1、Rewriting the rulesFamily offices navigate a new world orderFOR INSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIED INVESTORS AND QUALIFIED,PERMITTED CLIENTS ONLYMKTGH0725U/M-4613621-1/28FOR INSTITUTIONAL,PROFESSIONAL,ACCREDITED,WHOLESALE,QUALIFIED INVESTORS AND QUALIFIED,PERMITTED CLIENTS ONL

2、Y2These changes have forced investors to fundamentally rethink their approaches to asset allocation,portfolio construction,and risk management as they build resilience in their investment portfolios.Investors are increasingly looking to private markets to provide additional diversification that has

3、the potential to deliver higher returns.Indeed,the global alternatives industry is forecast to exceed$30tn in assets under management by 2030,according to Preqin1.While the outlook for any number of key factors from inflation to economic growth can shift quickly,one thing is clear:investors today fa

4、ce a very different landscape than they did a few years ago.To better understand how family offices are navigating this evolving environment,and what their plans are for the road ahead,BlackRock partnered with Illuminas to conduct a global survey of family offices priorities,challenges and portfolio

5、 positioning.Between March 17 and May 19,2025,we spoke to 175 single-family offices that collectively oversee assets of more than U.S.$320 billion,via a combination of surveys and a series of in-depth interviews with key decision-makers at family offices around the world.We are grateful to all the f

6、amily office investors who took the time to participate and contribute their insights to this survey.After decades of increasing global economic integration,we see markets are entering a new era,one shaped by policy-driven economics,shifting alliances,and growing political fragmentation.ForewordLili