A Trump executive order is giving retail investors more access to private markets. Is that a golden opportunity — or fool’s gold? <ul><li>SOURCES:<ul><li><a href="https://law.duke.edu/fac/defontenay/">Elisabeth de Fontenay,</a> professor of law at Duke University.</li><li><a href="https://www.chicagobooth.edu/faculty/directory/k/steven-neil-kaplan">Steven Kaplan</a>, professor of entrepreneurship and finance at the University of Chicago.</li></ul></li></ul> <ul><li>RESOURCES:<ul><li>"<a href="https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401(k)-investors/">Democratizing Access to Alternative Assets for 401(k) Investors</a>," (The White House, 2025).</li><li>"<a href="https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2021.03890">The (Heterogeneous) Economic Effects of Private Equity Buyouts</a>," by Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda (Management Science, 2025).</li><li>"<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4157952">Risk-Adjusted Returns of Private Equity Funds: A New Approach</a>," by Arthur G. Korteweg and Stefan Nagel (The Review of Financial Studies, 2025).</li><li>"<a href="https://colab.ws/articles/10.1016%2F0304-405x%2889%2990047-0">The Effects of Management Buyouts on Operating Performance and Value</a>," by Steven Kaplan (Journal of Financial Economics, 1989).</li></ul></li></ul> <ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/the-biden-policy-that-trump-hasnt-touched/">The Biden Policy That Trump Hasn't Touched</a>," by Freakonomics Radio (2025).</li><li>"<a href="https://freakonomics.com/podcast/should-companies-be-owned-by-their-workers/">Should Companies Be Owned by Their Workers?</a>" by Freakonomics Radio (2024).</li><li>"<a href="https://freakonomics.com/podcast/do-you-know-who-owns-your-vet/">Do You Know Who Owns Your Vet?</a>" by Freakonomics Radio (2023).</li><li>"<a href="https://freakonomics.com/podcast/are-private-equity-firms-plundering-the-u-s-economy/">Are Private Equity Firms Plundering the U.S. Economy?</a>" by Freakonomics Radio (2023).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

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654. Is the Public Ready for Private Equity?

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