From the Editors

A number of regulatory developments under the Trump administration have been favorable to the private equity industry, including a more deal-friendly approach to antitrust and efforts to foster retail access to private investments. But in many ways, the macroeconomic picture remains uncertain—reinforcing the value of solid execution in conserving assets and mitigating risk. The Fall 2025 Private Equity Review discusses several developments and issues you may find helpful to consider.

• Merger Remedies and Prior Approval Requirements: Policy Reversals Bring Opportunity
  With a more welcoming approach to merger remedies and less onerous post-deal constraints on parties that have been subject to enforcement orders, the Trump administration is creating a more transaction-friendly landscape, with welcome implications for private equity dealmakers.
• Liability Transfer Transactions: Opportunities for Funds Buying and Selling Mass Tort Exposure
  A portfolio company’s exposure to long-tail mass tort litigation can present a significant transactional challenge. Selling the liability to a liability management company provides an effective way of removing the liability from the company’s balance sheet—and, if properly managed, can be a lucrative investment for the company acquiring that exposure.
• The $401,000 Question: How Can Fund Sponsors Tap Defined Contribution Capital?
  A recent executive order seeks to expand access to private investments for individual retirement account holders . To capture that investment capital, fund sponsors must offer solutions that meet the liquidity needs of defined contribution participants.
• Trademark Monitoring: An Ounce of Prevention
  Strong trademarks and brands often represent a significant portion of enterprise value, but sponsors and portcos sometimes treat brand protection as an afterthought. An ongoing trademark monitoring program can be a cost-effective way of proactively protecting these important assets.
• Key Governance Considerations in PIPE Transactions
  Private investment in public equity (PIPE) transactions can present an attractive investment opportunity for private equity funds. But sponsor-backed PIPEs can raise a number of key governance issues that need to be carefully negotiated.
• Advertising Self-Regulatory Body Sets Its Sights on Private Equity Healthcare and Consumer Product Portfolio Companies
  The National Advertising Division (NAD), the U.S. advertising industry’s self-regulatory body, is increasing its attention on the artificial intelligence, financial services and healthcare industries—all areas with a high PE presence. Understanding the NAD and its workings can provide sponsors and portfolio companies with actionable offensive and defensive insights.