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. Carol has represented, among others, C-Bridge Capital, China Everbright, CITIC Capital, Creador, Eastern Bell, Forebright, Hillhouse Capital, HOPU Capital, Hosen Capital, IDG Capital, Insignia Ventures, Lakeshore Capital, Legend Capital, Lilly Asia Ventures, Long Hill Capital, Loyal Valley Capital, LYFE Capital, Nan Fung Group, Ocean Link Capital, Orchid Asia, PAG Asia Capital, Panacea Healthcare, Silver Lake Partners, TPG Asia, Vertex Venture Holdings, Vision Knight Capital and Warburg Pincus.

Carol is recognized as a leading lawyer in Chambers Global, Chambers Asia-Pacific, The Legal 500, IFLR1000, and Who’s Who Legal. According to Chambers Asia-Pacific (2020), clients described Carol as “very commercial and at the same time very sharp and to the point and has a lot of market understanding”, commended her that “she can balance the client's needs with what is commercial and what is appropriate for the highly dynamic market that is China" and would recommend her “for anything to do with China-focused funds.”

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, 2015–2020

Recognized as a Leading Individual in Chambers Global, 2014–2020

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