Private capital capabilities
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7 Oct 2026
Insight
UK
Our Head of Energy Sector Sarah Pollock shares insights on how economic headwinds are shaping investment in European renewables, the reforms impacting grid infrastructure investment, and what it takes to advise private and public sector clients on large transactions.
The Perspective with Sarah Pollock
Can you walk us through your route into advising on private capital, was it a deliberate choice or did you find yourself drawn to it over time?
I’ve spent my entire career advising on the energy sector, and in particular power and renewables.
As the sector began to have more ‘infrastructure-like’ characteristics, long-term subsidy arrangements, long-term revenue contracts, credit-worthy counterparties, and as private capital was drawn to it, we started advising funds on their investment into the sector.
As a result, I’ve been advising on private capital’s investments into the sector for over 15 years.
How has the private capital landscape changed most significantly since you started out, and how have you adapted alongside it?
How and what private capital invests in across the sector is constantly evolving.
Examples of that change include when investments in renewables evolved from primarily investments in single projects, to a focus on the capability of IPP platforms to create additional value, or the renewed attention of private capital into conventional energy markets such as oil and gas products, or midstream investments.
As a team, our depth of knowledge across the whole energy value chain means we are able to support our clients as their strategies change, including as they enter new sectors. A good example of this is our work enabling private capital to invest into nuclear, as we did on the Sizewell C project.
I like to think I'm commercially minded and therefore always want to take a step back from the points we're negotiating and ask whether that is the most important risk to be engaging on in the context of the transaction and client.
Sarah Pollock
Partner
The relationship between private equity sponsors and their legal advisers has evolved considerably. How would you characterise where that relationship sits today compared to when you first started?
Sponsors are looking for expertise and deep relationships. I’m not sure that has changed. The key is to ensure we’re bringing the right team to each opportunity with the sector expertise and experience of acting with the sponsor and similar clients. That’s a constant.
What does a great client relationship look like to you, and how do you go about building one?
It means being a trusted adviser, and building personal relationships. Our people are a real differentiator. It also means working with our clients to deliver the transaction as a whole, not just advising on the legal aspects.
It comes down to time, commitment, and being interested in the transaction. We bring our best people to each matter and that helps us build those relationships.
Chapters
- Private Capital in Focus
- Private Capital in Focus – Private credit
- Private Capital in Focus – Private equity
- Private Capital in Focus – Real Assets: Energy
- Private Capital in Focus – Real Assets: Infrastructure
- Private Capital in Focus – Real Assets: Real estate
- Private Capital in Focus – Venture capital and growth
Legal Notice
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills Kramer 2026
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