Josh Westerholm is a partner in the corporate department of Kirkland & Ellis LLP, where he is a key member of its hedge fund and financial regulatory practices, oversees the firm's global commodities practice, and has significant responsibility in the firm's trading documents practice.
Josh focuses his practice on the representation of investment advisers, commodity pool operators, commodity trading advisors, private investment funds, family offices, and broker-dealers. Representations frequently include:
Formation. Josh has represented U.S. and non-U.S. fund sponsors in the various aspects of forming, restructuring, and fundraising diverse private funds, including hedge funds, commodity pools, funds of funds, private equity funds, real estate funds, ERISA plan asset funds, Exchange Act-registered funds, and related managed account structures. He also counsels sponsors in formation, documentation, and structuring matters.
Compliance Matters. Josh is first-contact or supervisory counsel for U.S. regulatory contact for a large number of U.S. and non-U.S. advisers with more than US $250 Billion under management. He has broad experience in SEC and CFTC registration of investment advisers, commodity pool operators, commodity trading advisors, and broker-dealers. He advises clients regarding fund sponsor, corporate, and transactional compliance with securities and commodity regulations, including the Investment Advisers Act, Investment Company Act, Securities Act, Securities Exchange Act, Commodity Exchange Act, CFTC Regulations, and FINRA and NFA rules. He also frequently counsels clients in all stages of routine and non-routine examinations by the SEC, CFTC, FINRA, and NFA.
Trading Documentation. Josh has significant experience in drafting and negotiating trading documentation for private funds, transaction parties, insurance companies, corporations, and other end-users with respect to exchange-traded and over-the-counter investment products, including swaps, futures, forwards, options, and collars, as well as foreign exchange, interest rate, credit, and other derivatives. This documentation includes ISDA Master Agreements, securities and futures brokerage agreements, trade confirmations, repurchase agreements, and securities lending agreements, as well as documentation needed to establish clearing relationships and comply with Dodd-Frank requirements. He also has significant experience in counseling clients in establishing trading document policies and procedures that comply with applicable regulations and investment guidelines.
Asset Protection. Josh counsels clients in the products and counterparty relationships needed to receive optimum asset protection under U.S. and non-U.S. regulatory regimes. His expertise spans steps taken under trading documentation to strategies designed to take advantage of regulations applicable to banks and brokers, including SIPA, the Exchange Act, the Commodity Exchange Act, SEC rules, CFTC regulations, and NFA rules.
Josh and his colleagues have received U.S. News Media Group and Best Lawyers “Best Law Firms” Tier One ranking in Private Funds/Hedge Funds Law (2014); the Chambers & Partners Tier One ranking in Investment Funds, Private Equity and Fund Formation (2012 and 2013); IFLR1000 Tier One ranking in Investment Funds – Private Funds (2013); The Legal 500 Tier One ranking in Investment Fund Formation and Management: Private Equity Funds (2013); Law360 Private Equity Group of the Year for two years in a row (2012 and 2013); U.S. News & World Report Law Firm of the Year for Private Equity (2011); The Legal 500 “Best of the Best” Ranking (2011); and Buyouts Law Firm of the Year (2010 and 2013).
Publications"SEC Issues Broker-Dealer Registration Relief for Private M&A Brokers," "SEC Provides Industry-Favorable "Bad Actor" Rule Interpretations" and "SEC Clarifies Scope of 'Knowledgeable Employee.'" Kirkland PEN, March 12, 2014
Panelist, "SEC Inspections," Illinois Venture Capital Association (IVCA) CFO Summit (October 2013)
Panelist, "Perspectives on the Current PE Regulation Environment," University of Michigan Private Equity Conference (October 2014)
Sidley Austin LLP, 2004-2008