The investment funds group at Kirkland & Ellis is notable for its work on private equity matters and financial sponsor-backed M&A, catering to top sponsors across a range of sectors and jurisdictions. Carol Liu is well-versed in complex fund structuring and formation matters as well as fund liquidity and GP solutions. She leads the practice alongside Jennifer Feng, whose diverse practice encompasses fundraising, structuring and restructuring, fund formation, and carried interest schemes. Jerry Choi handles private fund formation and related matters, with a particular focus on private credit. Justin Dolling left the firm.
Legal 500 Editorial commentary
Mentions
Profile
Work Department
Investment Funds
Position
Partner
Career
Carol Liu is a private investment funds partner of Kirkland & Ellis. She routinely advises and leads teams of lawyers advising global and Asian fund sponsors on structuring and forming private investment funds across a wide variety of strategies, including buyout, growth capital, venture capital, fund of funds, private credit, real estates and infrastructure, co-investment funds and separate managed accounts, in sectors across healthcare, TMT, consumer, the financial sector and others, and across jurisdictions from China, Japan, Korea, Southeast Asia to India. She is frequently called upon to advise clients on delicate sponsor internal issues, such as designing carried interest and other compensation incentives, advising GP stakes transactions and succession planning issues. Clients also turn to Carol on a wide range of complex fund-related transactions, including GP-led restructuring of investment funds, LP tender offers, stapled secondaries, preferred equity transactions and LP portfolio sales transactions, and other complex transactions.
Carol is ranked as “Band 1” lawyer in investment funds by Chambers Global and Chambers Greater China 2022–2024 and recognized as a “Notable Practitioner” (Investment Funds: Private Equity) in Chambers Asia-Pacific 2021–2024. Carol has also been recognized for several years as a leading lawyer by a number of other reputable legal publications, including Legal 500 Asia Pacific, IFLR1000 and Who's Who Legal.
Languages
English, Mandarin
Education
University of North Carolina School of Law, J.D., with Honors, 2005
Central China Normal University Law School, L.L.M., 1999
Central China Normal University, School of Foreign Languages - The Department of English Language and Literature, B.A., English, 1997
Content supplied by Kirkland & Ellis
Testimonials
Collated independently by Legal 500 research team.
- ‘They have deep and wide experience in the fund business.'
‘Carol Liu and Jennifer Feng tried very hard using their knowledge and experience to facilitate our demands and negotiated very hard to win the conditions in favour of us.’
‘The team is diligent, responsive, and understands the market. Has a highly sophisticated global funds practice which listens to the client and understands the client needs. Highly familiar with Asia and global fund practice.'
'Trusted by clients for highly sophisticated commercial legal advice.’
‘Carol Liu understands the client needs, highly familiar with Asia and global fund practice. We find a solution whenever we speak with her.’
Key clients
- Edelweiss
- Adamantem
- Ares Management
- TPG NewQuest
- GLP Capital Partners
- HarbourVest
- Integral Corporation
- PAG
- VIG
- Creador
- LGT Capital Partners
Work highlights
Advising PAG Asia Capital on the closing of its flagship buyout fund PAG Asia IV for USD 4+ billion.
Advising Integral Corporation on the successful closing of Integral Fund V Series for JPY 250 billion.
Advising LAV on the formation and successful closing of its seventh VC fund, LAV Fund VII.