Partners Group pursued an innovative approach to private equity: The firm built a business serving a market of individual investors. Now, a recent executive order from US President Donald Trump is set to unlock that marketplace on an even grander scale.

The only thing is, Partners might not be the one to reap the rewards. The FT’s US private equity and deals editor Antoine Gara and private capital reporter Alexandra Heal explain how the pioneer is struggling to keep up with its rivals.

Clips from CBS, CBS19

The FT does not use generative AI to voice its podcasts

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For further reading:

How private equity’s pioneer in tapping retail money lost its edge

Donald Trump exposes US retirees to new world of risk with 401k order

Buyout executive warns private equity push into US savings risks bailouts

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Follow Antoine Gara on X (@AntoineGara) and Bluesky (@antoinegara.bsky.social). Alexandra Heal is on X (@alexandraheal) and Bluesky (@alexandraheal.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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How a private equity pioneer lost its grip on the market it invented

The Story of Money