Sarofim is married to Courtney Lanier, daughter of Elyse and Bob Lanier, former mayor of Houston. Courtney Lanier Sarofim graduated with honors from Columbia University, then attended law school at the University of Houston. Lanier Sarofim practiced law at Fulbright and Jaworski, then became vice president for acquisitions and dispositions at Landar Holdings, a real estate investment company. Since 2010, she has been a partner at Sima Capital LLC, an alternative investments firm. Courtney Lanier Sarofim is a trustee of St. John's School, and the Museum of Fine Arts Houston, where she is on the executive committee. She is on the board of KIPP Texas – Houston, and on the board of governors for the Lyford Cay International School. She has held board positions with the Boys and Girls Club of Houston, the Children's Museum, the Houston Ballet, and the Menil Collection. They have two children.