Overview

Clients described Carol as "a great leader," being "very detail-driven" and "very responsive, experienced and helpful at all times." Clients praised her "professionalism, calmness and confidence" in dealing with difficult negotiations and noted "her keen market insight, judgment, pragmatism and solution-oriented work style make her stand out." They appreciated her ability to "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." - Chambers Asia-Pacific, Chambers Global and Legal 500

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 fund, co-investment funds and separate managed accounts, in sectors across healthcare, TMT, consumer, the financial sector and others. She is frequently called upon to advise clients on delicate sponsor internal issues, such as designing carried interest and other compensation incentives, advising equity 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, fund tender offers, stapled secondaries, secondary purchase and sale of limited partner interests, and other complex transactions.

Carol has represented many prominent global and Asian sponsors, including, among others, Ardian, C-Bridge Capital, Creador, Eastern Bell, Forebright, GLP, Hidden Hill, Hillhouse Capital, Hosen Capital, IDG Capital, Legend Capital, Lilly Asia Ventures, Loyal Valley Capital, LYFE Capital, Orchid Asia, PAG Asia Capital, TPG Asia, TPP and Warburg Pincus.

Ranked as a “Band 1” lawyer in investment funds by Chambers Global and Chambers Asia-Pacific in 2022, Carol has been recognized for several years as a leading lawyer by a number of other reputable legal publications, including Legal 500 Asia-PacificIFLR1000 and Who's Who Legal.

According to Chambers Asia-Pacific, Chambers Global and Legal 500, She is widely seen as "a great leader," being "very detail-driven" and "very responsive, experienced and helpful at all times." Clients praised her "professionalism, calmness and confidence" in dealing with difficult negotiations and noted "her keen market insight, judgment, pragmatism and solution-oriented work style make her stand out." They appreciated her ability to "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."

More

Thought Leadership

Publications

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)

Recognition

Recognized as a “Leading Lawyer” and “Highly Regarded” in IFLR1000, 2012, 2020–2023

Recognized as “Investment Funds Lawyer of the Year” in Euromoney APAC Women in Business Law Awards, 2022

Ranked Band 1 in Chambers Asia-Pacific, 2022

Ranked Band 1 in Chambers Global, 2022

Recognized as a Leading Individual in Legal 500, 2021

Recognized as a “IFLR Woman Leader” in IFLR1000, 2022 

Recognized as a leading lawyer in Who’s Who Legal, 2020–2021 

Recognized as a Leading Individual in Chambers Asia-Pacific, 2015–2021

Recognized as a Leading Individual in Chambers Global, 2014–2021

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

Credentials

Admissions & Qualifications

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

Languages

  • English
  • Mandarin

Education

  • University of North Carolina School of LawJ.D.with Honors
  • Central China Normal UniversityMaster of Law
  • Central China Normal UniversityB.A., English