Apollo, Blackstone and KKR (https://www.breakingviews.com/columns/breaking-view/kkrs-uk-healthcare-loss-is-nuanced-home-win-2025-08-13/) raised billions from deep-pocketed institutions for buyouts (https://www.reuters.com/commentary/breakingviews/buyout-barons-risk-too-much-good-thing-2025-08-06/) and private credit (https://www.reuters.com/commentary/breakingviews/private-credit-dives-back-into-fabulous-funding-2025-06-11/) . Now they’re targeting the $145 trln held by individuals. In this