Dalmore Capital

What Dalmore Capital does

Dalmore Capital is a UK-focused infrastructure investment manager founded in March 2009 by Michael Ryan, Alistair Ray, and John McDonagh, all previously of infrastructure investor I2. The firm manages approximately £5.7 billion in assets under management across five flagship close-ended funds (Dalmore Capital Fund, PPP Equity PIP, Dalmore Infrastructure Investments, Dalmore Capital Fund 3, and Dalmore Capital Fund 4) plus £3.4 billion in co-investment vehicles, invested across 128+ infrastructure assets spanning transport (rolling stock, roads), energy (wind, hydropower, energy-from-waste), regulated assets (gas distribution, water utilities, Thames Tideway Tunnel), and social infrastructure/PPP (hospitals, education, defense facilities). The investment thesis centres on UK infrastructure assets delivering inflation-linked, low-volatility returns through contracted or regulated cashflows. The firm is headquartered in Edinburgh with a regional office in London, employing over 30 professionals with more than 500 years of combined infrastructure expertise. In November 2025, Royal London completed the acquisition of Dalmore for approximately £130 million, with Royal London committing up to £500 million to future Dalmore funds and Dalmore now operating as a stand-alone infrastructure capability within Royal London Asset Management.

The business model is a classic institutional asset management revenue stream: Dalmore earns management fees on AUM across its closed-ended fund vehicles, plus performance fees when returns exceed specified hurdles (terms not publicly disclosed). The firm operates an enterprise field sales motion, raising capital from global institutional investors including pension funds and insurance companies through dedicated investor relations and fundraising teams. Following the Royal London acquisition, the firm gains access to RL's institutional distribution network. The firm maintains an in-house operational management subsidiary, Resolis (established 2021, Edinburgh-headquartered), which provides operational management services to over 80 PPP assets employing over 120 people, creating vertical integration into asset servicing. Dalmore is authorised and regulated by the UK Financial Conduct Authority (FRN 509930) and achieved five-star PRI ratings across every module in the 2025 Assessment, with over 85% of AUM across its three most recent flagship funds aligned with recognized sustainability standards.

The portfolio's underlying assets include Cadent Gas (largest UK gas distributor serving 11 million homes), Anglian Water (largest English/Welsh water company by geography, serving 7 million people), Thames Tideway Tunnel (25-year project, operational with 2027 system acceptance), M25 (carrying over 200,000 vehicles daily), Porterbrook (UK rolling stock company with ~25% market share), EDF Wind Portfolio (24 UK wind farms, 562.5MW), and Cory Group (processing 780,000 tonnes of waste annually). In 2025, Dalmore expanded its hydropower footprint through acquisitions of nine sites from Triple Point Energy Transition for £44.1m and seven sites from EDGE Hydro Investments. Strategic sustainability positioning includes Dalmore-managed assets representing approximately 60% of FAST-Infra Label's total certified CAPEX.

Name

Dalmore Capital

Legal name

Dalmore Capital Limited

Website

https://dalmorecapital.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Dalmore Capital is a UK-focused infrastructure investment manager managing over £5.7 billion across five flagship funds and co-investment vehicles, serving global institutional investors with inflation-linked returns from UK transport, energy, regulated assets, and social infrastructure. Acquired by Royal London in November 2025.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

akta.pro secondary industries

Social Infrastructure Funds (Schools, Hospitals, Civic) (FSANAEAN), Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE), Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB)

Keywords

• Infrastructure fund management
• Institutional investment management
• PPP investment vehicles
• Pension fund investments
• Core infrastructure assets

