In the first half of 2023, wealthy families increased their Private Equity holdings by 38%, while reducing their equity allocation by 38%. These are the findings of a study conducted by Citigroup's private bank.
Over 268 family offices were surveyed, with a total of $565 billion under management.
Citigroup had not seen such significant allocation changes since 2020.
"As inflation, market volatility and geopolitical concerns are the main preoccupations of ultra-high-net-worth investors and their families, they are keen to diversify their portfolios and consider direct, sustainable investments," explains Ida Liu, Global Head of Citi's Private Bank.
2/3 of the respondents in this study were based outside the United States.
