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7 Oct 2026
Insight
UK
London real estate partner Shona Grey examines how data centres blur the line between real estate and digital infrastructure, how ESG and decarbonisation are shaping investment strategies, and how to stay sharp in the fast-paced world of private capital.
The Perspective with Shona Grey
Can you walk us through your route into private capital? Was it a deliberate choice or did you find yourself drawn to it over time?
My route into private capital was a combination of choice and being drawn towards the work as I gained experience. Early in my career, I knew I wanted to work on complex, high-value real estate transactions. I enjoyed the combination of legal analysis, commercial problem-solving and the fact that, in real estate, you are always dealing with a tangible asset so you can physically see the outcome of your work.
Over time, I found myself drawn to private capital because of the pace, the sophistication of the clients and the breadth of the issues. You are not simply advising on the acquisition or disposal of a building; you are helping a client deploy capital, execute a strategy, build a platform or reposition an asset in a changing market.
How has the private capital landscape changed most significantly since you started out, and how have you adapted alongside it?
The market has become more institutional, more global and more sophisticated. When I started, the distinction between different sources of capital was often clearer: private equity, sovereign wealth, pension capital, family offices and traditional real estate investors each tended to operate in relatively defined lanes.
Those lines are now much more blurred. We have seen private capital become more creative in the ways it accesses real estate: platform investments, joint ventures, operational real estate strategies and more bespoke capital solutions. The client’s question is now not simply, “can we acquire this asset?” but “what is the most efficient way to access this opportunity, finance it, scale it and ultimately realise value?”
One senior partner I worked with early on had a very simple but powerful approach: understand what matters to the client, distinguish that from what is merely interesting legally, and never allow the process to get in the way of the outcome.
Shona Grey
Partner
What does a great client relationship look like to you, and how do you go about building one?
A great client relationship is based on trust, consistency and excellent service. A client needs to know that you understand what they are trying to achieve, that you will give them a clear view even where it is not the easiest message, and that you will be there and continue to perform when the transaction becomes difficult.
I try to build relationships by being genuinely interested in the client’s business and by investing time outside the immediate deal process. It also means being responsive, accessible and solutions-led. I don’t think clients need lawyers who produce long lists of risks – they need someone to identify the issue, explain what it means, and make a recommendation.
Which deal or transaction from your career has stayed with you the most, and what made it memorable?
The transactions that stay with me are usually not necessarily the largest by headline value. They are the ones where there was a complicated set of issues, a tight timetable and a team that worked exceptionally well together to find a route through.
One transaction that stands out involved a significant real estate investment with many moving parts and a very compressed execution timetable. There were moments when it would have been easy for the parties to become entrenched, but the advisers and principals stayed focused on the commercial objective. What made it memorable was the collective effort. It reinforced for me that the most successful deals are about knowing which issues truly matter, protecting the client where it counts and finding a solution.
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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