Family Offices Boom in Singapore, Hong Kong as LPs
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- Monetary Authority of Singapore reported that the number of single‑family offices in Singapore grew from about 400 at the end of 2020 to over 2,000 by the end of 2024.
- Deloitte estimated that Hong Kong hosts 3,384 single‑family offices as of Q1 2026, while Singapore’s count continues to rise.
- Hong Kong saw wealthy families relocate after 2019‑2022 political and regulatory changes, prompting them to establish multi‑jurisdictional family‑office structures in Singapore, Dubai and Gulf states.
- U.S. endowments have reduced or halted new commitments to Asian private equity, with some stopping China‑specific checks entirely.
- China has experienced slowed private‑investment flows, and its share of regional private‑equity deal value has fallen.
Why it matters: The surge to over 2,000 Singapore family offices and 3,384 in Hong Kong shows private wealth is filling the gap left by withdrawing Western LPs, reshaping who controls regional private‑equity capital.
