Alpa Patel is a partner in the Investment Funds Regulatory Solutions Group of Kirkland & Ellis LLP in Chicago, IL. Prior to joining Kirkland, she served as Branch Chief of the Private Funds Branch of the Investment Adviser Regulation Office in the SEC’s Division of Investment Management in Washington, D.C.

At Kirkland, Ms. Patel’s practice focuses on counseling U.S. and non-U.S. investment advisers regarding the complex regulatory framework in which they operate. As a former regulator, she is able to provide insightful and practical guidance to clients grappling with issues related to the structure, management, and operations of their advisory business. She provides counsel to all types of investment advisers, including advisers registered with the SEC or state securities authorities, unregistered advisers, exempt reporting advisers, and family offices, regarding the establishment, marketing, operations of the funds and products they offer, such as separately-managed accounts, private equity funds, hedge funds, real estate funds, venture capital funds, and co-investment vehicles. Ms. Patel also routinely counsels clients through SEC examinations and enforcement actions.

While at the SEC, Ms. Patel helped develop various rule proposals under the Advisers Act and provided technical assistance on the interpretation and application of the Advisers Act rules to all types of registered investment advisers. As head of the Private Funds Branch in the Division of Investment Management, she was a key adviser on all private fund-related projects and priorities across the SEC. She regularly consulted with the Office of Compliance Inspections and Examination (OCIE) and the Division of Enforcement on interpretive matters regarding the application of the securities laws to private fund advisers, as well as market practices in the private equity and hedge fund industries. She also represented the SEC on various interagency projects with the Department of Treasury, the Federal Reserve Board, and others regarding policy matters that had implications on asset managers and the private fund industry in particular.

Ms. Patel is a frequent speaker on regulatory issues related to the asset management industry.

Representative clients include:

  • Vista Equity Partners
  • Sycamore Partners
  • One Equity Partners
  • GLP Capital Partners
  • Clearlake Capital Group
  • New Enterprise Associates
  • General Catalyst
  • Warburg Pincus


Thought Leadership


Kirkland & Ellis Webinar, Emerging Topics in Private Fund Examinations (July 2021)

Kirkland & Ellis Webinar, The Biden Administration: Implications for PE Regarding SEC, CFIUS, Antitrust and Tax (April 2021) 

Investment Advisers Association Compliance Conference, Private Equity Funds Update (March 2021)

Private Equity International’s Private Fund Compliance Spring Forum Virtual Experience 2021, Women's Networking Roundtable (May 2021) 

WeChat, TikTok & Messaging Applications: U.S. Regulatory Implications for Private Fund Sponsors (September 2020)

Unconventional Paths to Liquidity: Fund-Related Solutions to Existing Portfolio Companies (August 2020)

A Closer Look at the SEC’s Private Fund Examination Priorities for Private Equity Advisers (July 2020)

Developments in Private Equity Amid the COVID-19 Pandemic (May 2020)

Investment Advisers Association Compliance Workshop, Chicago (November 2019)

Speaker, Kirkland & Ellis Liquidity Solutions Academy, “SEC Scrutiny of Secondary Transactions / Fund Restructurings,” New York City, New York (November 6, 2019)

International Venture Capital Association, "How to Manage an Exam," Chicago (October 2019)

Investment Advisers Association Private Equity Group Subcommittee, "Exam Update," New York (September 2019)

American Investment Council Chief Compliance Officer Working Group, Chicago (September 2019)

Lecturer, Howard University “Private Equity and Hedge Fund Regulation” (Fall 2018)

American Investment Council General Counsels Day (November 2018)

National Society of Compliance Professionals panel on “2018 Regulatory Priorities & Best Practices” (October 2018)

American Investment Council Chief Compliance Officer Working Group (September 2018)

Women in Private Equity Network (PEWIN) Roundtable, “Straight Talk: Fee Transparency and Other SEC Hot Buttons in Private Equity" (April 2018)

IA Watch 20th Annual IA Compliance Conference: The Full 360 View East, “Meeting the Unique Compliance Challenges of the Private Fund Adviser” (March 2018)

Investment Adviser Association 2018 Compliance Conference “Advertising, Marketing Materials and Social Media” (March 2018)

National Society of Compliance Professionals Seminars on updated Form ADV Compliance (February and March 2018)

PLI Private Fund Regulatory Developments and Compliance Challenges (February 2018)

Kirkland & Ellis Seminar, “Making a Move into Credit Funds” (November 2017)


Chambers USA, Investment Funds: Regulatory & Compliance 

Who’s Who Legal: Private Funds: Regulatory


Admissions & Qualifications

  • Illinois
  • District of Columbia
  • New York


  • The George Washington University Law SchoolJ.D.2007
  • Emory UniversityB.B.A., Finance2004