The family office world has changed. A decade ago, a well-constructed multi-asset portfolio diversified across public equities, government bonds, and a smattering of alternatives was sufficient to deliver the consistent, compounding returns that preserve and grow multi-generational wealth. That paradigm no longer holds.

Public equity markets have become increasingly correlated, volatile, and sensitive to macroeconomic noise. Government bond yields are barely keeping pace with real inflation in most major markets. Real estate — long the bedrock of family office portfolios in Asia — faces headwinds from regulatory intervention and rising borrowing costs. Family offices are genuinely searching for alternatives that deliver income without equity market correlation.

Private credit has emerged as the clearest answer. The asset class offers floating-rate returns that benefit from higher rates, security in the form of tangible collateral, and a structural premium over public credit for the illiquidity accepted. In the segment we operate — equity-backed private lending — the collateral is publicly priced and liquidatable on exchange, which reduces the opacity that characterises much of the private credit universe.

Institutional endorsement is accelerating. Insurance companies and funds-of-funds have begun allocating to private credit alongside the family offices and ultra-high-net-worth individuals who were the asset class's earliest backers. International private banks have onboarded private credit strategies onto their investment platforms. These are signals of a maturing asset class — and of growing confidence that institutionally managed private credit can be a permanent core allocation in a sophisticated portfolio.