Private Equity’s Top Lawyers Enjoy Prized Access to Buyout Funds

Kirkland & Ellis became the world’s highest-grossing law firm in part by advising private-equity clients through an industry super-cycle. Its belief in the asset class didn’t stop there.

Partners have invested in a range of internal pooled investment funds that buy into private equity funds, according to regulatory filings and people familiar with the matter. In some instances, the vehicles have bought into specific deals where they are advising the buyside.

The Chicago-based law firm’s low-profile fund manager, called Randolph Street Investment Partners, enjoys access to some of the world’s most successful private equity firms, people familiar with the matter ...