Herbert Smith Freehills LLP

Investment Funds & Asset Management

Stephen specialises in 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 specialist strategies and real assets. His experience also includes secondary transactions and co-investment structures, as well as work on asset management sector M&A and transactions for GP stakes.

Stephen's experience includes working with clients on 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 covers the full spectrum of investment vehicles, from funds of one to joint ventures, club deals and widely held funds.

Stephen is Chair of our Sustainable & Impact Investing practice, and is contributor to the 2024 Venture Capital Trends and Developments in UK & Venture Capital Law and Practice in UK guides for Chambers UK.

Stephen is regularly ranked in directories for private & 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