Business
Family offices flock to private markets with allocations surging over 500% in nearly a decade

Westend61 | Westend61 | Getty Images
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.
As the world’s rich have gotten richer, their investment firms have doubled down on private assets such as direct lending and data centers.
The number of family offices with allocations to private markets has surged by 524% since 2016, rising from 651 to 4,067, per Preqin data. This increase surpasses that of wealth management firms (410%) and endowments and foundations (81%) with allocations to private markets, according to the alternative investment data platform owned by BlackRock.
This growth has been marked in recent years, surging nearly 21% in 2023 and about 26% in 2024. In the first half of 2025, the number of family offices with private markets exposure increased by 8%.
Armando Senra, who leads BlackRock’s institutional business in the Americas, said family office activity reflects broader interest in private credit and infrastructure from investors. A BlackRock survey conducted this past spring reported that nearly a third of single-family offices planned to invest more in private credit and infrastructure from 2025 through 2026.
PwC’s Jonathan Flack told CNBC via email that much of this activity can be attributed to family offices having far more wealth to manage. By Deloitte’s estimate, family offices managed a combined $3.1 trillion in 2024, up 63% from 2019.
Family offices have less need for quick cash, so they can afford to make illiquid private investments, Flack said. With family offices known to invest for decades or even generations, private markets appeal to their long-term mindset, according to Flack, the leader of the consulting giant’s U.S. and global family office practice.
“Private markets allow the families to invest longer term in a more stable growth environment as compared to the public markets which have proven to be more volatile over the same period,” he said.
But family offices have become increasingly selective about private offerings. A May survey by UBS found that family offices planned to increase their private debt holdings but trim their private equity bets in favor of developed market equities in 2025. For U.S. family offices, the expected drawdown was especially steep.
That said, when asked about their five-year plans, more family offices intended to increase rather than decrease their allocations to private equity and other private assets.
Business
Trade talks: India, EU wrap up 14th round of FTA negotiations; push on to seal deal by December – The Times of India

India and the 27-nation European Union (EU) have concluded the 14th round of negotiations for a proposed free trade agreement (FTA) in Brussels, as both sides look to resolve outstanding issues and move closer to signing the deal by the end of the year, PTI reported citing an official.The five-day round, which began on October 6, focused on narrowing gaps across key areas of trade in goods and services. Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the final days to provide additional momentum to the talks.During his visit, Agrawal held discussions with Sabine Weyand, Director General for Trade at the European Commission, as both sides worked to accelerate progress on the long-pending trade pact.Commerce and Industry Minister Piyush Goyal recently said he was hopeful that the two sides would be able to sign the agreement soon. Goyal is also expected to travel to Brussels to meet his EU counterpart Maros Sefcovic for a high-level review of the progress made so far.Both India and the EU have set an ambitious target to conclude the negotiations by December, officials familiar with the matter said, PTI reported.Negotiations for a comprehensive trade pact between India and the EU were relaunched in June 2022 after a hiatus of more than eight years. The process had been suspended in 2013 due to significant differences over market access and tariff liberalisation.The EU has sought deeper tariff cuts in sectors such as automobiles and medical devices, alongside reductions in duties on products including wine, spirits, meat, and poultry. It has also pressed for a stronger intellectual property framework as part of the agreement.For India, the proposed pact holds potential to make key export categories such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery more competitive in the European market.The India-EU trade pact talks span 23 policy chapters covering areas such as trade in goods and services, investment protection, sanitary and phytosanitary standards, technical barriers to trade, rules of origin, customs procedures, competition, trade defence, government procurement, dispute resolution, geographical indications, and sustainable development.India’s bilateral trade in goods with the EU stood at $136.53 billion in 2024–25, comprising exports worth $75.85 billion and imports valued at $60.68 billion — making the bloc India’s largest trading partner for goods.The EU accounts for nearly 17 per cent of India’s total exports, while India represents around 9 per cent of the bloc’s overall exports to global markets. Bilateral trade in services between the two partners was estimated at $51.45 billion in 2023.
Business
Telcos network costs rise: Gap between expenditure and revenue exceeds Rs 10,000 crore; COAI flags rising network investment burden – The Times of India

