Carol Liu is a private investment funds partner of Kirkland & Ellis. Carol focuses her practice on representing global and Asia regional fund sponsors in structuring and forming private investment funds, including venture, growth, buyout, real estate, infrastructure, secondary and private credit funds, and advising clients on internal general partner dynamics and management company issues. Carol also advises select institutional clients in connection with GP-led recapitalizations of investment funds, secondary purchase and sale of limited partner interests and direct portfolio interests.

Prior to joining Kirkland, Carol spent a number of years in the U.S. working with another premier private investment funds group. Since relocating to Hong Kong, Carol has represented, among others, C-Bridge Capital, China Everbright Limited, China Life Insurance, CITIC Capital, Eastern Bell VC, Forebright Capital Management, GL China Management, Hillhouse Capital, HOPU Capital, Hosen Capital, IDG Capital, Lakeshore Capital Partners, Legend Capital, Lilly Asia Ventures, Long Hill Capital, Loyal Valley Capital, LYFE Capital, Nan Fung Group, New China Life Insurance, Orchid Asia, PAG Asia Capital, Pagoda Investments, Panacea Healthcare, Ping An Insurance Company, Silver Lake Partners, Taiping Insurance Group, Terra Firma, TPG Asia, Vertex Venture Holdings, Vision Knight Capital and Warburg Pincus.

Carol is recognized as a leading lawyer in Chambers Global, The Legal 500, IFLR1000Chambers Asia-Pacific and Who's Who Legal. In Chambers Global (2019), one client lauded her as “extremely technically strong and thorough.”

Carol is triple qualified in the U.S., Hong Kong SAR and the PRC and is a native Mandarin speaker.


Thought Leadership


Co-author, “New Reporting Rules re Chinese Insurance Companies”, Kirkland Client Alert, May 8, 2018 (with Andrew Wright, Norm Champ and Liyong Xing)

Co-commentator, “NDRC Ruling on RMB Fund”, Bloomberg Private Equity Brief, May 16, 2012 (with Justin Dolling)

Co-author, “RMB Funds – New Shanghai Pilot Program”, Kirkland Private Equity Newsletter, January 2011 (with Justin Dolling and Chuan Li)

Co-author, “RMB Funds – New Rules Permits Investment by Insurance Companies”, Kirkland PEN brief, September 2010 (with Justin Dolling and David Patrick Eich)

Co-author, “RMB Funds – An Emerging Opportunity”, Kirkland Private Equity Newsletter, August 2010 (with Justin Dolling and David Patrick Eich)


Recognized as a leading lawyer in Who’s Who Legal, 2020

Recognized as a Leading Individual in Chambers Asia-Pacific, 2015–2018

Recognized as a Leading Individual in Chambers Global, 2014–2018

Recognized as an Up-and-Coming Individual in Chambers Asia-Pacific, 2013–2014

Recognized as a leading individual in The Legal 500, 2012

Recognized as a leading lawyer in IFLR1000, 2012


Admissions & Qualifications

  • 2013, Hong Kong, Solicitor
  • 2005, Massachusetts
  • 1999, People's Republic of China (non-practising)


  • English
  • Mandarin


  • University of North Carolina School of LawJ.D.with Honors2005
  • Central China Normal University Law SchoolLL.M.1999
  • Central China Normal University, School of Foreign Languages - The Department of English Language and LiteratureB.A., English1997