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Clifford Chance

Clifford Chance
Jonathan Bray

Jonathan Bray


Jonathan Bray

Jonathan Bray specialises in international fund formation, secondaries, and advisory work in the debt, real estate debt, real estate and private equity sectors.

His experience covers blind-pool funds, separate managed accounts and funds-of-one. In addition, Jonathan advises fund sponsors and investors on a range of fund-related products and transactions including co-investments, multi-currency and leveraged structures, secondary transactions including portfolio sales of fund interests, executive carried interest and co-investment arrangements, asset manager M&A, fund financings and open-ended funds. Jonathan also advises a number of significant institutional investors in connection with proposed private fund and separate account commitments.

  • Advising BentallGreenOak in connection with the establishment of BentallGreenOak UK Secured Lending III.
  • Advising Credit Suisse in connection with the establishment of the Luxembourg funds within its Private Credit Opportunities platform and Next Investors III.
  • Advising DRC Capital on its spin-out from Duet Private Equity in 2012 and the formation of European Real Estate Debt Fund II, III and IV, European Real Estate Senior Debt Fund I - IX, UK Whole Loan Fund I and II, a number of separate managed account mandates, and the sale of a 25% stake in DRC Capital to Savills Investment Management plc.
  • Advising Hillwood in connection with the establishment of its European and UK real estate fund series, UK Industrial Club II and III and EU Industrial Club III and IV.
  • Advising Rothschild & Co on the formation Five Arrows Debt Partners III and its related co-investment structures
  • Advising M&G Investment Management on the formation of its Real Estate Debt Finance series of funds
  • Advising Nuveen in relation to the establishment of its UK real estate debt funds Global Real Estate Debt Partners I and II and a number of separate accounts.
  • Advising Rothschild & Co on the formation of Five Arrows Debt Partners III and its related co-investment structures

News and client work

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Contact details

Career and qualifications

  • York University (BA, English) 2005
  • York University/Paris Denis Diderot (MA, English) 2006
  • Joined Clifford Chance 2010
  • Admitted as a solicitor in England & Wales 2012
  • Partner since 2021

Awards and citations

  • "Recommended" by The Legal 500 for real estate funds