Alpa Patel is a partner in the Investment Funds Group of Kirkland & Ellis LLP. Prior to joining Kirkland, Alpa 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.

Alpa has extensive public and private sector experience in the investment management industry. While at the SEC, Alpa helped develop and review 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, Alpa was the key adviser on all private fund-related projects and priorities. For example, she was the lead counsel implementing private fund adviser reporting on Form PF and the rules related to private fund adviser registration. She also advised the Division of Corporation Finance on regulations related to the offering requirements of private funds, including general solicitation and bad actor rules.

Alpa also routinely advised the agency’s Office of Compliance Inspection and Examinations (OCIE) regarding the application of Advisers Act rules and other Federal securities regulations to investment advisers, particularly with respect to the nuances associated with private fund advisers. She participated on numerous OCIE examinations and was their primary point of contact in the Division of Investment Management on private fund examinations. Additionally, she regularly consulted with the agency’s Division of Enforcement regarding private fund issues in pending enforcement cases.

Prior to joining the SEC, Alpa was in private practice where she advised clients on the structuring, formation, and private offering requirements of onshore and offshore private funds, as well as provided counsel to investment advisers in regulatory, compliance, and corporate matters.

Alpa is one of several members of the SEC’s Division of Investment Management who have recently joined Kirkland’s Investment Funds Group Regulatory Practice. Aaron Schlaphoff was an attorney fellow in the Division’s Rulemaking Office. Norm Champ was the director of the Division of Investment Management. Jamie Walter was Senior Counsel in the Private Funds Branch. Marian Fowler was Senior Special Counsel to the Director of the Division.


Thought Leadership


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)

MFA’s Legal & Compliance Conference, Marketing Challenges at Home and Abroad (May 9, 2017)*

National Organization of Investment Professionals, A Closer Look at Private Equity and the LP-GP Relationship (April 27, 2017)*

PLI Private Fund Regulatory Developments and Compliance Challenges, Key Regulatory Developments Facing Hedge Funds and Other Private Funds (January 11, 2017)*

PLI Hedge and Private Fund Enforcement & Regulatory Developments, Current Regulatory Issues Affecting Private Funds (December 1, 2016)*

Capital Roundtable’s Best Practices for Private Equity Fund Administration & Compliance, Private Equity Firm Marketing – Having a Robust Marketing Program under the Securities Law (October 6, 2016)*

National Society of Compliance Professionals – NSCP/SEC Private Funds Unit Meeting (June 9, 2016)*

MFA’s Legal & Compliance Conference, Perspectives in Advertising and Marketing (May 10, 2016)*

SEC’s CCO Compliance Outreach, Washington DC, Private Fund Adviser Topics (April 17, 2016)*

Women’s Private Equity Summit, Spotlight on the Firm: Oh, Those Regulatory Guidelines! What your Firm Should Be Focused On (March 11, 2016)*

National Association of Public Pension Attorneys, Untangling the Cat’s Cradle: A Conversation with the SEC about Transparency and Disclosure in the Private Fund World (February 17, 2016)*

SEC’s CCO Compliance Outreach, Chicago Regional Office, Asset Management Unit and Division of Investment Management Discussion (June 29, 2015)*

SEC’s CCO Compliance Outreach, New York Regional Office, Priorities and Initiatives Relevant to Private Funds (June 18, 2015)*

Investment Adviser Association’s Compliance Conference, Life Cycle of a Trade (March 6, 2015)*

SuperReturns, Brave New Word, Regulating Private Equity: SEC Initiatives and How They May Impact the Private Equity Industry (June 4, 2013)*

SEC’s CCO Compliance Outreach Program, Washington DC, Private Fund Adviser Topics (January 30, 2014)*

SEC’s CCO Compliance Outreach Program, Atlanta Regional Office, Changing Demographics of SEC-Registered Investment Advisers and Key Program Initiatives Addressing Changes (September 25, 2013)*

SEC’s CCO Compliance Outreach Program, New York Regional Office, Form PF (September 13, 2013)*

Investment Advisers Association’s Compliance Conference, Key Compliance Issues for Private Advisers (May 22, 2013)*

*Conducted while at the SEC


Who’s Who Legal: Private Funds: Regulatory


Admissions & Qualifications

  • Not admitted to practice in Illinois
  • 2009, District of Columbia


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