- Asia
- Lateral moves
- Shanghai
Kirkland & Ellis has rehired Nelson Ni as a private equity partner in its Shanghai office. Ni joins from Warburg Pincus, where he was assistant general counsel and advised on investments across Greater China and Asia-Pacific, Law.com International reported on 14 October. He was previously a partner in Kirkland's Hong Kong and Shanghai offices. His practice covers M&A, growth investments, carve-outs, take-privates, joint ventures and corporate governance for sponsors, sovereign wealth funds and strategics, according to the firm's statement.
Ten Kirkland partners left Greater China since January 2024
The rehire comes after a series of departures. Ten partners left Kirkland's Greater China offices between January 2024 and early 2025. Three moved in-house to private equity firms, while Asia founding partner David Eich retired, The American Lawyer reported.
Three departures came in February 2025. Investment funds partner Wang Shinong left Hong Kong for DLA Piper, commercial litigation partner Paul Quinn joined Herbert Smith Freehills and PE/M&A partner Gary Li moved to Zhong Lun, Legal Business Online reported. Clifford Chance separately added funds partner Liyong Xing in Hong Kong from Kirkland, according to the Global Legal Post. Three of the in-house exits went to sponsors, the same client base that Ni is now returning to serve.
Ni is Kirkland's second Shanghai addition in 2026. Earlier this year, the firm hired Jenny Li, formerly Asia-Pacific and Greater China head of ethics and compliance at Baxter International, for its government, regulatory and internal investigations practice in Shanghai, Law.asia reported. Kirkland marks its 20th year in Asia with more than 140 legal professionals across Hong Kong, Shanghai, Beijing and Tokyo, Private Equity Wire reported.
China buyouts hit 54% of PE deal value in 2025
The rehire comes as China's deal market recovers. China M&A rebounded in 2025, with disclosed deal value topping USD 400 billion, up 47% year-on-year, PwC Hong Kong reported. PE funds completed 1,189 purchases worth USD 139 billion. Buyouts made up 54% of PE deal value, well above the levels recorded in 2021 and 2022.
Ni's practice is concentrated in the part of the market that is growing. Buyouts, take-privates and carve-outs drove the 2025 rebound. BCG describes 2026 as a move from rebound to reallocation, with sponsors underwriting operational improvement rather than growth equity. BCG cites PE firms taking control of A-share listed companies, including Qiming Venture Partners' January 2025 bid for control of Tianmai Technology, as evidence of growing onshore buyout appetite. Ni covers technology, healthcare, consumer, industrials, financial services and business services, which are also the sectors seeing the most sponsor consolidation.
US firms exit mainland China as Kirkland re-staffs Shanghai
Kirkland's move runs against the direction taken by several US peers. Fenwick & West closed its Shanghai office in 2025, becoming the 15th US firm to shut a mainland office since 2024, Above the Law reported. Weil, Gotshal & Manges left the mainland altogether, closing Beijing in December 2023 and Shanghai in August 2024 before consolidating in Hong Kong.
Other firms took in Kirkland's departing China partners. DLA Piper, Herbert Smith Freehills and Zhong Lun hired the February 2025 departures. Morrison Foerster had earlier expanded its China PE bench, adding former Kirkland partner Rongjing Zhao in Shanghai and Beijing in March 2023. Zhao was the firm's fourth PE partner appointment that year, Morrison Foerster reported.
Kirkland's 2026 Shanghai additions, Ni in private equity and Jenny Li in regulatory and investigations, are in practices that lost partners during the prior two years. The hires return staff to buyout work that drove the 2025 Greater China deal rebound, even as several US firms have left the mainland market.
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