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Family offices double down on stocks and dial back on private equity

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Family offices double down on stocks and dial back on private equity


07 July 2025, USA, New York: A street sign reading “Wall Street” hangs on a post in front of the New York Stock Exchange in Manhattan’s financial district. Photo: Sven Hoppe/dpa (Photo by Sven Hoppe/picture alliance via Getty Images)

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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Family offices have ramped up their bets on stocks while dialing back their private equity bets, according to a new survey by Goldman Sachs.

Investment firms of ultra-wealthy families reported an average allocation of 31% to public equities, up 3 percentage points from the bank’s last poll in 2023. Over the same two-year period, their allocation to private equity dropped from 26% to 21%, the largest change for all surveyed asset classes. 

The shift to stocks was marked for family offices in the U.S. and the Americas, which raised their average allocation from 27% to 31%. As for private equity, their allocation dropped by 2 percentage points to 25% but still exceeds that of their international peers. The bank polled 245 worldwide family offices, two-thirds of which reported managing at least $1 billion in assets, from May 20 to June 18. 

Tony Pasquariello, global head of hedge fund coverage at Goldman Sachs, described the portfolio as a “pro-risk asset mix,” as family offices have maintained a relatively high allocation to private equity.

This is despite growing concerns about geopolitical risks and inflation. In the next 12 months, more than three-quarters of respondents said they expected tariffs to be the same or higher and expected valuations to stay the same or decrease.

Family offices, especially those in the U.S., can face hefty tax bills if they make significant divestments, according to Sara Naison-Tarajano, leader of Goldman Sach’s Apex family office business. Moreover, she said, family offices tend to invest opportunistically when other market players retreat, as they did in April when tariff announcements roiled the markets. 

“There are concerns in the market, geopolitical issues, trade war issues,” said Naison-Tarajano, who is also the global head of capital markets for the private wealth division. “If they’re concerned about these things, they’re going to be ready to put money to work when these dislocations happen.”

Investing in public equities and ETFs is also the preferred way for family offices to invest in artificial intelligence, according to the survey. The vast majority (86%) of respondents said they were invested in AI in some capacity, with other popular options including investments in secondary beneficiaries of the AI boom like data centers or AI-focused VC funds.

Goldman Sachs’ Meena Flynn added that family offices are still making opportunistic plays in private equity, with 72% investing in secondaries, up from 60% in 2023. Endowments and foundations have been divesting as they are pressed for liquidity, but family offices can scoop attractive assets at a discount and weather the exit slowdown.

“They have the ability to invest in assets that they can hold over multiple generations and not be worried about an exit,” said Flynn, co-head of global private wealth management.

And while family offices appear to be drawing down in private equity, 39% reported plans to invest more in the asset class in the next 12 months, the highest of any category. Nearly the same proportion (38%) intend to invest more in stocks.

Most family offices did not expect to change their portfolios in the upcoming year. However, across every asset class, more family offices planned to increase their allocations rather than decrease. A third of respondents intend to deploy more capital while only 16% intended to increase their cash and cash equivalents allocation.

“I think what this forward-looking picture tells us is that family offices realize the importance of staying invested, and they realize the importance of vintaging, especially with private equity,” Naison-Tarajano said.  

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That said, family offices in the Americas are more bullish than their peers. More than a third reported not positioning for tail risk compared with 14% and 12% of firms in EMEA and APAC. The most popular method of preparing for a black-swan event was geographic diversification at 53%, with gold ranking second at 24%. While gold made up less than 1% of the average family office portfolio, Flynn said she has seen allocations in some portfolios as high at 15%.

“Especially in regions where our clients are very worried about political instability, they’re actually holding gold in physical form,” Flynn said. “Many of our clients literally want to see the serial number and know where it is in the vault.”

Asian family offices have also taken to using cryptocurrency as a hedge, according to Flynn. Only a quarter (26%) of APAC family offices said they were not interested in crypto, compared with 47% and 58% of their peers in the Americas and EMEA, respectively.

Overall, a third of family offices are invested in crypto, up from 26% in 2023 and doubled from 2021. Of those who haven’t, Asian family offices reported the most interest (39%) in doing so, versus 17% of their peers. Flynn attributed much of their interest to concerns about geopolitics. 



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100% FDI In Insurance Gets Cabinet Approval; Bill Likely In Parliament Next Week: Reports

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100% FDI In Insurance Gets Cabinet Approval; Bill Likely In Parliament Next Week: Reports


New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved a proposal to allow 100 per cent foreign direct investment (FDI) in insurance companies in a major economic reform that does away with the 74 per cent limit that was in place for such investments. 

