Xuan Zhang is counsel in Willkie’s Asset Management Department. She focuses on the formation and operation of private investment funds, including buyout funds, credit funds, infrastructure funds, real estate funds, venture capital funds, hedge funds, and funds of funds. Xuan has broad experience in advising sponsors and investors on a variety of issues, including fund formation, co-investment, internal carry arrangements, secondary transactions, and regulatory and compliance matters.


Prior to joining Willkie in 2022, Xuan was counsel in the Investment Management Group at Skadden, Arps, Slate, Meagher & Flom LLP in Hong Kong. Before that, Xuan worked in New York, Beijing and Hong Kong at two other leading international firms, focusing on the formation and operation of private investment funds.

  • Co-author, “Strategic Cooperations Between Private Equity Sponsors and Corporate Investors: Key Structuring Considerations and Deal Terms for JV Arrangements”, China Law & Practice, ALM, March 2022
  • Author, “Accessing Chinese Investors: A Quick Regulatory Update”, EMPEA Bulletin, February 2016
  • Co-Author, “Raising Money in Emerging Markets: A Fundraising Fairytale?”, National Venture Capital Association Newsletter, February 8, 2013
  • Co-author, “How Should Private Equity Funds be Regulated in China?”, China Reform, October 2012



University of Pennsylvania, J.D. (cum laude), 2003 Northwestern University School of Law, LL.M. (with honors), 1999 University of Göttingen, LL.M. (with honors), 1994 Nanjing University, LLB, 1990

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