Private capital capabilities
Combining exceptional sector insight with peerless execution
How we can help you
7 Oct 2026
Insight
UK
Our Head of Venture Capital and Growth in EMEA Dylan Doran Kennett talks through which sectors are emerging as high-growth areas, how private capital is recasting the sports industry, and how AI is changing deal flow and valuations.
The Perspective with Dylan Doran Kennett
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 the sector came by way of wanting to work with founders doing interesting things in start-ups and scale-ups and the investors that worked with them. As such, it was always going to be on the private capital side given the nascent level of many of the businesses.
The speed with which they operate as opposed to their public counterparts was fun to work with and I found I could add a lot more value to those companies at a junior level. It was where I had the opportunity to cut my teeth as a lawyer alongside the founders, developing both my business development and legal skills.
How has the private capital landscape changed most significantly since you started out, and how have you adapted alongside it?
The influx of US capital across the UK and Europe has been a substantive change. When I started, a Series A deal was tiny and we'd still be negotiating for far too long, trying to moderate downside risk with European investors, who were the only game in town. Companies were also looking to constantly flip into the US as that was just the obvious option and US investors were less inclined to invest in a foreign company. Nowadays it’s completely normal to see US capital on our cap tables given the opportunity on quality versus valuation. Competition is real.
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.
Dylan Doran Kennett
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?
Fundraising remains a difficult venture to undertake and unless there is decent track record behind it, funds are struggling to get Fund II off the ground. On company side, we have seen a lot of restructuring over the last few years, with down rounds, cap table flattening and other means to get companies back on track through tough times. Hopefully most of the wood has been chopped and we're back to headier times soon. The next big problem will be whether the private market valuation disconnect, such as mega-rounds, translates into public market valuations and enthusiasm or going public will be another form of down round. Separately, geopolitics will need to settle down for some for things to return back to some semblance of normal: Brexit, Covid, trade disputes and wars in Ukraine and the Middle East have not made for a stable platform to build from.
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
Stay in the know
Receive timely insights and briefings from HSF Kramer, tailored to keep you informed and ahead
Subscribe now