists describe a tilt toward credit and secondaries inside private markets, while the reported UBS figures show a planned trim to global private debt and private equity weights. These are different samples and measures: a handful of practitioners against a global survey, and a global plan against regional views. Secondaries are not mentioned in the UBS coverage we reviewed, so the survey neither confirms nor contradicts that part of the panel's view. Our earlier coverage of the UBS report, the Citi survey and the Deutsche Bank Singapore poll gives more context.

Why does it matter for family offices in Asia?

The common thread is selectivity. Families with large operating businesses may prefer assets that offer income, protection or defined exit routes, and they are weighing AI exposure without a view on valuations. For readers running or advising family offices, the practical questions are what role each private-markets sleeve plays, how liquid it needs to be, and who is doing the due diligence on GP-led deals. This is general information, not investment, tax or legal advice.

What is not confirmed?

We have not seen the full UBS report, and the Caproasia figures are a secondary summary. DealStreetAsia's article also gave allocation percentages for Southeast Asian offices and a Sun Hung Kai figure that we could not match to the UBS sources, so we left them out. Panel comments are individual views, and the exact size of any shift toward credit or secondaries is not quantified.

Frequently Asked Questions

Are Asian family offices moving into private credit?

Panellists at the Asia PE-VC Summit 2026 said some are, citing downside protection. The UBS figures reported so far do not quantify a shift.

What share of Southeast Asian family offices plan to change their allocations?

81% plan changes to strategic asset allocation in 2026, according to UBS's Global Family Office Report 2026.

Why would a family office choose secondaries?

Panellists said secondaries offer flexibility, and one favoured single-asset GP-led deals. Each carries its own risks and needs separate diligence.

Sources and Method

Compiled from DealStreetAsia (10 October 2026), the UBS Global Family Office Report 2026 web page (Singapore), Finews.asia (28 May 2026) and Caproasia (11 June 2026). Panel remarks are attributed to the speakers as reported. This article is an original rewrite and not financial advice.