Asian Family Offices Turn to Semi-Liquid Alternatives for Yield and Flexibility

Asian family offices are increasingly allocating to semi-liquid alternatives such as private credit and secondaries to enhance returns and manage risk, according to Singapore-based multi-family office First Capital Global Management (FCGM). Lili Wang, the firm’s head of alternative investments, said FCGM is evaluating two private credit funds in Asia and the US and prioritises flexible, cash-generating structures with high single-digit yields. Alternatives now make up around a quarter of its portfolio, alongside real estate, private equity, and venture capital, with selective direct investments in AI and financial services. Wang noted that Asian family offices are adopting more institutional practices and using semi-liquid vehicles, while tighter fundraising conditions are broadening access to managers. FCGM ultimately aims to build a self-funding portfolio.