Investors should demand more transparency from private-markets firms
The Economist
February 25, 2026
AI-Generated Deep Dive Summary
The article highlights concerns about transparency in private-markets firms, particularly following questions raised about a Blue Owl fund. It raises the broader issue of whether mismanagement or systemic industry problems are at play. The piece explores how major private investment firms like Apollo, Blackstone, and KKR have seen their assets grow exponentially—from $200 billion in 2008 to $3 trillion today—and now aim to attract retail investors into previously institutional-only markets. These firms are rolling out retail-focused funds that offer access to unlisted assets such as private equity, property, and private debt. The article questions whether this shift reflects mismanagement or exposes deeper issues within the industry.
The expansion of private-markets firms into the mass retail investor space is a significant shift in the financial landscape. Historically, these firms have relied on high-net-worth individuals and financial institutions for capital. However, they
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Originally published on The Economist on 2/25/2026