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In-N-Out’s owner explains why the chain is not chasing private equity, delivery, or mobile orders

Lynsi Snyder-Ellingson says In-N-Out Burger is sticking to the status quo.

In a conversation hosted by Pepperdine University in late March, the burger chain owner said she has no interest in private equity money, delivery apps, or mobile ordering as other restaurant brands chase speed, scale, and outside capital.

For Snyder-Ellingson, the refusal is part of a larger mission: to preserve the family company’s quality, culture, and personal touch.

“I know that that’s just not an option for me,” she said of partnering with private equity firms. “There’s nothing I would gain that would be tied to anything that I’m doing.”

Snyder-Ellingson said her goal is to “preserve and continue” the company and honor her family’s legacy, not trade control for growth.

In-N-Out, a classic California chain, has been slowly pushing farther east, with Tennessee becoming the chain’s 10th state and its furthest-east outpost to date. The company first said in 2023 that it would build an Eastern territory office in Franklin as part of its Tennessee expansion, and by late 2025, it had opened its first stores in Lebanon, Antioch, and Murfreesboro.

In February, In-N-Out opened in Franklin as well, extending the brand’s footprint in a market the company now uses as a foothold for its next phase of growth.

That expansion still fits the chain’s deliberately slow, controlled playbook. In-N-Out says it only builds stores close enough to its patty plants so that fresh ingredients arrive within a single day. Its current map stretches across California, Nevada, Arizona, Utah, Oregon, Texas, Colorado, Idaho, Washington, and Tennessee, with New Mexico next in line.

In other words, the Tennessee push is real growth — just growth on In-N-Out’s terms.

“We don’t want to be in every state,” Snyder-Ellingson said last year, when she appeared on the “Relatable” podcast discussing her decision to move her family out of California as the Tennessee office was being built. “We don’t want to ever compromise our values and standards and the cornerstones that my grandparents laid down, so it’s really just keeping those priorities at the forefront when we make decisions.”

That same thinking explains why In-N-Out has resisted delivery and mobile ordering, she said while speaking at Pepperdine. The company has been asked about both, but has decided those paths would strip away what makes the chain distinctive.

“Part of what makes In-N-Out and the experience so special is the interaction and the customer service that we’re able to give,” she said, speaking to Pepperdine University President Jim Gash. Mobile ordering, she added, would “take a piece of that away.” Delivery also fails a basic test: its iconic burgers would not arrive as intended, she said.

Instead, Snyder-Ellingson said the company’s edge is consistency.

“We won’t compromise our quality,” she said, adding that In-N-Out will not take “the quicker, easier way” simply because it is easier for the business. The company’s guiding principle, she said, is to do “what’s best for our customers.”

Her comments fit a broader message that ran through the event: In-N-Out is still a family business shaped by faith, simplicity, and a refusal to change for change’s sake. Snyder-Ellingson said she often asks what her grandfather or father would have done, and that question still anchors decisions about the menu, operations, and the company’s future.

“That’s who we are,” she said. “Why change it? And if it’s not broken, why fix it?”




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Bessent: Private equity firms won’t have to sell single-family home rentals

Treasury Secretary Scott Bessent said that President Donald Trump’s proposal to keep Wall Street players from buying single-family homes would not force them to sell their current holdings.

“These big institutions buy housing, then rent them out, and they’re able to depreciate it. They hide their earnings, pay lower taxes,” he said on Thursday at the Economic Club of Minnesota.

“The idea here is bygones are bygones,” Bessent added. “We’re not going to have a forced sale here.”

On Wednesday, Trump said he would ban institutional investors from purchasing single-family homes in an effort to make housing more affordable for Americans. Single-family homes refer to standalone residential buildings with their own entrance designed for one household.

“For a very long time, buying and owning a home was considered the pinnacle of the American Dream,” Trump wrote on a Truth Social post. “That American dream is increasingly out of reach for far too many people, especially younger Americans.”

Shares of asset manager Blackstone fell 5.6% on Wednesday after Trump’s post. Blackstone, which manages $1 trillion in assets, oversees one of the largest rental housing portfolios in the US, with several hundred thousand single-family homes and apartments. Other stocks similarly fell.

Critics say firms like New York-based Blackstone put pressure on the housing market, reducing the availability of homes and driving prices up. Blackstone closed 1.1% higher at the end of the trading day on Thursday.

The institutional players, meanwhile, say lack of housing supply — not big-business ownership — is pushing prices up.

In Minnesota on Thursday, Bessent said that the administration has not decided on the “exact contours” of this new proposal.

“We want to keep the traditional mom and pop owners in. We want to keep families who rent out to their other family members,” he said.

Bessent said that this practice of large firms buying up single-family homes started during the 2008 financial crisis, when private equity companies were among the few parties with the money to buy these homes.

“They hoovered up the single-family housing stock,” he said.

The US Government Accountability Office found that in 2022, the five largest institutional investors owned nearly 2% of single-family rental homes.




