Preschools and funeral homes, car washes and copper mines, dermatologists and datacentres private equity is anywhere and everywhere that money changes hands. If it can in any way be marketed or monetised, private equity firms have bought it. By some estimates, these firms now control more than $13tn invested in more than 50,000 companies worldwide. "We cannot overestimate the reach of private equity across the global economy," Sachin Khajuria, a former partner at Apollo Global Management, which manages half a trillion dollars in assets, wrote in 2022. More and more people, especially the relatively poor, may live almost their entire lives in systems owned by one or another private equity firm: financiers are their landlords, their electricity providers, their ride to work, their employers, their doctors, their debt collectors. Private equity firms and related asset managers "increasingly own the physical as well as financial world around us," the scholar Brett Christophers writes. "All of our lives are now part of their investment portfolios." In order to drive up profits, private equity-controlled dental chains have induced children to undergo multiple unnecessary root canals. One child even died as a result. Some of the most heinous accounts have come from private equity-owned treatment centres for young people with behavioural problems, where children have been physically abused, raped and killed. These cases are extreme, but they are not isolated.