Josh Westerholm is a partner of Kirkland & Ellis LLP, where he is a leader in the regulatory practice within the Investment Funds Group.

In more than 17 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 fund sponsors, fundless sponsors, 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 Wall Street Reform and Consumer Protection Act. He has also defended clients in more than 80 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
  • Gryphon Investors
  • CVC Capital Partners
  • Sun Capital Partners
  • Nordic Capital
  • Principal
  • Pritzker Private Capital
  • Ariel Alternatives
  • RBC
  • BlueBay
  • Adams Street Partners
  • Invesco
  • Golden Gate Capital
  • Incline Equity Partners
  • Insignia Ventures Partners


Thought Leadership


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

Select Recent Kirkland AIM Publications:

“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

“OCIE Issues Observations on Investment Adviser Compliance Programs; Changes to Private Offering Rules under Regulation D,” Kirkland AIM, December 30, 2020

“SEC Proposes Broker-Dealer Registration Relief for Certain Finders,” Kirkland AIM, October 21, 2020

“Recent SEC Developments on Examination Deficiencies, Ransomware, Purchasing 144A Securities and the Form 13F Reporting Threshold,” Kirkland AIM, July 24, 2020

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

“Private Fund Manager Settles with SEC Over Disclosure Practices in Connection with the Manager's Purchase of LP Interests from its Investors,” KirklandPEN, September 14, 2018

“Private Equity Newsletter,” KirklandPEN, December 17, 2017

“Private Equity Newsletter,” KirklandPEN, September 26, 2017


“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

Kirkland Registered Adviser Seminar & CCO Summit, October 2021

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

Kirkland Registered Adviser Seminar & CCO Summit, October 2020

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

Kirkland Registered Adviser Seminar & CCO Summit, October 2019

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

Kirkland Registered Adviser Seminar & CCO Summit, October 2018

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


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 (2012–2022) and the Chambers & Partners Tier One ranking in Investment Funds, Private Equity: Fund Formation (2012–2021); IFLR1000 Tier One ranking in Investment Funds: Private Funds (2013–2022); The Legal 500 U.S. Tier One ranking in Investment Fund Formation and Management: Private Equity Funds (2007–2021); Law360 Inaugural Fund Formation Group of the Year in 2019; Private Equity International North America Fund Formation Law Firm of the Year (2013–2020) and Preqin Leading Fund Formation Law Firm (2020).


Admissions & Qualifications

  • 2004Illinois


  • 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