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Private Markets

Private markets have grown steadily over the past 20 years but still represent only 6% of the public markets.

Source: BlackRock Investment Institute, with data from Preqin, June 2020.

Notes: The bars represent the sum of net asset value of closed-end funds as well as dry powder of funds in these asset classes: private equity and venture capital, real estate, private debt, infrastructure and natural resources. The line shows the size of private markets relative to that of public markets.

PE is a core part of Family Office allocation


of new deals of Family Offices come from banks


of Family Offices view due diligence provided by advisers as crucial for assessing risk /return matrix


of Family Offices are allocated to PE, with Directs being a key part of portfolios

“Family offices appear to be leading the ESG integration, planning to increase their allocations”


of family offices say that climate change has already influenced their investment choices


Target allocation to Sustainable investments

*Survey conducted among 121 single Family Offices with average AuM of $1.6bn

“For many business families PE is in the blood”


invest in both funds and direct investments, up from 31% in 2020


think PE will deliver higher returns than public equity markets, while 44% see it as a source of diversification

“In the turbulent post-COVID-19 environment, family offices took comfort in the greater control they could exercise over direct investments”.

*Survey conducted among 121 single Family Offices with average AuM of $1.6bn

Total number of direct venture investments made by family offices, globally


Share of Family office in global VC deals
Totalling $27bn in 2020


Number of Direct venture capital investments in FO portfolios v 10 Funds (Campden Wealth 2021 report)

Source: Pitchbook and SVB analysis.
Note: 2021 1H data current as of August 31st 2021. Deal count captures investors that self identify as family offices. Many FOs with established “single LP funds” do not self identify as family offices with Pitchbook, so the numbers presented will underestimate actual FO investment activity. Excludes all investments made into funds as LPs.

Obstacles remain for UHNWIs to increase their allocation to private market opportunities

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