IE Family Offices Knowledge Hub presents first report on evolution of family offices

In line with its mission to contribute to developing family offices through research, applied knowledge and exchange of experiences among business-owning families, professionals, and experts, the IE Family Offices Knowledge Hub—an IE University initiative supported by Cuatrecasas, Franklin Templeton and OpenWealth—has presented “The evolution of the family office in private markets: from business-owning families to strategic investors.” This is the first report on the subject, based on an international survey of 157 single family offices in Europe, North America, Latin America, Asia and the Middle East; following 27 in-depth interviews, and an analysis of historical investment data.

The report was presented at IE Tower—IE University's campus in Madrid— to family office representatives and professionals in the sector from various countries. Carlo Bonomi, managing director of Investindustrial, participated in the event and shared his experience and insights on the evolution of family offices as investors in private markets.

According to the study, family offices allocate an average of 48.2% of their portfolios to private markets. Over half plan to increase their exposure during the next five years and none expect to reduce it. In Spain, this trend is even more pronounced: 68.1% of surveyed family offices plan to increase their allocation to private markets, making them a central part of their investment strategy.

The study shows a close relationship between exposure to private markets and the development of internal capabilities. The average allocation to private markets increases from 44.9% among family offices with one or two specialized professionals, to 62.9% among those with teams of six or more people.

By asset class, private equity (16.1%) and real estate (15.1%) account for the largest shares. Over 60% of those surveyed report being satisfied or highly satisfied with the returns. The sample also reflects a clear international orientation: none of the family offices invest exclusively in their domestic market.

Cristina Cruz, academic director of the IE Family Offices Knowledge Hub, said: “Family offices have already incorporated private markets into their portfolios. The real challenge now is not accessing more opportunities, but building the governance, processes and capabilities that enable them to transition from business-owning families to strategic investors. Our study shows that this evolution does not happen all at once, but through a learning process in which the families progressively develop the capabilities necessary to invest with discipline and in a sustainable manner.”

Unlike studies focused exclusively on asset allocation, the report examines how family offices make their investment decisions and how their capabilities evolve as they gain experience. The results indicate that professionalization does not necessarily imply a loss of family control: in 52% of the cases, the final decision remains in the hands of the family, and only 10% fully delegate this responsibility. In Spain, the final investment decision rests directly with the family members in 61% of the family offices surveyed.

Beyond portfolio data, the report identifies four stages in the evolution of business-owning families to strategic investors in private markets. From this analysis, the IE Family Offices Knowledge Hub proposes four practical systems: an investment policy, a governance model, a capital cycle management system, and a wealth architecture to help families build long-term, sustainable investment structures.

Marta Alonso, managing director of OpenWealth (CaixaBank Group), commented: “Family offices are evolving toward increasingly sophisticated wealth management models. This transformation requires integrating private market investment within a global vision of wealth, supported by solid governance and long-term planning. At OpenWealth, we make sure business-owning families face this process with a wealth consulting proposition that combines experience, specialization, and a comprehensive view of family wealth.”

Javier Villegas, head of Iberia and Latam at Franklin Templeton, added: “Family offices are a unique category of investor, with their own goals, time horizons and decision-making processes. Studies like this enable us to delve deeper into that reality, identify how their priorities are evolving, and better understand the challenges and opportunities that they are facing. In an increasingly complex private markets ecosystem, asset managers play a key role not only by facilitating access and infrastructure, but also by helping families develop their investment capabilities and evolve their programs toward more sophisticated and diversified strategies.”

Carlos Ferrer, partner at Cuatrecasas, also commented: “The challenge for family offices is no longer just identifying investment opportunities, but equipping themselves with the legal and governance structures required to manage wealth with a vision of generational continuity.”

Spanish family offices

The specific analysis of Spain reveals a young family office ecosystem, but with a strong commitment to private markets. Of the Spanish family offices surveyed, 41.2% were created after 2015, and 53% represent first-generation families. Despite their shorter history, 71.1% invest in private markets and allocate an average of 47.2% of their portfolios to them. Real estate assets rank first (16.2%), followed by private equity (13.2%), and venture capital (10.5%), which accounts for a significantly larger share than in the rest of the sample.

The outlook is also clearly expansive: 68.1% expect to increase their exposure over the next five years, compared to 53.4% in the international sample. Satisfaction with returns is also notably high: nearly one in four (23.5%) is highly satisfied, compared to 7.1% in the rest of the sample.

Professionalization does not necessarily mean less family participation in investment decisions. In Spain, the final decision rests directly with family members in 61% of the family offices surveyed.