Application of the Hart-Scott-Rodino Act to Venture Fund Transactions

This article discusses in general terms the circumstances under which investment funds might have to file a Hart-Scott-Rodino (“HSR”) notification report and observe a waiting period before making certain investments.  By necessity this memorandum is very general and is not a substitute for consulting HSR counsel on a transaction-by-transaction basis.  Part I describes the HSR Act and the three threshold tests for reportability.  Part II describes certain exemptions that are commonly applicable to venture fund investments. 

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