The gap between telecom operators’ network expenditure and revenue continues to widen, prompting industry body COAI to defend calls for higher mobile tariffs, citing the increasing financial burden of network deployment on service providers.Speaking at the India Mobile Congress, Cellular Operators Association of India (COAI) Director General, SP Kochhar, told PTI that while the government has provided significant support to telecom operators through policies such as the right of way (RoW), several authorities continue to levy exorbitant charges for laying network elements.“Earlier, the gap until 2024 for infrastructure development and revenue received from tariffs was around Rs 10,000 crore. Now it has started increasing even further. Our cost of rolling out networks should be reduced by a reduction in the price of spectrum, levies etc. The Centre has come out with a very good ROW policy. It is a different matter that many people have not yet fallen in line and are still charging extremely high,” Kochhar said.He also defended the recent cut in data packs for entry-level tariff plans by select operators, stressing that the move was necessary given competitive pressures.Kochhar pointed out that competition among the four telecom operators remains intense, and there has been no significant trend suggesting that consumers are shifting towards low-cost data options.“There is a need to find ways to make high network users pay more for the data. Seventy per cent of the traffic which flows on our networks is by 4 to 5 LTGs (large traffic generators like YouTube, Netflix, Facebook etc). They pay zero. Nobody will blame OTT but they will blame the network. Our demand to the government is that they [LTGs] should contribute to the development of networks,” Kochhar said.He added that the investments made by Indian telecom operators are intended for the benefit of domestic consumers and are not meant to serve as a medium for profit for international players who do not bear any cost.
Business
Indias Real Estate Equity Inflows Jump 48 Pc In Q3 2025: Report

NEW DELHI: Equity investments in India’s real estate sector jumped 48 per cent year-on-year to $3.8 billion in the July-September period (Q3), a report said on Friday. This growth in inflow was primarily fuelled by capital deployment into land or development sites and built-up office and retail assets, according to the report by real estate consulting firm CBRE South Asia.
In the first nine months of 2025, the equity investments increased by 14 per cent on-year to $10.2 billion — from $8.9 billion in the same period last year.
The report highlighted that land or development sites and built-up office and retail assets accounted for more than 90 per cent of the total capital inflows during Q3 2025.
On the category of investors, developers remained the primary drivers of capital deployment, contributing 45 per cent of the total equity inflows, followed by Institutional investors with a 33 per cent share.
CBRE reported that Mumbai attracted the highest investments at 32 per cent, followed by Pune at around 18 per cent and Bengaluru at nearly 16 per cent.
Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East and Africa, CBRE, said that the healthy inflow of domestic capital demonstrates the sector’s resilience and depth.
“In the upcoming quarters, greenfield developments are likely to continue witnessing a robust momentum, with a healthy spread across residential, office, mixed-use, data centres, and I&L sectors,” he added.
In addition to global institutional investors, Indian sponsors accounted for a significant part of the total inflows.
“India’s ability to combine strong domestic capital with global institutional participation will remain a key differentiator in 2026 and beyond,” added Gaurav Kumar, Managing Director, Capital Markets and Land, CBRE India.
CBRE forecasts a strong finish for the investment activity in 2025, fuelled by capital deployment into built-up office and retail assets.
For the office sector, the limited availability of investible core assets for acquisition indicate that opportunistic bets are likely to continue gaining traction, the report noted.
-
Tech6 days ago
I’ve Tested Countless Mesh Systems. Here Are the Routers I Recommend
-
Tech1 week ago
Amazon Prime Big Deal Days Is Next Week, but We Already Found 40 Early Deals
-
Tech1 week ago
All Hail the Surprisingly Versatile Packing Cube! These Are Our Favorites
-
Tech6 days ago
Jony Ive Says He Wants His OpenAI Devices to ‘Make Us Happy’
-
Tech1 week ago
AI in an ‘industrial bubble’ but will benefit society: Bezos
-
Tech1 week ago
Amazon is overhauling its devices to take on Apple in the AI era
-
Business7 days ago
Investors are packing up; Pakistan must ask why | The Express Tribune
-
Tech1 week ago
Combat Dry Indoor Winter Air With a New Humidifier