Overview

Josh Westerholm is a partner of Kirkland & Ellis LLP, where he is a leader in the Firm’s regulatory practice.

In more than 21 years of practice, Josh has represented many of the most sophisticated asset managers in the world, including investment advisers, broker-dealers, commodity pool operators, commodity trading advisors, private capital firms and family offices. Josh was a core member of a Kirkland regulatory practice that registered more than 100 private fund sponsors as investment advisers in 2011–2012 following the passage of the Dodd-Frank Act. He has extensive experience with firms with complex regulatory structures and overlapping regulatory regimes, such as fund sponsors with affiliated broker-dealers. He has also defended clients in more than 120 regulatory exams and inquiries, including those from the SEC, CFTC, FINRA and NFA.

Josh is a frequent speaker and writer on regulatory issues related to the asset management industry.

Representative Clients:

  • Thoma Bravo
  • Veritas Capital
  • Copenhagen Infrastructure Partners
  • Apax Partners
  • Ardian
  • Fortress Investment Group
  • Lexington Partners
  • Nordic Capital
  • Principal
  • RBC
  • Adams Street Partners
  • Incline Equity Partners
  • Pritzker Private Capital
  • Waterland Private Equity

More

Thought Leadership

Publications

Josh is a frequent contributing author and editor of the Kirkland AIM and Kirkland PEN.

Select Recent Kirkland AIM Publications:

“SEC Further Delays Implementation Date for Revised Form PF to October 1; Announces Intent to Review Form PF’s Substance” Kirkland AIM, June 12, 2025

“SEC Marketing Rule Guidance Relaxes Requirements Related to Net Performance Presentations” Kirkland AIM, March 25, 2025

“SEC No-Action Letter Opens the Door Wider on Rule 506(c) Offerings” Kirkland AIM, March 13, 2025

“SEC Delays Implementation Date for Revised Form PF Allowing April 30th Filings to Use Current Form” Kirkland AIM, January 30, 2025

“Off-Channel Communications” Kirkland AIM, January 24, 2025

“Private Fund Manager U.S. SEC / CFTC Compliance: 2025 Key Dates” Kirkland AIM, January 7, 2025

“Upcoming Deadline for Form SHL (Holdings of U.S. Fund Interests by Non- U.S. Persons)” Kirkland AIM, August 12, 2024

“Private Fund Sponsor Pay-to-Play Restrictions for Upcoming U.S. Election Cycle” Kirkland AIM, August 7, 2024

“Fifth Circuit Strikes Down Private Fund Adviser Rules” Kirkland AIM, June 5, 2024

“SEC Increases Burden of Private Fund Adviser Reporting on Form PF” Kirkland AIM, March 7, 2024

“FinCEN Proposes to Increase AML Requirements for Investment Advisers” Kirkland AIM, February 20, 2024

“SEC Issues Marketing Rule FAQ: Subscription Lines and Net IRR Calculations” Kirkland AIM, February 8, 2024

“Private Fund Manager U.S. SEC/CFTC Compliance: 2024 Key Dates” Kirkland AIM, January 8, 2024

“SEC Adopts Significant Amendments to Private Fund Adviser Reporting on Form PF,” Kirkland AIM, May 5, 2023

“SEC Proposes Enhancements to Regulation S-P and Takes Other Steps Related to Cybersecurity,” Kirkland AIM, March 16, 2023

“SEC Division of Examinations Issues 2023 Exam Priorities,” Kirkland AIM, Feburary 17, 2023

“SEC Releases Marketing Rule FAQ on Private Fund Net Performance,” Kirkland AIM, January 12, 2023

“SEC Continues Enforcement Scrutiny of ESG Claims by Investment Advisers,” Kirkland AIM, December 12, 2022

“SEC Proposes New Rules on Adviser Oversight of Service Providers,” Kirkland AIM, November 15, 2022

“FinCEN Issues Final Rule Relating to New Beneficial Ownership Reporting Obligations for Private Fund Managers, Private Funds and Portfolio Investments,” Kirkland AIM, October 4, 2022

“SEC Proposes Enhanced Disclosure by Certain Advisers on ESG Investment Practices,” Kirkland AIM, June 3, 2022

“SEC Proposes Significant New Cybersecurity Rules for Investment Advisers,” Kirkland AIM, March 14, 2022

“2022 Private Fund Manager U.S. SEC/CFTC Filing Deadlines and Key Dates,” Kirkland AIM, December 22, 2021

“SEC Chairman Gensler Seeking to Bring ‘More Sunshine and Competition’ to Private Funds; Division of Examinations Issues Observations on Fee Calculations,” Kirkland AIM, November 18, 2021

“SEC’s Examination Division Issues Priorities for 2021,” Kirkland AIM, April 19, 2021

“2021 Private Fund Manager U.S. SEC/CFTC Filing Deadlines,” Kirkland AIM, January 29, 2021

Select Representative KirklandPEN Publications:

“SEC Adopts Updated Accredited Investor and Qualified Institutional Buyer Standards,” KirklandPEN, August 28, 2020

“2018 Review: SEC Continues Active Oversight of Registered Private Fund Managers,” KirklandPEN, January 11, 2019

Seminars

Kirkland Registered Adviser Seminar & CCO Summit, Fall 2018 – Fall 2025

“New Advisers Act Marketing Rule for Real Estate Sponsors,” NAREIM Legal, Compliance and Risk Virtual Meeting, July 2022

“Implementing the SEC’s New Marketing Rule,” Kirkland Webinar, June 2022

“Webinar: NFA 2022 Trends - Are You Prepared for NFA Exams?,” Kroll Webinar, March 2022

“New Marketing Rule,” Investment Advisers Association Private Equity Fund Advisers Committee Meeting, February 2021

“Private Equity Funds Update,” Investment Advisers Association Compliance Conference 2020, Washington, D.C., March 2020

“Exam Update,” Investment Advisers Association Private Equity Group Subcommittee, New York, September 2019

“Valuation,” National Society of Compliance Professionals National Conference, Atlanta, October 2018

Recognition

Josh and his colleagues have received U.S. News Media Group and Best Lawyers “Best Law Firms” Tier One ranking in Private Funds/Hedge Funds Law (2012–2025) and Chambers & Partners’ Band One ranking in Investment Funds, Private Equity: Fund Formation (2012–2025); IFLR1000 Tier One ranking in Investment Funds: Private Funds (2013–2025); The Legal 500 U.S. Tier One ranking in Investment Fund Formation and Management: Private Equity Funds (2007–2025); Law360 Inaugural Fund Formation Group of the Year in 2019 and again in 2022-2024; Private Equity International North America Fund Formation Law Firm of the Year (2013–2024) and Preqin Leading Fund Formation Law Firm (2020).

Credentials

Admissions & Qualifications

  • 2004Illinois

Education

  • Northwestern Pritzker School of LawJ.D.2004
    Executive Editor, Journal of International Law and Business
  • Trinity International UniversityB.A., English & Philosophysumma cum laude2000
    Recipient, Student Laureate Award of the Lincoln Academy of Illinois, 2000