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
Experience
Representative Matters
Representations frequently include:
Formation
- In the last year, Josh has advised fund sponsors in forming, structuring and fundraising more than 200 private funds. He has broad experience covering the operations and regulation of private equity funds, real estate funds, credit funds, hedge funds, funds of funds, commodity pools, ERISA plan asset funds, Exchange Act-registered funds, co-investment vehicles, investment holding companies and managed account structures.
Regulatory, Examination and Enforcement Matters
- Josh advises clients on a broad range of securities and commodity regulations, including the Advisers Act, Investment Company Act, Securities Act, Exchange Act, Commodity Exchange Act, CFTC Regulations, and FINRA and NFA Rules. He has developed a focus in “right-sizing” regulatory advice from the largest institutional asset managers to the smallest startup firms, along with and earned a reputation for practical advice grounded in real-world experience.
Asset Protection
- Josh counsels ultra high net worth and institutional clients in the products and counterparty relationships needed to receive asset protection under U.S. and non-U.S. regulatory regimes.
Prior Experience
Sidley Austin LLP, 2004–2008
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
Credentials
Admissions & Qualifications
- 2004Illinois
Education
- Northwestern Pritzker School of LawJ.D.2004Executive Editor, Journal of International Law and Business
- Trinity International UniversityB.A., English & Philosophysumma cum laude2000Recipient, Student Laureate Award of the Lincoln Academy of Illinois, 2000