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How a lesser-known Swedish private equity giant plans to win over US retail investors

EQT is one of the largest private equity investors in the world — yet most wealthy Americans have barely heard of it. That’s the uphill battle facing Peter Aliprantis, the Swedish firm’s head of private wealth in the Americas, as EQT tries to pitch in a market dominated by Wall Street brands with plenty of CNBC airtime.

“Most people in the United States are not familiar with us, and the way we say it, we’re the best-kept secret,” Aliprantis told Business Insider.

Private Equity International ranked the firm as the second-largest private equity firm, with $312 billion of assets under management. It raised more than $113 billion in third-party private equity capital from 2020 to the end of 2024, putting it ahead of Blackstone, and just behind KKR so far this decade.

Like many of its competitors, it’s turning to private wealth as the newest source of growth. The industry’s change of fundraising focus comes as private equity firms are slow to return cash to investors, and over-allocation among institutional investors means that institutional funding is slowing.

But the same reasons that the firm isn’t as well-known in America are actually an advantage, Aliprantis said.

In a world where debt-heavy buyouts are proving more difficult and an increasingly concentrated American private market is pushing some to invest internationally, a global industrialist approach can be attractive.

EQT has returned capital at a normal pace, with $23 billion in distributions for the year ending June 2025. The firm has also been building a private wealth business for the past four years, which accounts for 10% of its current assets. The firm has a goal to reach between 15-20% during its current $100 billion fundraising cycle, according to its second-quarter report.

Aliprantis walked Business Insider through the firm’s pitch to financial advisors and private wealth distribution networks, explaining why its global reach is a significant advantage in 2025.

The key for EQT, Aliprantis said, is for the firm to offer individual investors the “exact same deals” it gives institutional investors.

EQT’s industrialist, international advantage

EQT was founded in 1994 as a spin-off from industrial holding company Investor AB, but the firm’s history stretches back to Sweden’s Wallenberg family. The Wallenbergs, called the “Rockefellers of Europe,” have created an empire of business holdings including massive stakes in Sweden’s biggest firms, like ABB, AstraZeneca, or Saab.

“The Wallenberg family has a 160-year heritage of owning and developing companies,” Aliprantis said. “We’re not financial engineers. We don’t add a lot of leverage to what we do, and we’re very, very different from what a lot of our peers on Wall Street are doing.”

Aliprantis’s comments echo a larger change in the industry, which is running out of easy money-making deals and cheap financing and now has to extract returns by actually building stronger companies.

But the firm’s biggest advantage, Aliprantis said, is its global nature.

Only 35% of its assets are based in North America, and the firm has 26 global offices where its deal teams invest in local private equity, infrastructure, and real estate deals.

“A lot of our colleagues based in New York will fly deal team partners over to different places around the world to do the deal and then get on a plan and fly home,” Aliprantis said. “Our deal teams are pretty much based in the locations where they do deals.”

This means the firm “gets the call” when local companies are looking to sell, and keeps them from larger “bake-offs” where the price might be bid-up.

This has also meant the firm can continue to provide distributions to its clients even if the market is slow in one locale.

“If you’re a US-based domicile private markets firm that has 70 to 80% of your assets in the US, guess what? If the US IPO market is slowing, you’re going to have a problem exiting,” Aliprantis said.

“Here in the US, it’s always been too much money chasing too few deals. You know what? That’s a US thing,” Aliprantis said.” If you go to Europe and you go to Asia, it’s the opposite.”

For example, Bain estimates there’s about $480 billion in dry powder for European private funds, including venture capital, compared to Pitchbook’s $914.5 billion for US-focused private equity firms, not including VC. Apollo’s Marc Rowan also recently told the Wall Street Journal that as an industry, they find themselves short ideas rather than capital.

Aliprantis said investors’ biggest reason to diversify away from the US market is its concentrated bet on AI.

“Their concern is that the Mag Seven is roughly 37% of the S&P right now, and valuations are stretched,” Aliprantis said. “Is AI really going to work? Is it not? How additive is it going to be to the bottom line? We don’t know.”

How to keep retail investors happy

Across the spectrum, Aliprantis said, the “biggest concern” is that retail investors are getting a set of less attractive deals, while institutional investors are getting a “separate set of deals.”

Aliprantis said that the firm’s six evergreen vehicles are composed of the “exact same deals” that its institutional clients invest in.

The key to doing that, and to being a responsible investor or retail capital, is “size and scale,” Aliprantis said.

Size also helps with the balance sheet necessary to launch a private wealth business. It can cost millions of dollars to hire the necessary staff to start selling to financial advisors and other wealth management channels before any revenue is returned to investors.

EQT was able to use its balance sheet, as a public company in Sweden, to build its private wealth team and now has 70 private wealth professionals globally, with 20 based in the US.

That’s not to say that smaller funds won’t succeed, but it will be much harder, Aliprantis said. With so many investors competing for retail capital, consolidation is inevitable.

“The race is on in the industry right now,” Aliprantis said.




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