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.
00:00 This Week’s Billionaires Recap
03:32 What Exactly IS Private Equity?
05:38 How the Private Equity Empire Was Built
08:36 The Founders Who Got Filthy Rich Off PE
12:17 The Race For The $29 Trillion Retirement Pot
24:55 Vanguard And Blackstone Team Up: Investing Titans Merge
28:41 Weighing The Risks vs. The Diversification Benefit
To read more about private equity’s move to access $29 trillion in retirement savings: https://www.forbes.com/sites/hanktucker/2025/07/24/private-equitys-29-trillion-retirement-savings-opportunity-under-trump/
To read more about Trump’s executive order paving the way for 401(k) providers to offer access to private equity investments:
https://www.forbes.com/sites/hanktucker/2025/08/08/private-equity-firms-celebrate-trumps-executive-order-giving-them-the-keys-to-retirement/
To read more about Mercor’s self-made billionaires: https://www.forbes.com/sites/richardnieva/2025/10/30/mercor-youngest-self-made-billionaires/
To read more about Steve Huffman and Reddit: https://www.forbes.com/sites/monicahunter-hart/2025/11/02/reddits-ceo-debuts-as-a-steve-huffman-billionaire-20-years-after-cofounding-the-company/
To read more about Meta’s share drop and Mark Zuckerberg’s decline in wealth: https://www.forbes.com/sites/tylerroush/2025/10/30/mark-zuckerberg-loses-25-billion-now-worlds-fifth-richest-as-meta-shares-plummet/
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