Billionaire families are putting their cash to work, upping their exposure to risky assets and modestly adding fixed income, according to a new Goldman study. Of the 166 institutional family offices surveyed, most are investing through specialized managers rather than directly. The majority of their assets are tied up in public and private equity, which are the areas where they said they planned to increase allocations the most.

The report also found that interest in crypto waned, clean energy emerged as the most favored sustainability theme, and alternatives remained a major focus, making up 44% of portfolios.

“With the flexibility to invest across the risk spectrum, family offices have maintained a largely consistent approach to more aggressive allocations as they seek superior returns,” Goldman's Meena Flynn commented in the report, adding that "this patient, strategic, long-term orientation is often an advantage in managing and preserving generational wealth.”