Gray joined Phoenix in 2010 from PricewaterhouseCoopers and worked on deals including Key Retirement Solutions and CloserStill.
Electra said Gray would be tasked with helping to invest the £450m of dry powder the firm had at the end of September last year.
The move is the latest in a trio of recent hires for Electra, with Bill Priestley joining as a partner earlier this month and Owen Wilson as an investment director in September 2013.
At the start of February Electra agreed to buy Ogier Fiduciary Services from its parent business for £180m.
Electra said it would invest £83m of equity in the deal alongside investment from Ogier Fiduciary’s management team, with debt provided by a group of lenders including HSBC, Lloyds and RBS.
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