Lucas and Luna explore a hidden driver of wealth inequality: the rise of private equity and how it systematically prices the middle class out of high-growth investments. They break down the mechanics of PE buyouts, from the 'two-and-twenty' fee structure to the massive IRRs that institutional investors capture. Using the example of the $2.8 trillion private equity industry—now larger than the entire S&P 500 market cap of 2020—they explain why the middle class, limited to public equities and real estate, misses out on the asset class that has delivered a median net IRR of 14.5 percent since 2000. The hosts also discuss the impact of PE on everyday consumers, from nursing homes to grocery stores, and whether recent regulatory moves like the SEC's new private fund rules might level the playing field. A concrete look at how the economy's most lucrative investments stay behind closed doors.

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