Stephen Butler - Partner

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Stephen Butler

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Phone: +1 713-836-3732
Fax: +1 713-836-3601
Overview News Events Publications

Professional Profile

Stephen Butler is a tax partner at Kirkland & Ellis LLP. His practice focuses on the tax aspects of complex business transactions and reorganizations, with a particular concentration on private equity and real estate fund formation, infrastructure and energy investments, real estate joint ventures, mergers and acquisitions, and bankruptcy restructurings. In addition to his work with domestic clients, he works extensively with non-U.S. institutional investors, including several confidential large sovereign wealth funds.

Representative Matters

AMP Capital, Ares Management, AustralianSuper, Black Creek Group, The Carlyle Group, Dermody Properties, Dune Real Estate Partners, GEM Realty Capital, Homestead Capital USA, Landmark Partners, Lennar Corporation, Lionstone Investments, MacFarlane Partners, Macquarie Capital, The Meridian Group, Paulson & Co., Principal Real Estate Investors, Retail Employees Superannuation, Siguler Guff & Company, The Silverfern Group, Singerman Real Estate, Starwood Capital Group, Swift Real Estate Partners, UBS Infrastructure, Wafra Investment Advisory Group

Memberships & Affiliations

Yale Alumni Real Estate Association

Urban Land Institute

American Enterprise Institute — Enterprise Club

Chair of Associates Board, Ladder Up Tax Assistance Program (2014–2015)

Yale Club of Chicago, Board of Directors (2010–2013)

Other Distinctions

Recipient, Kirkland & Ellis Pro Bono Service Award


“US Income Tax Reform and the Impact on Real Estate,” co-authored with Paul Hendrickson for AFIRE News, 2018, Issue 2.

“The Fractions Rule and Real Estate Joint Ventures,” co-authored for Thomson Reuters Real Estate Taxation, 2nd Quarter 2017.

“Proposed IRS Regulations on Management Fee Waivers May Adversely Impact Real Estate Fund Managers,” co-authored for PREA Quarterly, Fall 2015.

Martin D. Ginsburg & Jack S. Levin, Mergers, Acquisitions, and Buyouts (updated semi-annually) (contributor).

Stephen Butler, Comment, Headwinds to a Clean Energy Future: Nuisance Suits Against Wind Power Projects in the United States, 97 Cal. L. Rev. 1337 (2009).


“Private Equity Fund Restructurings: Due Diligence, Sponsor Fiduciary Concerns, Key Deal Points for New Investors,” Strafford Publications, Inc. Webinar (2018)

“Tax Strategies for Real Estate LLC and LP Agreements: Capital Contributions, Tax Allocations and Distributions, and More,” Strafford Publications, Inc. Webinar (2018)

“Tax Reform Overview,” Cornell Real Estate Club, New York, New York (2018)

“Tax Reform Under the New Administration,” Financial Executives Alliance, San Francisco, California (2017)

“Minimizing IRS Scrutiny of Private Equity Management Fee Waivers: Structuring Defensible Waiver Agreements,” Strafford Publications, Inc. Webinar (2017)

Chairman, “Real Estate Joint Ventures,” Strafford Publications, Inc. Seminar, New York, New York (2017)

“The "Fractions Rule" in Partnership Agreements: Drafting Section 514(c)(9)(E) Compliant Allocations,” Strafford Publications, Inc. Webinar (2016)

“Structuring and Negotiating LBOs,” University of Pennsylvania, Wharton School of Business, Private Equity/Venture Capital Seminar (2016)

Moderator, “Taxes, Structures and Other Considerations,” AFIRE Conference on “Australian Waves on Foreign Shores,” Melbourne, Australia (2016)

“Canadians on the Offensive — Tax Efficient Investments into U.S. Real Estate Markets,” NAIOP Commercial Real Estate Development Association Webinar (2014)

“Charity Checkpoints — Legal Steps to Forming a 501(c)(3) in Illinois,” The Law Project Emerging Nonprofit Certificate of Training Program (2014)

“Drafting Tax and Economic Provisions in a Partnership or LLC Agreement,” Chicago Bar Association, Committee on Business Law — Documentation Best Practices (2013)

“FATCA — A Survival Guide for Derivatives Practitioners,” Chicago Bar Association, Futures and Derivatives Committee (2012)

Prior Experience

Simpson Thacher & Bartlett LLP (Summer Associate)

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