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Financial advice consolidation in the UK has put private equity in control of hundreds of firms. Here's what vertical integration and hidden conflicts mean for your money.

Private equity is heading into UK pension funds — backed by government policy and industry enthusiasm. But the evidence for ordinary savers capturing meaningful returns, after fees and illiquidity costs, is far weaker than the sales pitch suggests. Before your retirement savings are redirected, here's what the research actually shows.

Is private equity worth it? New research shows PE's 3.8% annual edge over public markets is far smaller than the industry claims, has been shrinking since 2006, and partly disappears once you adjust for leverage, size, and sector exposure. With all-in fees reaching 6% per year, retail investors should ask why the velvet rope is coming down just as institutional outperformance has faded. The answer: the industry needs your money.

nvestment consultants have systematically raised their return assumptions for alternative assets since 2001 — not because performance improved, but because complexity generates fees. New research from Stanford and Harvard reveals how consultant optimism drives billions in pension allocations, despite mounting evidence that simple, low-cost indexed strategies often outperform alternatives-heavy portfolios. The entire boom may be built on structural conflicts rather than superi

Private equity returns have collapsed as the $3.2 trillion exit crisis deepens. Why David Lloyd's sale to itself reveals an industry model that's fundamentally broken.

Retail access to private markets has exploded in recent years. Yet new research shows these products aren’t the safe diversifiers they appear. Hidden behind the glossy brochures are smoothed returns, conditional liquidity, and fees of 4–5% a year. Worse still, the evidence suggests that wealthier investors are offered higher-quality funds, while mass-market buyers are left with weaker versions.

Private equity firms are dangling incentives that would have been unthinkable a few years ago. Management fee cuts, rebates on deal charges, even caps on travel expenses are now on the table. Yet despite this generosity, fundraising has slumped to a seven-year low. According to the Financial Times, firms raised just $592bn in the 12 months to June, almost a third down from the record levels of 2021. Behind the numbers lies a shift in the balance of power between fund managers

The private equity industry promises profound pension improvements for retail investors, but Oxford professor Ludovic Phalippou's research reveals a different reality. Like Alice in Wonderland, investors risk falling down a rabbit hole where fund managers capture £1 trillion in fees while delivering returns barely better than simple index funds.

Private equity firms use IRR manipulation to claim impossible returns. KKR boasts 25.5% annually since 1976, Apollo claims 39%. But if KKR's first £31m fund truly compounded at 26%, it would be worth £2.6 trillion today. As Professor Phalippou explains, "IRR has become the theatre of private equity performance." With retail investors increasingly targeted, UK regulators must stop this deception.

Private equity has grown in popularity, especially among investors looking to diversify away from public stocks. NICOLAS RABENER explains...

Chancellor Rachel Reeves has announced initiatives to stimulate UK economic growth in the Spring Statement. Although the details have yet...

Private equity is no longer just the domain of institutions and ultra-wealthy investors. Increasingly, retail investors are being...