He joins the firm from G Square, pan-European healthcare private equity investor, where he worked for around two years. In this time, he focused on sourcing new deals and executing transactions alongside ongoing portfolio management.

Prior to that, he was co-owner of One Element Group for nearly two years and before that, he was at Jefferies, most recently as investment banking vice president.

Previously he was at HSBC for more than three years in investment banking.

Mark Gross, partner and head of development capital at Downing, said: “We are excited to welcome Luke as we continue to expand our team and investment activities. We feel Luke’s investment experience, sector focus and approach to collaborative working are well matched with Downing’s investment strategy and style.”

Stevenson added: “Downing’s development capital team is highly-regarded, having built an attractive portfolio of investments and a strong track record of returns. I look forward to joining the business as it continues to grow and to working alongside colleagues, prospective management teams and portfolio companies to deliver for our investors.”

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Downing’s development capital focuses on healthcare, education and housing amongst a small number of other specialist sectors.

The firm can manage investments across the capital structure including equity and credit.