The Cabinet approval will pave the way for attracting more foreign investment in the insurance sector, increase competition which in turn will benefit customers.

The Insurance Laws (Amendment) Bill 2025 is likely to be introduced during the ongoing winter session of Parliament which draws to an end on December 19.

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The Lok Sabha bulletin lists the Insurance Laws (Amendment) Bill 2025, aimed at boosting insurance penetration, accelerating sectoral growth and development, and improving the ease of doing business, among the 13 legislative items for discussion in the parliamentary session.

Finance Minister Nirmala Sitharaman had, during the presentation of the Union Budget for 2025-26, announced a proposal to increase the foreign investment limit in the insurance industry from 74 per cent to 100 per cent as part of broader financial sector reforms.

The finance ministry has recommended revising several sections of the Insurance Act, 1938. These proposed changes include increasing the FDI limit to 100 per cent, lowering paid-up capital requirements, and creating a composite licence framework.

As part of a wider legislative overhaul, amendments will also be made to the Life Insurance Corporation Act 1956 and the Insurance Regulatory and Development Authority Act 1999, in addition to the Insurance Act 1938.

Changes to the LIC Act are intended to give its board greater authority over operational matters, such as opening new branches and hiring staff.

The overarching purpose of the amendment is to strengthen policyholder protections, bolster financial security, and encourage more participants to enter the insurance market, thereby supporting economic expansion and job creation.

These reforms are expected to improve industry efficiency, simplify business operations, and push insurance penetration forward to achieve the vision of Insurance for All by 2047, according to an official statement.



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Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On December 15

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Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On December 15


Last Updated:

Petrol, Diesel Price On December 15: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.

Petrol, Diesel Prices On May Dec 15

Petrol, Diesel Prices On May Dec 15

Petrol and Diesel Prices on December 15, 2025: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.

Petrol Diesel Price Today In India

Check city-wise petrol and diesel prices on December 15:

City Petrol (₹/L) Diesel (₹/L)
New Delhi 94.72 87.62
Mumbai 104.21 92.15
Kolkata 103.94 90.76
Chennai 100.75 92.34
Ahmedabad 94.49 90.17
Bengaluru 102.92 89.02
Hyderabad 107.46 95.70
Jaipur 104.72 90.21
Lucknow 94.69 87.80
Pune 104.04 90.57
Chandigarh 94.30 82.45
Indore 106.48 91.88
Patna 105.58 93.80
Surat 95.00 89.00
Nashik 95.50 89.50

Key Factors Behind Petrol and Diesel Rates

Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.

Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.

Key Factors Influencing Fuel Prices in India

  • Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.

  • Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.

  • Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.

  • Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.

  • Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.

How to Check Petrol and Diesel Prices via SMS

You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.

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Spain’s commitment to renewable energy may be in doubt

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Spain’s commitment to renewable energy may be in doubt


Guy HedgecoeAragón, north-eastern Spain

Juan Antonio Domínguez A giant wind turbine standing over the Spanish town of FigueruelasJuan Antonio Domínguez

Spain gets more than half of its electricity from wind and solar

On the edge of the sleepy town of Figueruelas, a single, vast wind turbine spins around, casting its shadow over the buildings nearby.

It’s a reminder of the importance of renewable electricity in this windswept area of Aragón, in north-eastern Spain, whose plains are host to many of the country’s wind and solar energy farms.

Figueruela’s status as a symbol of Spain’s green transition has been further boosted recently, as work starts nearby on the construction of a vast factory that will produce batteries for electric vehicles.

Chinese firm CATL and the Netherlands-based Stellantis are investing a combined €4bn ($4.7bn; £3.5bn) in the facility. Yao Jing, China’s ambassador in Spain, described it as “one of the biggest Chinese investments Europe has ever seen”.

Luis Bertol Moreno, mayor of the town, says the area was a logical choice for the project.

“We’re in Aragón, where there’s wind all year round, there are lots of hours of sunshine, and we are surrounded by wind turbines and solar panels,” he says.

“Those [energy sources] will be crucial in generating electricity for the new factory, and I understand that was the key reason for building it here in Figueruelas.”

Luis Bertol Moreno, mayor of the Spanish town of Figueruelas stands in front of a Spanish flag

Luis Bertol Moreno says the new battery factory will transform the town of Figueruelas

The factory can be seen as vindication of Spain’s energy model, which prioritises renewable sources. In 2017, renewables contributed just a third of Spain’s electricity production, but last year they represented 57%.

By 2030, the government wants them to contribute 81% of electricity output.

