Law Library

With more than 4,000 private fund advisers registered with the Securities and Exchange Commission in the United States navigating antitrust and merger control regimes in more than 160 other jurisdictions worldwide, the intersection of antitrust laws and the private equity industry is complex. The business of private fund advisers can raise substantial antitrust issues, and these advisers may unwittingly run afoul of the antitrust and competition laws and regulations if they are not aware of common pitfalls.

The new “Private Equity Antitrust Handbook,” published by the American Bar Association with the ABA Section of Antitrust Law, examines the increasing importance for private equity entities and their legal representatives to have knowledge and understanding about the complexities of the antitrust and merger control laws in the U.S. and select international jurisdictions. The handbook describes common antitrust and merger control issues for private equity entities and the governance issues arising by focusing on compliance with U.S. competition law — particularly the Hart-Scott-Rodino Act. It also addresses the antitrust analysis applied to private equity deals and foreign merger control issues, including relevant sections covering the European Union, Canada; United Kingdom, Brazil, China and India.

“This book is the first of its kind focusing on antitrust issues in a private equity context.  Advisors to funds and managers will find this to be an invaluable resource for navigating the myriad of issues that confront such entities daily,” said Deidre Johnson, counsel at Ropes & Gray and editor of the “Private Equity Antitrust Handbook.”

William MacLeod, chair of the ABA Section of Antitrust Law, said the handbook is intended to be a go-to resource for private equity corporate professionals and legal practitioners in need of a useful guide for understanding the potential antitrust and competition issues that arise in connection with their business. “It will also assist attorneys working with private equity firms in navigating the intersections of antitrust law and private equity operations,” MacLeod said.