Alexandra Heal
Private capital reporter at the Financial Times specializing in private equity and asset management, contributing on-the-ground reporting and detailed explanations of industry products and strategy.
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Feb 18, 2026 • 19min
How a private equity pioneer lost its grip on the market it invented
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.
