In the mid-2010s, a little-known Swiss private equity firm called Partners Group was on a mission.

They had basically gone from hit to hit.

And now they were focused on a new opportunity with enormous upside.

Since early in President Donald Trump's first administration, Partners Group has been lobbying

to open retirement plans to private equity, and they've really seen the opportunity to

tap tens of millions of new customers.

That's the FTs, U.S. private equity and deals editor, Antoine Gera.

He tells me that this change from the Trump administration would be building on the bedrock of partners' business.

It takes a while, but last August, they finally got their wish.

A potential big change is coming to your 401k.

And today, President Donald Trump signed an executive order that could make it easier for 401K

plans to offer alternative investment options, including private equity.

After years of lobbying, Trump last year signed an executive order that really may reshape

the U.S. retirement market.

It opens 401K plans and other retirement plans to the possibility of adding a lot of illiquid assets

like cryptocurrencies, real estate deals, hedge funds.

But mostly it's about private equity and private credit.

That's where the action's going to be.

But a lot's changed in the near decade since the firm first started its lobbying push.

And now, Partners Group might not be the firm that's poised to benefit the most from the White House's order.

In the last few years, Partners Group has seen its share in the so-called U.S. retail

market, which it invented, fall significantly. They were the pioneers of this industry in many

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