Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seems like the opposite of their cutthroat image: giving equity worth hundreds of thousands of dollars to the ordinary workers at the companies they own. Antoine Gara, the FT’s US private & institutional capital correspondent, explains how these payouts make business sense for private equity firms – and help soften their tough image.

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For further reading:

Workers getting share in windfalls as private equity firms soften image

Private equity groups’ assets struggling under hefty debt loads, Moody’s says

Blackstone plans to list some of its largest investments

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On X, follow Antoine Gara (@antoinegara) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Private equity’s experiment with worker ownership 16:26 Share

Behind the Money

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Private equity’s experiment with worker ownership