Dalmore Capital Limited is an FCA-authorised fund manager specialising in the acquisition, management and long‑term ownership of lower‑volatility infrastructure assets. Established in 2009 and majority owned by its three founding partners, the firm manages over £5.5 billion (around £5.7 billion as of December 2023) across flagship funds, co‑investment vehicles and separate mandates. Its primary focus is essential UK infrastructure, with selected assets in Ireland, continental Europe and Canada. In May 2024 Dalmore agreed to be acquired by Royal London Asset Management, becoming RLAM’s infrastructure investment capability while continuing to operate as a standalone business under its existing brand and to manage its funds for global institutional investors.
Dalmore manages five fully invested flagship funds – Dalmore Capital Fund, PPP Equity PIP, Dalmore Infrastructure Investments, Dalmore Capital Fund 3 and Dalmore Capital Fund 4 – which together have deployed capital into more than 120–130 infrastructure assets. These include regulated utilities and energy networks (Cadent Gas, Anglian Water), renewable energy and transmission (a 562.5 MW UK onshore wind portfolio acquired from EDF capable of powering around 434,000 homes, energy‑from‑waste operator Cory), major environmental projects (the Thames Tideway Tunnel super sewer), transport assets (rolling stock companies such as Thameslink and Porterbrook, and other rail concessions), and diversified PPP portfolios spanning healthcare, education and social infrastructure. Dalmore’s investment strategy targets long‑duration, contracted or regulated cash flows with limited exposure to GDP, volume or commodity price risk.
Responsible investment is embedded through a firm‑wide ESG framework, a dedicated Responsible Investment Policy and modern slavery policy, and alignment with standards such as the UN Principles for Responsible Investment and TCFD. Dalmore assesses climate‑related physical and transition risks across its portfolio, has undertaken portfolio‑wide climate risk analysis, and is working towards aligning core infrastructure assets and financed emissions with net zero pathways, while using stewardship and engagement to influence portfolio companies’ energy transition, emissions reduction and wider sustainability performance.
