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7 ott 2026
Insight
UK
London-based corporate and leveraged finance partner Stuart Brinkworth explains the evolving relationship between banks and private credit funds, how AI is changing deal execution, and wider lessons from his career advising UK and international sponsors.
The Perspective with Stuart Brinkworth
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?
I was regularly involved in the early unitranche deals back in 2013 when the market really took off and so developed a lot of expertise and experience of that market acting for funds as lenders. But it wasn’t really until 2015 onward that I started getting involved on the sponsor side. That side of my practice continued to grow over the years and is now most of what I do.
Who has had the biggest influence on how you approach your practice, and what is the most important thing you took from them?
I never really had a law firm mentor and was largely self-taught. So, my knowledge came from working with fantastic clients and learning from them on the deals on which I worked.
But in terms of influence on my approach, I think Will Allen, now at Newbrook Capital, was a great influence on me and is still someone I reach out to for advice when I need it. And back in the early days of my private credit career Max Mitchell at ICG taught me more than anyone else about financial covenants.
How has the private capital landscape changed most significantly since you started out, and how have you adapted alongside it?
It has to be the scale and complexity of the market. When I first started doing private credit deals, you still needed more than one fund to do any deal over £50 million. The funds back in those days were not big in terms of deployment capability. Now, however, single funds can underwrite over £1 billion of debt and put that to work in different places in the capital structure. The market is not just bigger now but infinitely more sophisticated and complex.
When I first started doing private credit deals, you still needed more than one fund to do any deal over £50 million... Now, however, single funds can underwrite over £1 billion of debt and put that to work in different places in the capital structure. The market is not just bigger now but infinitely more sophisticated and complex.
Stuart Brinkworth
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?
When I became a partner in 2006, the relationship between private equity sponsors and their legal advisers was largely transactional, with the focus on technical execution and risk management.
Today, it is far more strategic and integrated. Sponsors expect advisers not only to deliver legal expertise, but also to understand their investment strategy, sector priorities and commercial objectives. The best advisers help shape transactions, anticipate execution challenges and provide market insight. Legal excellence remains essential, but commercial judgement, responsiveness and sector expertise are now what truly differentiate advisers.
What does a great client relationship look like to you, and how do you go about building one?
A great client relationship is built on many things: excellence, understanding, delivery, and consistency. But above all else, trust is the anchor. This is built over time through a deep understanding of the client and their objectives, and by being able to anticipate their needs and deliver for them when it matters most. What that looks like, in the end, is that you no longer feel like an external adviser but part of their team.
Which deal or transaction from your career has stayed with you the most, and what made it memorable?
The transactions I remember are the ones where a client has approached me having worked opposite me and asked if I would now act for them. That has happened with a number of the clients that I currently act for. It is hugely satisfying to know people on the other side of the table notice you.
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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