25% of family offices prioritise asset preservation, but eye global, alternative investments: EY-Julius Baer report

• Families are increasingly diversifying beyond traditional assets into global equities, real estate, private equity, venture capital, and alternative investments.57% allocate less than 10% of their portfolios to private equity or venture capital.
• 59% of families have implemented wills or constitutions, while 19% have adopted structures like trusts or LLPs.

New Delhi, 26 June 2025: While 25% of Indian families offices continue to prioritize wealth preservation, many are now actively diversifying into global and alternative assets, highlights the recently launched, EY-Julius Baer report - The Indian family office playbook.

The EY-Julius Baer report highlights a transformative shift in how India’s ultra-high-net-worth families manage, grow and govern their wealth. With over 300 family offices now operating in India, up from just 45 in 2018, the ecosystem is becoming more structured, globally focused, and purpose-driven.

Investment trends and challenges

The EY-Julius Baer report underscores that while preserving wealth remains foundational, families are actively diversifying beyond traditional assets. Allocations are increasingly moving into global equities, real estate, private equity, venture capital, and other alternatives. Family offices are going global as UHNIs expand across borders, with Liberalised Remittance Scheme (LRS) remittances rising from US$18.8 billion in 2019–20 to US$31.7 billion in 2023–24. Private credit, though still a small segment, is emerging as a key asset class, with family offices increasingly embracing it for its stable returns, downside protection, and diversification benefits.

Umang Papneja, CEO, Julius Baer India said, “Family offices are increasingly catering to first-generation entrepreneurs who are more risk-tolerant and open to emerging sectors. As the scale and complexity of wealth grow, there’s a stronger focus on strengthening governance, growing asset value and planning for legacy succession.”

As per the EY-Julius Baer report private markets are yet to see wider adoption among family offices. 57% of family offices allocate less than 10% of their portfolios to private equity or venture capital, often citing limited access or as a cautious approach.

Regulatory matters are gaining attention among family offices, the report further cites. Changing tax laws were flagged by 48% of respondents, while 37% cited cross-border complexities.

Surabhi Marwah, Co-leader, Private Tax and Partner, People Advisory Services – Tax, EY India, added, “The Indian family office ecosystem is at an inflection point where wealth preservation alone is no longer enough. Families now seek efficiency, transparency, and global access, all of which require a more structured approach. At the same time, navigating tax and cross-border regulatory frameworks is becoming central to how these offices function and plan ahead.”

Governance and succession: A growing priority

The EY-Julius Baer report notes a growing focus on formalising governance and succession planning among family offices. While 59% of families have put wills or constitutions in place, and 19% have adopted structures like trusts or LLPs, a significant number still lack a comprehensive succession plan - highlighting the need for greater preparedness.

KT Chandy, Partner and Co-leader, Private Tax, EY India, noted, “Preserving and enhancing generational wealth lies at the heart of every family office.  In the process, they enable seamless succession through structures like private trusts, aligned shareholder agreements, and defined governance roles. They also invest in next-gen leadership through structured exposure and formal constitutions that ensure long-term continuity.”

Key recommendations for Family Offices

To stay future-ready and resilient, the report outlines several recommendations for Indian family offices:

• Adopt formal governance and succession frameworks to ensure clarity, continuity, and alignment across generations.
• Expand exposure to growth-stage funds and emerging private credit opportunities for enhanced diversification and returns.
• Embrace digital tools for real-time portfolio monitoring, risk management, and decision-making.
• Leverage jurisdictions like GIFT City for efficient cross-border structuring, regulatory ease, and tax optimisation.

Looking ahead: What’s next for Indian family offices

As Indian families expand globally, they are adopting stronger governance, leveraging digital tools, and focusing on long-term impact. Key trends include rising cross-border investments, growing use of GIFT City, increased interest in ESG, and hybrid family office models that blend in-house teams with external experts for greater agility.

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