Hedge funds hold a modest place in family-office books: 4% of the reported global allocation in Citi Wealth's 2026/27 Global Family Office Report, with 28% of respondents planning to increase exposure. Managed futures appear in the 2026 surveys as a specialist category. iConnections reports strong relative engagement for managed futures and volatility strategies despite narrower broad interest.
How much do family offices hold in hedge funds?
In Citi Wealth's 2026/27 Global Family Office Report, hedge funds account for 4% of the reported global allocation. Offices below $500 million report 4% and larger offices 5%. By office location, the range runs from 3% in Latin America to 5% in Asia-Pacific and North America. [1]
Intentions are positive. Over the next 12 months, 28% plan to increase hedge-fund exposure, 59% to maintain it and 14% to decrease it. The published net reading of plus 14 points matches the 2025 survey. [1]
| Respondent region | Share planning an increase |
|---|---|
| Asia-Pacific | 48% |
| EMEA | 24% |
| Latin America | 19% |
| North America | 22% |
Source: Citi Wealth, 2026/27 Global Family Office Report, p. 41. Shares of respondents, not planned portfolio weights.
Is hedging the same as holding hedge funds?
No. In response to geopolitical volatility, 27% of Citi's respondents used hedging strategies, rising to 49% in Asia-Pacific. Hedging may run through other positions and instruments. A hedging response is not the same as a hedge-fund holding, so it does not explain the 4% weight. [1]
Which hedge-fund strategies do investors hold?
AIMA/Marex asked investors in emerging hedge funds which strategy is most prominent in their allocations. These percentages count respondents, not dollars or portfolio weights, and they are not a family-office-only result. [2]
| Strategy | 2026 | 2024 |
|---|---|---|
| Long-short equity | 54% | 43% |
| Multi-strategy | 14% | 12% |
| Global macro | 10% | 11% |
| Private credit | 6% | 8% |
| Event driven | 6% | No bar displayed |
| Other | 6% | 3% |
| CTA / managed futures | 2% | 8% |
| Fixed income / credit | 2% | 15% |
Source: AIMA/Marex, Emerging Manager Survey 2026, p. 9. Sample of 50 investors managing more than $429 billion; 42% are family offices.
Long-short equity's prominence rose from 35% of respondents in 2022 to 54% in 2026. CTA and managed futures fell from 8% to 2%. In a 50-investor sample, 2% corresponds to about one respondent, assuming all 50 answered. They are not evidence of net flows out of managed futures. [2]
On the supply side, managed futures were the primary strategy for 7% of surveyed emerging managers, level with global macro. Manager representation describes supply, not investor demand. [2]
Where do managed futures sit in allocator attention?
iConnections' Global Allocator Report 2026 tracked stated interest and meetings at Global Alts Miami 2026. More than 40% of attending LPs expressed interest in each of eight strategies: long/short equity, multi-strategy, event driven, global macro, private equity, relative value, liquid credit and private credit. [3]
| Strategy group | What the report observes |
|---|---|
| Long/short equity, multi-strategy, global macro, relative value, event driven | Broad interest and strong engagement relative to manager supply |
| Managed futures and volatility | Strong relative engagement despite narrower broad interest |
| Specialty finance, options strategies, alternative risk premia | Disproportionate engagement relative to small representation |
| Private equity, private credit, venture capital | Material interest alongside greater selectivity and manager competition |
| Digital assets, insurance-linked securities | Limited broad acceptance and weaker engagement relative to supply |
Source: iConnections, Global Allocator Report 2026, pp. 21-28, 31-41, 45-47. Descriptions of allocator attention, not evidence that a strategy will deliver diversification or returns.
By share of reported fund interactions, long/short equity led at 19%, followed by private credit at 13%. Global macro accounted for 5%. Absolute attention and engagement relative to manager supply are separate measures. [3]
The population is an alternatives-oriented event. Family offices made up 44% of attending LPs, and 72% of LP attendees came from North America. [3]
What should allocators ask of a managed-futures programme?
For unfamiliar specialist strategies, the iConnections authors recommend that managers explain their return drivers and behaviour across market conditions. That is the authors' interpretation, not a ranked survey of criteria. [3]
- What drives returns, and in which market conditions has the programme struggled?
- How does the programme's history break down between actual and hypothetical results?
- Which markets, holding periods and risk controls does it use?
- Through which structure would the allocator hold it: a fund or a separately managed account?
Our guides cover what a CTA is, how to evaluate a CTA track record and crisis alpha.
What do the surveys not show?
Citi does not report a managed-futures category in its family-office allocation. None of the reports provides correlation data or portfolio tests. Owning several alternative strategies does not by itself establish diversification or lower risk. [1, 2, 3]
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Frequently asked questions
How much do family offices allocate to hedge funds?
Hedge funds account for 4% of the reported global allocation in Citi Wealth's 2026/27 Global Family Office Report, which excludes concentrated positions.
Do family offices allocate to managed futures?
The surveys do not measure it directly. Citi has no managed-futures category. In AIMA/Marex's Emerging Manager Survey 2026, 2% of a pooled 50-investor sample name CTA or managed futures as their most prominent hedge-fund strategy.
Are allocators interested in managed futures?
iConnections' Global Allocator Report 2026 describes strong relative engagement for managed futures and volatility strategies despite narrower broad interest. That measures attention at one event, not allocations.
Is hedging the same as investing in a hedge fund?
No. In Citi's survey, 27% used hedging strategies in response to volatility. Hedging may run through other positions and instruments and is not a hedge-fund holding.
For institutional investors. This article provides general information, not investment, tax or legal advice or a recommendation of any manager, strategy or structure. Survey figures describe the stated populations and periods and do not indicate future allocations or results. Past performance is not necessarily indicative of future results.
Sources
- Citi Wealth, 2026/27 Global Family Office Report. Survey beginning June 2026 of 351 Citi Wealth family-office clients across 41 countries; allocation question excludes concentrated positions. pp. 29-30, 39-41, 51-53.
- AIMA/Marex, Emerging Manager Survey 2026: The next generation of hedge fund managers. Separate samples of 180 emerging hedge-fund managers and 50 investors managing more than $429 billion; 42% of investors are family offices. pp. 4-9.
- iConnections, Global Allocator Report 2026. Attendee profiles, stated strategy interests and confirmed meetings at Global Alts Miami 2026; each measure has its own denominator. pp. 7, 12-15, 21-41, 45-53.