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

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 - - - - - - - - - - - - - - - - - - - - - - - - - - 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 - - - - - - - - - - - - - - - - - - - - - - - - - - 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 Hosted on Acast. See acast.com/privacy for more information.

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How a private equity pioneer lost its grip on the market it invented is an episode from Behind The Money with the Financial Times by Topher Forhecz.

This episode is 18:51 long.

This episode was published on Feb 18, 2026.

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