Sidecar: The State Mini-HSR Wave – What Dealmakers Need to Know

Will your next deal trigger a state “mini-HSR” (Hart-Scott-Rodino) filing? In this episode of Committed Capital Sidecar, Dechert partner James Fishkin unpacks the rise of state mini-HSR premerger filing laws under the Uniform Antitrust Premerger Notification Act – who must file, the key nexus thresholds and what materials must be submitted. He spotlights Washington and Colorado’s early adoption, outlines civil penalties for noncompliance and shares practical guidance for dealmakers on coordinating multi-state filings and managing state attorneys general review risk.

How will Medicare’s telehealth back-and-forth – and new developments like the 10-year CMS ACCESS Model – reshape the investor playbook? Markus Bolsinger, co-head of Dechert’s global private equity practice, joins Dechert partner Jennifer Hutchens and associate Brooke Meadowcroft to unpack shifts from pandemic-era expansion to the October 1, 2025 “telehealth cliff” and reinstatement through January 30, and what they mean for strategics and PE. They explore the convergence with DTC pharma and how digital-first infrastructure, data integration and safeguards can make telehealth the connective tissue between coverage and access to care.

How might Oregon’s new laws restricting private equity in healthcare operations affect regulations in other states, and what should investors and healthcare providers know about them? In the debut edition of Committed Capital’s PE Rx series examining the intersection of PE and healthcare, Dechert partners Markus Bolsinger and Jennifer Hutchens unpack the history and impact of Oregon’s SB 951 and HB 3410, including their practical implications for PE sponsors and management service organizations, the state’s evolving stance on the corporate practice of medicine and much more. Show Notes"Healthcare Private Equity Soon to Face Significant Hurdles in Oregon," Dechert OnPoint (June 10, 2025)"New Oregon Law Leads Nation in Restricting Healthcare Investment," Dechert OnPoint (June 26, 2025)

Earlier this month, a U.S. executive order was signed to broaden the availability of alternative asset investments for individuals with 401(k) plans. In this Sidecar episode of our Committed Capital podcast, Dechert partners Bill Bielefeld and Steve Rabitz dive into the challenges fiduciaries face under ERISA and the regulatory shifts poised to redefine retirement investment strategies moving forward. From liquidity concerns to fee structures and legal uncertainties, this comprehensive conversation sheds light on how plan sponsors and asset managers can navigate the evolving landscape of alternative asset inclusion in participant-directed retirement plans.Show Notes:New Order ‘Targets’ 401(k) Plan ‘Alternatives’: President Takes Aim at Legal Barriers and Litigation Risks, Dechert OnPoint (August 11, 2025)

Despite a year of geopolitical volatility and economic uncertainty, private equity demonstrated its resilience in 2024. With challenges still ahead, how are PE managers setting themselves up for success in the coming year? In this special episode, Dechert partners Sarah Kupferman, Rani Habash, Eliot Relles and Sam Whittaker share their perspectives and insights on key findings from Dechert’s 2025 Global Private Equity Outlook report, including the increased appetite for co-investments and club deals, the impact of regulatory changes and private credit’s growing role in bridging funding gaps. Show Notes 2025 Global Private Equity Outlook 

The FTC’s recent overhaul of its premerger notification requirements has culminated in a completely new HSR form, which recently became effective and now obligates parties to reportable transactions to disclose substantially more information to the antitrust agencies up front.  What impact will these new requirements have on private equity firms now that they are in effect? In this Sidecar episode, Dechert antitrust partner James Fishkin and counsel Beverly Ang highlight a few key changes in the new rules and how PE firms should adjust in order to ensure compliance with the new regime.Show Notes The New Hart-Scott-Rodino Reporting Requirements: A Roadmap for Filers, Dechert OnPoint (Oct. 30, 2024)

Private equity firms are increasingly looking at strategic options both for their business and fundraising, including GP-stake sales and seeding transactions. What factors do GPs consider when evaluating these options? In this episode, Dechert’s Sam Kay leads a discussion with Rede Partners’ Magnus Goodlad and New Catalyst Strategic Partners’ Demetrius Sidberry on how the market is developing, how businesses are valued, the different methodologies and investment structures for either a GP-stake sale or a seeding arrangement, and more.

2024 marks the 40th anniversary of Dechert’s global private equity practice. In this special episode, Blackstone’s Christopher James, KKR’s John Park, and AB Private Credit Investors’ Jay Ramakrishnan join Ken Young, co-chair of Dechert's corporate and securities practice and co-head of the global private equity group, to reflect on the evolution of the PE industry, from its humble beginnings to its current scale and complexity.  Among other topics, they discuss the diversification of investment strategies from pure buyout shops to massive alternative asset managers, the evolution and the role of private credit in the private equity ecosystem, and the increasing ability for retail investors to access private markets strategies.Key Takeaways Over the past 40 years, private equity has demonstrated resilience through various economic cycles, continually evolving to meet new challenges.The private equity industry has grown tremendously in both scale and diversification of strategies.Not just private equity, private credit has also emerged as a key asset class, benefiting from the rise in private equity while also supporting that growth.Diversification has included the investor classes too, where outreach to retail investor is the next phase in the diversification of the private capital business.What do the next 40 years hold for PE?  According to our guests, quite a lot.

The new EU Foreign Subsidies Regulation (FSR) aims to address potential market distortions caused by subsidies from outside the EU, introducing new European Commission reporting obligations for private equity firms. In this Sidecar, Dechert partners Saira Henry, Michael Okkonen, and Clemens York discuss how private equity firms can adopt proactive strategies and thorough due diligence to effectively navigate the new regime. Show Notes “The Regulatory Gauntlet: Dealmakers Face Increased Scrutiny,” Dechert OnPoint (Nov. 5, 2023) 

Despite evaluating fewer transactions for potential national security risks, the Committee on Foreign Investment in the United States (CFIUS) is taking longer than ever to complete its reviews, significantly impacting deal closing timelines for PE transactions involving foreign investors. In this Sidecar episode, Dechert private equity partner Bernardo Piereck and national security partners Jeremy Zucker and Hrishikesh Hari discuss the current length of CFIUS reviews, insights into the Committee’s mitigation measures as detailed in its annual report to Congress, and steps that investors can take to structure their transactions with CFIUS considerations in mind.Show Notes“Highlights from the Annual CFIUS Report,” Dechert OnPoint (August 7, 2024)“Finally, An Update on Outbound Investment,” Dechert OnPoint (June 26, 2024)“The Evolving Global Foreign Direct Investment and National Security Review Landscape,” Dechert LLP (May 2024)