Behind the Money How a private equity pioneer lost its grip on the market it invented
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Feb 18, 2026 
Alexandra Heal, FT private capital reporter known for on-the-ground private equity coverage, and Antoine Gara, FT U.S. private equity and deals editor, unpack Partners Group’s rise with its Evergreen retail-focused fund. They trace its push into U.S. 401(k)s, the impact of a recent presidential order, its recent struggles, and how Blackstone, KKR and Apollo are racing into the retail private equity market.
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Evergreen Funds Opened Private Equity To Individuals
- Partners Group invented the evergreen retail vehicle to let individuals access private equity without decade-long lockups.
- That innovation created a new market by lowering barriers and offering periodic inflows and limited redemptions.
401(k) Market Seen As A Massive New Opportunity
- Partners Group aimed to bring private equity into US 401(k) plans, targeting roughly $10 trillion in retirement savings.
- The move promised to expand private capital from institutional pockets into mainstream American retirement accounts.
A Years-Long Regulatory Push Paid Off
- Partners Group lobbied U.S. regulators across administrations to allow private equity into 401(k) plans.
- They finally saw success with President Trump's executive order last August enabling alternatives in retirement plans.