At a glance
Family offices in North Asia and Southeast Asia keep 1% of their portfolios in infrastructure, and both rank power and resources among their top three investment themes, according to the UBS Global Family Office Report 2026.
Across UBS's global sample of 307 family offices, power and infrastructure tie second behind AI at 37% each, and infrastructure is 1% of the average portfolio.
Asia Pacific family offices posted the highest rate of direct investing of any region in Citi's 2026 survey, at 79%, and 80% named AI as a main focus for new direct deals.
Australia's data centre operators raised at least A$35 billion in 2026 to 8 September, with debt providing 85% and A$4 billion of equity raised privately, the Reserve Bank of Australia estimates.
About half of the family offices UBS surveyed that hold AI investments put money into data centre infrastructure.
Two global bank surveys published in 2026, from UBS and Citi, show where family offices want to invest, and the Reserve Bank of Australia’s figures show how Australia’s data centre build is being paid for.
Family offices worldwide rank power and infrastructure joint second behind AI, yet keep 1% of the average portfolio in infrastructure. Australia’s data centre operators, meanwhile, raised 85% of their 2026 funding as debt, the Reserve Bank of Australia estimates.
Power and infrastructure tie second behind AI
The UBS Global Family Office Report 2026, from the Swiss bank's wealth arm, surveyed 307 family offices in more than 30 markets between 22 January and 30 March 2026. The families behind them had an average net worth of US$2.7 billion. Families in Europe excluding Switzerland made up 30% of the sample, the Asia Pacific 23% and the US 12%.
Investment theme | Family offices invested | Planning to add in 12 months |
|---|---|---|
Artificial intelligence | 65% | 7% |
Power and resources | 37% | 15% |
Infrastructure | 37% | 16% |
AI in healthcare | 33% | 11% |
Defence and security infrastructure | 29% | 11% |
Nuclear | 16% | 11% |
Source: UBS Global Family Office Report 2026
Infrastructure and power are the two themes the largest share of family offices plan to add over the next 12 months, at 16% and 15%. UBS links the power interest to AI directly, saying attention on power generation reflects "the growing demands associated with scaling AI".
Around half of the family offices with AI investments put money into data centre infrastructure, according to UBS, alongside AI software and platforms and semiconductor producers. The bank says interest across the AI value chain is strongest "in areas closely linked to the build-out that supports wider adoption".
The vast majority of family offices plan to keep or increase their AI exposure despite concerns that parts of the market are overheating, UBS found.
Banks fund 85% of Australia's data centre build
Australia's data centre operators raised at least A$35 billion in 2026 to 8 September, up from A$24 billion in 2025, the Reserve Bank estimated in a 23 September note by Bradley Speed. Debt supplied 85%, most of it A$25 billion of syndicated bank loans, with A$5 billion from bonds. Equity came to A$5.5 billion, of which A$4 billion was raised privately rather than on the ASX, mostly by Firmus across three rounds. The note counts these as a lower bound, because the Reserve Bank has limited sight of private deals.
Private share sales are where outside investors such as family offices can buy into unlisted Australian data centre companies, and they raised A$4 billion in 2026 to 8 September on the Reserve Bank's count. Firmus pulled its ASX float on 9 October and is in talks with NVIDIA and other backers on a private round.
On 6 October, Macquarie Capital invested in Zerra DC, the Singapore developer of the Western Downs campus in Queensland, whose first stage Anthropic has leased.
Macquarie Capital is one of 15 owners, investors and land developers in the funding layer of Australia's data centre industry map. They range from the Blackstone-led consortium that owns AirTrunk to the Future Fund and the Commonwealth Superannuation Corporation, which own CDC with Infratil.
Infrastructure is 1% of the average family office portfolio
Infrastructure held 1% of the average family office portfolio in 2025 in the UBS survey, against 11% for real estate and 17% for private equity. Offices planning changes in 2026 expect to lift infrastructure to 2% while trimming real estate to 8%. Both North Asian and Southeast Asian offices hold 1% in infrastructure.
On those figures, the theme family offices rank joint second sits in the smallest slice of their portfolios. The other route in is direct private equity investment in companies, which UBS puts at 8% of the average portfolio.
Asia Pacific family offices lead every region on direct deals
Citi's 2026 Global Family Office Report surveyed 351 family offices in 41 countries in June and July 2026, 22% of them in the Asia Pacific. 79% of Asia Pacific family offices invest directly in companies, the highest rate of any region, and 80% named AI as a main focus for new direct investment, also the highest. Citi's head of Asia for its family office group, Bernard Wai, said offices in the region increasingly need "a sovereign wealth fund-like investment mindset".
Among the UBS respondents in Southeast Asia, 88% of family offices invest in AI. Power and resources ranks second there, at 50%, though UBS flags that sample as small. North Asian offices rank power and resources third, at 34%.
UBS also found that Asia Pacific and European offices, which hold their largest share in North American assets, plan to raise their allocations to the Asia Pacific and Western Europe.
Australian family offices manage at least A$323 billion
Australia's own family offices manage at least A$323 billion, up from A$88.6 billion in 2010, according to financial research firm Rainmaker Information, which counted 99 offices reporting funds under management. Sydney accounts for 32% of those assets and Perth for 27%. Andrew McAuley, UBS's head of investments for wealth management in Australia, pointed to North America as a way to reach AI and the related themes of power and infrastructure, Financial Newswire reported on 1 June 2026. He described their portfolios as "endowment style", with 20% to 40% in alternative assets including infrastructure and private equity.
What to watch
The Firmus private round. The size of the round and the names in it will show which investors are willing to fund Australian AI factories and neoclouds outside a public listing.
The first Australian data centre securitisation. The Reserve Bank says none has happened yet and cited industry commentary in September 2026 that one may follow, which would open data centre rents to a wider pool of fixed-income buyers.
The 2027 surveys. UBS and Citi each report annually, and the infrastructure share of family office portfolios is the figure that will show whether the interest in power and infrastructure has turned into money.