London-based financial sponsors partner Emma Stones explains how increased competition for assets is changing the definition of infrastructure and how investors are adapting their ownership and exit strategies to increase returns.
The Perspective with Emma Stones
Can you walk us through your route into advising on private capital, was it a deliberate choice or did you find yourself drawn to it over time?
As my career progressed I gravitated towards working on deals in the infrastructure sector, and over time I was increasingly drawn to the fast-paced, commercially focused environment of advising investors on strategic investments.
How has the private capital landscape changed most significantly since you started out, and how have you adapted alongside it?
The biggest shift has probably been the increased focus on value creation. When I started, there was a lot of emphasis on transactions and execution. Today, investors are much more focused on how they can actively grow and improve businesses throughout the ownership period – and with the increasing use of AI, the biggest changes are still likely to come.
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?
Sponsors increasingly expect advisers to understand their investment thesis, sector priorities and wider business objectives, rather than simply providing technical advice. As a result, the role has become less about executing individual deals and more about acting as a trusted adviser throughout the investment lifecycle.
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