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7 ott 2026
Insight
UK
Corporate partner and head of our London private equity practice John Taylor discusses how new technologies are igniting investment in the defence sector, the exit strategies gaining prominence in 2026, and his work advising investors, corporates and management teams.
The Perspective with John Taylor
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 deliberately chose to do corporate law when I started my career, but I'm afraid to say I didn't know anything about private equity until I started doing it. I've not looked back since!
How has the private capital landscape changed most significantly since you started out, and how have you adapted alongside it?
In the 25 years since I started, the industry has got much larger, broader and more global – anyone can tell you that. What they might not say, though, is that its essential elements have barely shifted: a focus on the essentials to drive investor returns; the need for everyone (lawyers included) to understand the economics of any deal; and the paramount importance of the relationship between the investor and the management team.
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?
Fundamentally, I’m not sure that it has changed all that much. The essential elements are still the same: a personal relationship, the paramount importance of understanding your client’s business and objectives, and a commitment to service standards.
What they might not say... is that its essential elements have barely shifted: a focus on the essentials to drive investor returns; the need for everyone (lawyers included) to understand the economics of any deal; and the paramount importance of the relationship between the investor and the management team.
John Taylor
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?
The private capital market has evolved to meet current conditions, as it always has done, rather than undergoing some kind of secular shift. The underlying pressures on capital deployment have made themselves felt throughout the system. For a few years, the difficult background for exits has affected upstream conditions, particularly on fundraising. As exits have become relatively easier, I expect this will indirectly but significantly improve the fundraising environment.
Which deal or transaction from your career has stayed with you the most, and what made it memorable?
The first deal I led, when I was newly qualified, was tiny, but it had all the features of one many orders of magnitude bigger. Looking back, I only just knew enough to be dangerous.
It has been more than twenty years, and nobody has complained, so I think I got away with it!
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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