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7 Oct 2026
Insight
UK
London-based financial sponsors partner Emma Stones explains how increased competition for assets is changing the definition of infrastructure and how investors are adapting their ownership and exit strategies to increase returns.
The Perspective with Emma Stones
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?
It grew on me over time. As my career progressed I gravitated towards working on deals in the infrastructure sector, and over time I was increasingly drawn to the fast-paced, commercially focused environment of advising investors on strategic investments.
How has the private capital landscape changed most significantly since you started out, and how have you adapted alongside it?
The biggest shift has probably been the increased focus on value creation. When I started, there was a lot of emphasis on transactions and execution. Today, investors are much more focused on how they can actively grow and improve businesses throughout the ownership period – and with the increasing use of AI, the biggest changes are still likely to come.
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 increasingly expect advisers to understand their investment thesis, sector priorities and wider business objectives, rather than simply providing technical advice. As a result, the role has become less about executing individual deals and more about acting as a trusted adviser throughout the investment lifecycle.
Sponsors increasingly expect advisers to understand their investment thesis, sector priorities and wider business objectives, rather than simply providing technical advice.
Emma Stones
Partner
Fundraising cycles, interest rate environments, and LP expectations have all shifted dramatically in recent years. What do you think the market has permanently recalibrated, versus what will snap back?
I think we've permanently recalibrated around discipline. LPs want more transparency, investors need a clearer value creation plan, and everyone is paying much closer attention to fundamentals. What will snap back, I think, is activity. Markets adapt, people get comfortable with the 'new normal', and capital finds a way to move.
What does a great client relationship look like to you, and how do you go about building one?
A great client relationship is one built on trust and mutual understanding. I think you build that by being reliable, delivering consistently, and genuinely understanding the client's objectives. The goal isn't just to be brought in to execute a piece of work, but to be a go-to because you have a real understanding of their business, their team and what they're trying to achieve.
Which deal or transaction from your career has stayed with you the most, and what made it memorable?
here are a few I could point to. The ones that have stayed with me most are those where we worked closely with the client over a long period and saw the real impact of the decisions being made — where I learned something new, was pushed out of my comfort zone, or built relationships that have continued long after the deal was completed.
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
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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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