The private equity (“PE”) industry has experienced extraordinary growth over the past few years. In parallel, antitrust scrutiny of PE by the U.S. enforcement authorities has intensified, with visceral rhetoric from the agencies and Capitol Hill transforming into aggressive action. Most recently, these actions have ranged from strong concessions demanded in PE transactions under review to DOJ letters alleging illegal interlocking directorates and threatening lawsuits. In this article, we exp
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