Buy-and-hold and active management remain the preferred investment strategies among family offices in the Benelux. More than half of their portfolios are allocated to private equity and listed equities.
These findings come from a study by Campden Wealth, commissioned by Van Lanschot Kempen. The research surveyed 59 family offices across Luxembourg, Belgium and the Netherlands, 80 percent of which are single-family offices. On average, the offices manage around 650 million euro. Roughly one-third oversee more than 500 million euro, while 38 percent manage less than 250 million.
Van Lanschot Kempen calls the response rate high, estimating that the Benelux hosts between 120 and 130 family offices in total — a number that has risen sharply in recent years. Of the offices surveyed, 60 percent were founded after 2000.
According to Wendy Winkelhuijzen, responsible for private-banking activities in the Netherlands at Van Lanschot Kempen, this growth is partly driven by succession challenges at family-owned businesses. “Next generations are not always eager to take over the reins,” she says. “As a result, family companies are being sold more quickly, particularly to private equity. The (former) entrepreneur then shifts focus from running a business to managing wealth.”
Average asset allocation of family offices in the Benelux
NextGen considerations are among the most important themes for family offices, Winkelhuijzen adds. “Affluent families are very consciously thinking about what is best for their children and grandchildren, and about when and how they should be involved.” Slightly more than half of the surveyed family offices expect a generational wealth transfer within the next ten years.
Against the backdrop of rapid growth, the Campden study highlights ongoing professionalization as a dominant trend. The range of services offered keeps expanding — at both large and small organizations. Smaller offices, however, tend to outsource many of these services, such as tax and legal support, cybersecurity, philanthropy, and payment services.
Outsourcing is not uncommon in wealth management either, though most family offices retain substantial control over their strategy and asset allocation. The study’s results show an average portfolio composition of 25 percent listed equities, 25 percent private equity, 18 percent real estate, 12 percent cash, and 9 percent government bonds, with smaller allocations to private debt, hedge funds, commodities, gold, and crypto.
Private equity is deeply embedded in the investment approach of family offices — none of the respondents reported having zero exposure. Three-quarters invest directly in private equity. Looking ahead, 42 percent expect to increase their private-equity exposure over the coming 12 months, while 9 percent plan to scale it back. Many former entrepreneurs are, in effect, continuing their entrepreneurial pursuits through their family offices, Van Lanschot Kempen notes.
In which asset classes will family offices invest more?
Their entrepreneurial mindset is also reflected in their investment strategies. Buy-and-hold and active management dominate among Benelux family offices, while they are generally dismissive of passive investing, momentum strategies, and high-risk-high-return approaches. Family offices are not traders, and the broader market shift toward passive investing appears to be passing them by. As Van Lanschot Kempen stresses, entrepreneurship is ultimately about making active choices — a philosophy that shapes their portfolios as well.
Preferred strategies of family offices in the Benelux *