Earlier this year, Prime Minister Pedro Sánchez summarised his government’s approach as he delivered a riposte to US President Donald Trump’s pro-fossil fuel “Dig, baby, dig” slogan. “Green, baby, green,” said the Socialist, as he pointed to the benefits of renewable energy.

However, in recent months, Spain’s all-in commitment to renewables has come under scrutiny. This was in great part due to an 28 April blackout that left homes, businesses, government buildings, public transport, schools and universities in the dark across Spain and neighbouring Portugal for several hours.

With the government unable to offer a full explanation for the outage, the country’s energy mix became a fiercely-debated political issue. Alberto Núñez Feijóo, leader of the conservative opposition, accused the government of “fanaticism” in pursuing its green agenda, suggesting that an over-reliance on renewables might have caused the incident.

Feijóo and others on the right advocated a rethink of the national energy model.

The fact that, a week before the blackout, solar generation in mainland Spain registered a record 61.5% of the electricity mix has fuelled such claims.

Yet the government and national grid operator Red Eléctrica have both denied that the outage was linked to the preponderance of renewable energy sources in Spain.

“We have operated the system with higher renewable rates [previously] with no effect on the security of the system,” says Concha Sánchez, head of operations for Red Eléctrica. “Definitely it’s not a question of the rate of renewables at that moment.”

Ms Sánchez said the blackout was caused by a combination of issues, including an “unknown event” in the system moments before, which saw anomalous voltage oscillations.

However, Red Eléctrica and the government are still awaiting reports on the incident that they hope will determine the exact cause. A cyber-attack has repeatedly been ruled out.

Meanwhile, since April, Spain’s electricity mix has been modified somewhat, with greater reliance on natural gas, reinforcing the notion that the country is at an energy crossroads.

AFP via Getty Images Andy Wu, chief executive of the joint Dutch-Chinese firm building the new battery factory, speaks at a press conference in Figueruelas last monthAFP via Getty Images

Work on the new battery factory was officially started last month, accompanied by a press conference

Spain’s nuclear industry, which currently contributes around 20% of national electricity, has been particularly vocal since the blackout, pushing back against government plans to close the country’s five nuclear plants between 2027 and 2035.

With many European countries undergoing a nuclear renaissance, the planned closures make Spain something of an outlier. The companies that own the Almaraz plant in south-western Spain, due to be the first to shut down, have requested a three-year extension to its life until 2030. That request is currently under consideration.

Ignacio Araluce, president of Foro Nuclear, an association that represents the industry, says Spain is the only country in the world that is scheduling the closure of nuclear plants that are in operation. He believes nuclear energy provides stability while being compatible with the green energy transition.

“It’s prudent to have a mix of renewables and nuclear energy,” he says.

Mr Araluce praises renewable sources because they only require natural elements to generate electricity, but points out that they are not able to operate around the clock or when weather is unfavourable.

“How can you produce energy in those hours when the renewables are not producing?” he asks. The answer, he added, is “with a source like nuclear, that is not producing CO2, that is producing all hours of the year”.

The political opposition is staunchly opposed to the nuclear shut-down. The far-right Vox, criticising what it saw as a lack of explanation by the government for the April blackout, recently described nuclear power as “a crucial source of stability”.

AFP via Getty Images  The Cofrentes nuclear power plant near ValenciaAFP via Getty Images

The current government is committed to closing the country’s five nuclear power plants

Ms Sánchez acknowledges that there is room for improvement for Spain’s electricity model, pointing to the Iberian peninsula’s relative isolation from the European grid compared to most of its EU neighbours. She also sees storage as an issue.

“While we have taken a good path when it comes to renewable installation, we cannot say the same regarding storage,” she says. “We need to foster storage installation.”

Spain’s political panorama adds an element of uncertainty to its energy future. The Socialist-led coalition has been mired in corruption scandals and its parliamentary majority appears to have collapsed in recent weeks, raising the possibility of a snap election in the coming months.

A right-wing government, which polls suggest would be the likely outcome, would almost certainly place less emphasis on renewables and advocate a partial return to more traditional energy sources.

But in the meantime, Spain’s renewable transition continues.

And for Figueruelas, in Aragón, that means not just cheap, clean energy, but investment. The town’s population, of just 1,000, is due to increase dramatically, with 2,000 Chinese workers scheduled to arrive to help build the new battery plant, which is expected to create up to 35,000 indirect jobs once it starts operating.

“These kinds of investments revitalise the area, they revitalise the construction sector, hostelry,” says local man Manuel Martín. “And the energy is free – it just depends on the sun and the wind.”

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