Bruce Gelman is a partner in the Tax Group in the Chicago office of Kirkland & Ellis LLP. He has extensive experience advising fund sponsors and investors (both offshore and domestic).

Bruce concentrates his practice on the organization and structuring of real estate, infrastructure, and other alternative-asset investment funds. He also has significant experience representing offshore investors in the U.S. property and infrastructure markets and maintains a broad tax planning practice representing REITs and other investors in real estate.

Bruce was included in Chambers USA from 2005–2017. Chambers USA (2005) noted that Bruce "…[is] innovative, thinks outside the square and is great at working his way round obstacles," and described him as "[a] 'smart' lawyer …considered especially adept at solving clients' problems, particularly in the structuring of REITs" (2006). Chambers USA (2007) recommended Bruce for his "…sound tax advice, especially on complex investment structures." Chambers USA (2008) noted that sources "constantly hear wonderful things about [him]," Chambers USA (2011) noted that clients find him to be "exceptionally strong, both practically and technically,” and one source in Chambers USA (2016) effuses that Bruce "is brilliant. He can explain the tax structuring elements efficiently without overburdening you." Bruce has also been included in every edition of the Legal 500 U.S. since 2010, which described him as "'clearly a recognized national leader' in the REIT and private equity funds space."


Thought Leadership


Panelist, "Efficiently Accessing Capital from U.S. Tax-Exempt and Non-U.S. Institutional Investors," IMN’s 6th Annual Real Estate CFO & COO Forum (West): San Diego (2018)

Panelist, "Analysing the Institutional Private Placement Market," Private Placement Life Insurance & Variable Annuities Forum: Boston (2017)

Panelist, "Private Placement for Institutional Investors: Group Variable Annuity Contracts and Investment Fund Structures," Private Placement Life Insurance & Variable Annuities Forum: Boston (2016)

"Canadians on the Offensive — Tax Efficient Investments into U.S. Real Estate Markets," NAIOP Commercial Real Estate Development Association Webinar (2014)

Panelist, "Implementation of Tax-Efficient Investment Structures," Center for Investor Education, Byron Bay, Australia (2013)

Speaker, "Structuring Strategies for Australian Investors in U.S. Real Estate," Center for Investor Education, Noosa, Australia (2012)

Moderator, "Opportunities in Infrastructure Investing," Beecken Petty O'Keefe & Company Private Equity Conference (2010)

"Fund Terms & Conditions," PEI's Infrastructure Investor: New York (2009)

Moderator, "The New Market for Infrastructure Funds: All Pumped Up with Nowhere to Invest," Terrapinn's Investment World Americas (2009)

"U.S. Investment in Australian Real Estate (and other bits)," Greenwoods & Freehills' Global Real Estate Conference (2009)

"Global Investment in US Real Estate - Structuring Investment Techniques and Solutions for Non-U.S. Investors," RealShare Investment and Finance Summit (2008)

"State of the Art Structuring for Infrastructure Funds and Investments," PEI's Infrastructure Investor: New York (2008)

"Global Investment in Infrastructure Assets," Greenwoods & Freehills' Australian Infrastructure Conference (2008)

"Hot U.S. Income Tax Topics," Presentation to the Property Council of Australia (2008)

"Exploring the Practicalities for Investments in U.S. Infrastructure," Terrapinn's Investing in Infrastructure Assets Europe (2007)

"REITS Always Make Sense (Except When They Don't)," Greenwoods & Freehills' Australian REIT Conference (2007)

"Structuring Strategies for the Non-U.S. Investor in U.S. Real Estate," National Association of Real Estate Investment Managers, Senior Legal Officer Discussion Forum (2006)

"State of the Art Investment Techniques for the Dutch Investor in U.S. Real Estate," AFIRE 2005 European Conferences (2005)

"Deal Structuring: What Key Issues are Involved in Getting Deals Done," IMN's U.S. Real Estate Opportunity & Private Fund Investing Forum (2004)

"Why Private REITs?: The Top 10 Advantages (and Disadvantages) vs. Funds, Partnerships, Public REIT and REOC Structures," IMN's The Private REIT Industry Symposium (2004)

"Deal Structuring: Efficient Tax, Legal and Accounting Practices," IMN's U.S. Real Estate Opportunity & Private Fund Investing Forum (2003)


Admissions & Qualifications

  • 1993Illinois


  • United States Court of Appeals for the Seventh Circuit1993
  • United States Tax Court1993


  • University of Detroit School of LawJ.D.summa cum laude1992
  • Boston CollegeB.A.1990