Herbert Smith Freehills Kramer LLP

Investment Funds & Asset Management

Stephen is a corporate partner focusing on investment fund matters and works with clients on fund formation and investment structuring across a wide range of asset classes. He advises general partners and cornerstone investors, including sovereign wealth funds, fund-of-fund investors, and pension funds, on the establishment of private investment funds, club deals, and managed account structures. Stephen’s experience includes working with clients on traditional VC, growth, and buyout funds, as well as more sector-specific strategies and real assets. He also handles secondary transactions and co-investment structures, along with asset management sector M&A and transactions for GP stakes.

Stephen’s work covers investment structures using traditional offshore jurisdictions, such as the Cayman Islands and Channel Islands, through to more regulated fund structures in Europe, Singapore, and the Middle East. He deals with the full spectrum of investment vehicles, from funds of one to joint ventures, club deals, and widely held funds.

Stephen chairs the firm’s Sustainable & Impact Investing practice and contributes to the 2024 Venture Capital Trends and Developments in UK & Venture Capital Law and Practice guides for Chambers UK.

He is regularly ranked in directories for private and real estate funds.

"Stephen is a best-in-class lawyer who is all-round superb.“ – Chambers UK 2023 – Private funds

"Stephen Newby has expertise in international funds work, with a particular focus on real estate specifically, having advised on the establishment, arrangement and investment on some of the team’s highest-value matters in this sector.” - Real Estate Funds - Legal 500 UK 2023

"Stephen Newby takes the time to chat through issues and really understand the problem/matter at hand before providing a quote, and will raise issues as part of the RFP process, even before he knows he has the work, which demonstrates genuine interest in building a long term relationship. Very down to earth and a great sounding board." - Legal 500 UK 2024 – Private funds

"Stephen Newby is a stand out – one of the best in the industry" - Legal 500 UK 2024 – Private funds