1、Adapting to the TerrainFamily Office Investment InsightsWe are excited to share our 2025 Family Office Investment Insights reportAdapting to the Terrainfrom the One Goldman Sachs Family Office initiative.This report details the responses of 245 family office decision-makers along with our thoughts a

2、nd observations from our experience working with family offices and family-run enterprises around the world.FAMILY OFFICE INVESTMENT INSIGHTS:ADAPTING TO THE TERRAIN 3The world has changed substantially since we last surveyed family office investors in 2023.There have been meaningful changes in lead

3、ership and policy across jurisdictions,and markets and businesses have had to adjust to a different climate for international relations and trade.Artificial intelligence(AI)is a core theme in almost every conversation and plays an increasingly important role in how family offices are run and where t

4、hey invest.Meanwhile,previously muted exit activity has fostered evolution in capital markets.Unpredictable markets highlight the unique strengths of family office investors which,due to their long-term capital,have the capacity to ride out uncertainty and act as first movers when opportunities aris

5、e.Free from external investors and strict mandates,they typically are able to stay invested through marketdrawdowns and act as providers of capital.They have license to explore investments that may take a decade or more to generate returns or may align with strongly held family convictions and value

6、s.We see this from innovations in healthcare and technology to energy transition and long-duration infrastructure projects.We sincerely thank our family office network for your time and interest in supporting this study.We are grateful for your partnership and the trust you place in our people and o