Private equity's evolution: Money gatherers to business builders

NEW YORK -- Investment funds have been expanding their presence in the U.S. financial market. Total investment by private equity funds -- which mostly put money into unlisted stocks -- reached $1.036 trillion in 2021, surging 50% from a year earlier, according to the American Investment Council.

Some say private equity funds serve as a major driver of U.S. economic growth through their investment in startups and companies with hidden but high potential.