Private Equity/Antitrust Conglomerate by any other name

Private equity firms hate being called conglomerates. But Carlyle’s recent tussle with the Federal Trade Commission suggests the government views them that way. In a precedent-setting move, the agency last week cracked down on Carlyle’s ownership of a gas pipeline company. The government feared the $47bn-buyout fund’s stake in a rival concern would give it undue influence over the industry and hamper competition. This is a bad omen for private equity. Antitrust watchdogs have always scrutinized...