Aalok Virmani

Partner Tax

Chicago +1 312-862-3061

Aalok Virmani

Overview

Aalok is a tax partner in the Chicago office of Kirkland & Ellis LLP. His practice focuses on the tax aspects of forming and investing in private equity funds, hedge funds and joint ventures and the tax aspects of private equity transactions, mergers and acquisitions. He has extensive experience advising clients with respect to partnership, corporate and cross-border tax issues.

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 and tax compliance. Aalok also held board and audit committee positions at various portfolio companies to help Equity International support and oversee its investments.

Fund Formations

  • Audax Group in the formation of its $3.5 billion Audax Private Equity Fund VI focused on investing in middle market companies headquartered in North America.
  • Arcline Investment Management LP in the formation of their first fund, Arcline Capital Partners LP, a $1.5 billion fund focused on leveraged buyouts of middle market businesses.
  • Mill Point Capital in the formation of its first $450 million institutional fund.
  • Lilly Asia Ventures (LAV) in the formation of its $750 million LAV Biosciences Fund V.
  • Leading investment firms in the formation and operation of oil and gas funds, middle market funds, life settlement funds and technology funds.

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 approximately 40 U.S. and non-U.S. technology and software businesses.
  • Vector Capital in (i) a minority investment in the private equity firm by Dyal Capital Partners, and (ii) a restructuring and recapitalization of its Vector Capital II and Vector Capital III funds for approximately $450 million.

Limited Partner and 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, utilized foreign tax credits, losses, and other tax attributes, mitigated CFC and PFIC issues, designed and implemented treaty-based holding company structures and utilized 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, 2008–2016

  • 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, 1999–2008

More

Thought Leadership

Seminars 

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

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

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

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)