By Justus Jandt

Family offices are operating as disciplined, long-term investors focused on capital preservation and measured risk-taking. They are taking on a more active role within those investments - moving beyond passive ownership toward direct involvement, most visibly in private equity, where hands-on engagement is becoming a defining characteristic. At the same time, geopolitical uncertainty, structural market shifts and accelerating technological change are pushing family offices across the DACH region to reassess their portfolios, their priorities and their internal structures.

A more complex risk environment

Geopolitical upheaval has moved decisively to the top of the risk agenda, overtaking interest rate uncertainty, which has declined in relative importance as investors adapt to the current rate environment. Structural risks - including digitalization and energy security - are also rising. Rather than triggering paralysis, navigating successive crises appears to have strengthened risk management capabilities across the sector, enabling a more disciplined and flexible response to market disruption.

Deliberate reallocation toward control and resilience

Family offices are adjusting their asset mix with a clear bias toward control and stability. Private equity has emerged as the primary growth vehicle, with a strong majority planning to increase exposure through fund structures and, where expertise allows, direct investments. Defensive assets, including precious metals, are also gaining ground. Venture capital and crypto/digital assets, by contrast, are being scaled back by a growing share of respondents.

At the sector level, infrastructure leads as the top investment focus, valued for stable, inflation-linked returns. Healthcare and medicine attract sustained interest aligned with long-term demographic trends. Artificial intelligence is gaining traction for its cross-sector growth potential, while finance and fintech are rising from a low base. The overall approach reflects a deliberate balance between resilient core exposures and selective positions in high-growth themes.

Selective internationalization and organizational maturity

Geographically, family offices remain international but concentrated. North America remains the primary destination; Northern Europe is the leading area for planned increases. Appetite for higher-risk regions is declining, with incremental adjustments - rather than structural exits - defining the current posture.

For senior decision-makers managing long-term, multi-generational capital, our Family Office Study provides a data-driven benchmark and a forward-looking perspective on the investment priorities shaping the sector in the years ahead.