Indian family offices are allocating 40% to 45% of their portfolios to alternatives, shifting capital away from stocks, fixed deposits and real estate, according to a 2026 family office playbook published by Julius Baer and EY.

The alternatives bucket includes private equity, venture capital, private credit, alternative investment funds, real estate investment trusts and infrastructure investment trusts, the report said. Direct investments and global assets also feature prominently.

Dedicated allocations to private equity and venture capital of 10% to 20% or more are becoming common among the family offices surveyed, the playbook said. Selective global real estate platforms are among the targets.

The rebalancing reflects a broad move away from traditional holdings that have anchored Indian family wealth for decades. The report characterises the shift as a structural change in portfolio construction rather than a tactical adjustment.

Younger family-office leaders are paying more attention to thematic areas, the playbook said. Artificial intelligence, climate technology, renewable energy and digital infrastructure rank among the emerging focus areas.

The Julius Baer-EY playbook did not specify the number of family offices surveyed or the aggregate assets under management represented. It also did not disclose the time frame over which the 40% to 45% allocation range was measured.

The shift mirrors a broader trend among ultra-high-net-worth families globally, who have increased private-market exposure in search of higher returns and lower correlation to public equities. Indian family offices appear to be moving at a faster pace than some of their regional peers.

The report did not detail performance outcomes or liquidity constraints associated with the elevated alternatives allocations. It also did not identify specific funds, platforms or co-investment structures favoured by the surveyed family offices.