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Private Equity Explained: Why The Industry Is Targeting Americans’ $29 Trillion Retirement Savings

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November 7, 2025

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Private equity has become an enormous and influential force in the global economy, a transformation discussed in this week's Beyond The Billions. Forbes Deputy Editor Giacomo Tognini and Staff Writer Hank Tucker trace the industry's history, starting with the mid-1970s founding of KKR by Henry Kravis, George Roberts, and Jerry Colberg, and leading up to the rise of current giants such as Steve Schwarzman's Blackstone.

This exclusive world is now facing a massive shift that could open it up to everyday retirement savers. To understand this high-stakes game, learn how firms like Blackstone and Apollo are establishing partnerships with asset managers such as Vanguard. Additionally, new regulations regarding 401k investments may soon have a direct impact on your future savings.

To read more about private equity’s move to access $29 trillion in retirement savings

To read more about Trump’s executive order paving the way for 401(k) providers to offer access to private equity investments:

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To read more about Meta’s share drop and Mark Zuckerberg’s decline in wealth

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Private Equity ExplainedStaff Writer Hank TuckerHenry Kravis George RobertsJerry ColbergSteve Schwarzman's Blackstone ThisVanguard AdditionallyThe Diversification Benefit ToSteve Huffman

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