Aalok Virmani

Partner Tax

Chicago +1 312 862 3061

Aalok Virmani

Overview

Aalok Virmani is a tax partner in the Chicago office of Kirkland & Ellis LLP. Aalok advises U.S. and non-U.S. clients on fund and sponsor-level tax considerations in connection with structuring, operating and the investment activities of various types of funds, including private equity, venture capital, hedge funds, real estate, energy and special situations. Aalok’s practice includes counseling family offices with respect to establishing investment platforms and management incentive arrangements. He is also experienced in LP representations, fund restructurings, secondary transactions and minority investments in fund sponsors.

Prior to joining Kirkland & Ellis LLP, Aalok worked in-house at Equity International, a private equity firm that invests in non-U.S. real estate companies. Aalok was responsible for all tax aspects of the firm’s portfolio-level transactions, fund formations, sponsor-level tax planning, tax compliance and financial statement reporting. Aalok also held board and audit committee positions at various portfolio companies to help Equity International support and oversee its investments.

Representative Fund Formations

  • Arbor Investments in the formation of its fifth private equity fund, Arbor Investments V, LP, as well as its second captive subordinated debt fund, Arbor Debt Opportunities Fund II, LP.
  • Arcline Investment Management in the formation of its initial flagship fund, Arcline Capital Partners LP, and second flagship fund, Arcline Capital Partners II LP.
  • Lilly Asia Ventures in the formation of its fifth USD life sciences fund, LAV Biosciences Fund V, L.P., and sixth USD life sciences funds, LAV Fund VI, L.P. and LAV Fund VI Opportunities, L.P.
  • Nautic Partners in the formation of its ninth flagship fund, Nautic Partners IX LP, and tenth flagship fund, Nautic Partners X LP.
  • NGP Energy Capital Management in the formation of its $4 billion NGP Natural Resources XII fund.
  • Warren Equity Partners in the formation of its second private equity investment fund, Warren Equity Partners Fund II, L.P., and third private equity investment fund, Warren Equity Partners Fund III, L.P.

Representative Fund Transactions and Restructurings

  • Francisco Partners in a minority investment in the private equity firm by Blackstone’s Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program.
  • HarbourVest Partners backing of Telstra Corporations’ spin-off of Telstra Ventures’ $500 million fund with existing stakes in U.S. and non-U.S. technology and software businesses.
  • Vector Capital in a minority investment in the private equity firm by Dyal Capital Partners, and a restructuring and recapitalization of its Vector Capital II and Vector Capital III funds for approximately $450 million.

Other Representations

  • Limited partner representations for various types of investors, including sovereign wealth funds, funds of funds and family offices.
  • Leading hedge fund sponsors in the formation of new funds and reorganizations of existing fund structures.
  • While at Equity International, Aalok managed portfolio company acquisitions and dispositions, planned cross-border reorganizations, secured U.S. and local asset step-ups, maximized utilization of foreign tax credits, losses, and other tax attributes, mitigated CFC and PFIC issues, designed and implemented treaty-based holding company structures and operated local country special purpose vehicles. Equity International’s portfolio companies were located across Latin America, Asia-Pacific and Europe and operated in a variety of real estate sectors.

Equity International, Senior Vice President, Tax

  • SAMHI Hotels, Member of the Board, Audit Committee
  • Grupo Acosta Verde, Audit Committee member
  • Decameron Hotels & Resorts, Audit Committee member

KPMG LLP, M&A and International Tax practices

More

Thought Leadership

Seminars 

Panelist, Private Equity Waterfall and Carried Interest Provisions: Economic and Tax Implications for Investors and Sponsors, Strafford Publications Webinar (recurring)

Panelist, Private Equity Carried Interest Clawbacks: Fund Agreement Mechanisms and Tax Considerations, Strafford Publications Webinar, March 20, 2019

Panelist, A Look at the Upcoming New Partnership Audit Rules – What Every Fund Must Know, Private Investment Fund Operations and Compliance Forum, July 19, 2016

Panelist, Exploring the Potential Impact of BEPS on Private Equity Funds - It’s Not Just a Corporate Issue, The 6th Annual Private Investment Funds Tax Master Class, June 16, 2015

Panelist, Working Through Common Tax Implications of Foreign Investments, The 5th Annual Private Investment Funds Tax Master Class, May 22, 2014

Credentials

Admissions & Qualifications

  • Illinois

Education

  • University of Illinois College of LawJ.D.
  • University of Illinois at Urbana-ChampaignB.S., Accounting

Other Distinctions

Registered Certified Public Accountant (Illinois)