Geopolitical tensions increase the pressure on family offices to take action

• Geopolitics emerges as the primary risk driver: 88 percent of family offices view it as their most pressing challenge
• Family offices are reallocating assets: Private equity is gaining significant weight, with over 50 percent of respondents planning to increase their investments
• International investment remains the norm: 90 percent invest globally—primarily in North America (88%), Northern Europe (87%), and Japan (72%)

Munich, July 2026: Family offices are strategically repositioning themselves: they are professionalizing their structures, placing greater emphasis on long-term resilience, and demonstrating an increasing ability to actively adjust their portfolios in response to geopolitical tensions and structural risks. These findings come from the latest Roland Berger study, "New asset allocation in challenging times," which surveyed 88 family office representatives across the DACH region.

Geopolitical upheavals are currently dominating the agenda for the family offices surveyed. 88 percent rate them as a "significant" or "very significant" challenge—a marked increase from the previous year's survey (65%). This heightened uncertainty is directly impacting investment decisions and strategic portfolio management. The interest rate environment also remains a relevant factor (68%), though it is viewed as slightly less urgent than in the previous survey.

Against this backdrop, family offices continue to actively rebalance their portfolios. While real estate remains the most widely held asset class (97%), it is simultaneously facing greater scrutiny. Cash positions (94%) also remain highly important, ensuring flexibility and providing liquidity reserves. Private equity shows the strongest upward momentum: 55 percent of respondents plan to expand their fund investments, and direct investments are also moving into sharper focus. In contrast, venture capital (19%) and crypto or digital assets (20%) are viewed with considerably more caution. Family offices are also setting clear priorities regarding their investment focus. Infrastructure (69%) ranks among the key areas of focus and is gaining significant importance—primarily due to stable, inflation-linked returns and high resilience. Similarly, the medical and healthcare sector (58%) remains a central investment area, driven by defensive characteristics and long-term demographic trends. At the same time, family offices are selectively opening up to growth areas: artificial intelligence (45%) and digital business models (41%) are moving into sharper focus because they promise cross-sector potential.

Family offices remain invested internationally but approach regional diversification with a high degree of selectivity. While the vast majority (90%) allocate capital outside their home market, only a smaller proportion (40%) invest more than half of their assets abroad. Developed markets such as North America (88%) and Northern Europe (87%) remain particularly attractive. North America continues to score points for market depth and liquidity, though it is being viewed with greater nuance given valuation levels, political uncertainty, and currency risks. Northern Europe, by contrast, benefits from stability, trust, and attractive risk-return profiles. Meanwhile, Japan (72%) is gaining prominence as a particularly interesting non-Western market, supported by structural reforms and improved governance.

Regarding internal challenges, cybersecurity (87%) and digitalization (81%) clearly take center stage—driven by increasing digital exposure and geopolitical interdependencies in IT. Conversely, intra-family issues such as succession planning (65%, down from 71%) and governance arrangements regarding decision-making (49%, down from 68%) are becoming less critical, partly due to increasing formalization and clearer lines of responsibility.

"Family offices are no longer just reacting to risks; they are learning to manage them actively," says Justus Jandt, Senior Partner at Roland Berger. “With more professional structures and targeted external support, they are becoming increasingly adept at translating uncertainty into actionable investment strategies.”

About the study

The results are based on a survey of 88 family office representatives in the DACH region. The survey was conducted between December 2025 and March 2026.