American and U.K. regulators are looking into their oversight roles in the exploding private-equity market, and the U.S. Department of Justice is reported to be looking particularly closely at the purchase of former Ford unit Hertz.

The moves by regulators come just a week before Hertz is set to take itself public in one of the year's richest deals.

The U.S. Department of Justice has added Merrill Lynch & Co's private-equity arm to its informal inquiry into the private-equity world, in a move that suggests the Hertz Global Holdings Corp. auction is being looked at, according to a report in The Wall Street Journal. The report cited people familiar with the matter.

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