Private Equity and Antitrust Enforcement: New HSR Rule Compliance; Trump Administration’s Priorities

The new HSR rules, which went into effect on Feb. 10, 2025, are the first of their kind in over 45 years since the program's inception, and they have significant implications for private equity firms and their platform companies. The new rules will greatly impact the timing of deals and significantly increase the filing burdens of private equity firms.

The rules require new disclosure requirements for officers and directors of portfolio companies as well as for limited partners/minority investors at both the fund and portfolio level. Also, private equity firms are likely to be impacted disproportionately by other generally applicable requirements, including the provisions relating to ordinary course agreements, listing more prior acquisitions, and expansion of transaction-related documents.

Counsel and private equity firms must understand not only the increased burdens in preparing HSR filings but also the significant new recordkeeping and compliance regimes required and their impact on the ability to timely engage in transactions. 

In addition to the new HSR rules, private equity firms and their counsel must also be aware of the shift in approach to antitrust enforcement under the new Trump administration and what this means for private equity transactions going forward.

Listen as our authoritative panel analyzes the provisions of the new HSR rules that have the greatest impact on private equity sponsors and funds and provides guidance for navigating compliance with these expanded requirements and the antitrust priorities of the new administration. 

I. Overview: new HSR rules and antitrust priorities of the Trump administration

II. Key rule changes that directly impact private equity firms and sponsors

A. Expanded data and disclosure requirements

B. Enhanced business and competition documents

C. Disclosures concerning prior acquisitions

D. Ownership disclosures

E. Other generally applicable provisions that increase the reporting requirements for private equity firms

III. Measures private equity sponsors must take to ensure compliance with the new rules

IV. Trump administration's antitrust priorities and their impact on private equity

V. Practitioner pointers and key takeaways

The panel will address these and other key issues:

• What provisions of the new rules directly impact private equity firms?
• What are the implications of the new rules on deals and transactions?
• What actions must private equity firms take to ensure compliance with the new rules?
• What are the Trump administration's antitrust priorities and how will they impact private equity?