Jonathan Phay is a member of the firm’s global Investment Funds Group. He advises fund sponsors on the structuring, formation, and operation of private investment funds in a variety of asset classes, including in the private equity, venture capital, private real estate, and funds-of-funds spaces.

Mr. Phay has experience in the establishment of conventional discretionary blind pools, club deals, co-investment funds, investment platforms, joint ventures, captive funds, carry vehicles, and other bespoke investment structures.

Mr. Phay also has experience in representing institutional investors (including government pension funds, funds-of-funds, banks, and CVCs) in their investments into private funds and companies at various growth stages.

Mr. Phay's experience includes advising:

  • A Middle Eastern investment manager on the formation of a fund-of-funds, venture capital fund and credit fund, as well as its private fund investments
  • A global asset manager on the establishment and operation of its real estate funds, as well as LP secondaries in respect of its existing funds
  • The asset management arm of a global real asset developer and solutions provider in the establishment of its first data centre-focused private fund and its first discretionary private fund
  • The asset management arm of a major Asian real estate developer in the formation of its inaugural private equity real estate fund and the establishment of a joint venture management platform with a leading APAC logistics property specialist
  • The investment management arm of a leading global investment company on the formation of its venture capital funds, captive funds-of-funds, and implementation and operation of its carry planning structures

Bar Qualification

  • England and Wales (Registered Foreign Lawyer)


  • LL.B, University College London, 2017