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Dalmore earns management fees from its five flagship funds (Dalmore Capital Fund, PPP Equity PIP, Dalmore Infrastructure Investments, Dalmore Capital Fund 3, and Dalmore Capital Fund 4) on assets under management of approximately £5.7 billion.
2. Performance Fees / Carried Interest: Infrastructure fund managers typically earn performance fees when returns exceed specified hurdles, though specific terms are not publicly disclosed.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Dalmore Capital is a UK-focused infrastructure investment manager that raises capital from global institutional investors and manages five flagship closed-ended infrastructure funds plus associated co-investment vehicles, collectively deploying over £5.7 billion into 128+ operational UK infrastructure assets. Its portfolio spans transport (rail rolling stock, road networks), energy (wind, hydropower, energy-from-waste), regulated assets (gas distribution, water utilities, Thames Tideway Tunnel) and social infrastructure/PPP (hospitals, education, defence facilities). Funds are designed to deliver inflation-linked, low-volatility long-term returns through contracted or regulated cashflows.

Product overview

Dalmore Capital is a UK-focused infrastructure investment manager offering a platform of five flagship closed-ended funds and associated co-investment vehicles, managing over £5.7 billion of capital across 128+ infrastructure assets. The funds include Dalmore Capital Fund (PPP-focused), PPP Equity PIP, Dalmore Infrastructure Investments (Thames Tideway Tunnel), Dalmore Capital Fund 3 (Core/Core+/PPP), and Dalmore Capital Fund 4 (Core/Core+). The investment portfolio spans Transport (rail rolling stock, roads), Energy (wind, hydropower, energy-from-waste), Regulated Assets (gas distribution, water utilities, Thames Tideway Tunnel), and Social Infrastructure/PPP (hospitals, education, defense facilities). The funds are designed to deliver inflation-linked, low-volatility returns through contracted or regulated cashflows.

Differentiator

Problem solved

Functional benefit

Products and services

• Dalmore Capital Fund
• PPP Equity PIP
• Dalmore Infrastructure Investments (DII)
• Dalmore Capital Fund 3 (DCF3) £950 million close-ended fund established in 2017 to acquire infrastructure investments in the UK across Core, Core+ and social infrastructure sectors, with 11 assets including IEP West, Thameslink, EDF Wind, Cadent Gas, Anglian Water and M25. Targeted at institutional investors.
• Dalmore Capital Fund 4 (DCF4) £138 million close-ended fund established in 2021 to acquire infrastructure investments in the UK in the Core and Core+ sectors, with 3 assets including Porterbrook, Hydropower Generation, and Cory. Targeted at institutional investors.
• Resolis Asset Management Services In-house management services subsidiary established in 2021, headquartered in Edinburgh, providing operational management services to over 80 of Dalmore's PPP assets, employing over 120 people. Provides dedicated PPP asset management capability to Dalmore's funds.

Quantifiable outcome

• Over 85% of AUM aligned with recognized sustainability standards or 5-star sustainability ratings
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor and core.

• EDF Power Solutions UKminorStrategic or Co-development Partner · 9 January 2026Collaborative wind turbine blade recycling project led by EDF Power Solutions UK, along with investors Dalmore Capital and Foresight, decommissioning experts Reblade, and Scottish Enterprise. Project repurposes decommissioned wind turbine blades into planks for agricultural fencing, screening, benches, and decking.
• Scottish EnterpriseminorStrategic or Co-development Partner · 9 January 2026Scottish Enterprise is a government-funded development agency that partnered with Dalmore Capital, EDF Power Solutions UK, and Foresight on the wind turbine blade recycling project as part of their support for innovation in the renewables sector.
• TLT (Law Firm)coreImplementation/ SI/ Consulting Partner · 2 December 2025TLT law firm advised Dalmore Capital on acquisition of seven river hydropower sites in Scotland. TLT also advised on the previous acquisition of nine hydro assets from Triple Point Energy Transition plc for £44.1m.
• EDGE Hydro InvestmentscoreStrategic or Co-development Partner · 25 September 2025Dalmore Capital acquired a portfolio of seven Scottish run-of-river hydro assets from EDGE Hydro Investments. The investment was made on behalf of a UK pension fund.
• Triple Point Energy Transition plccoreStrategic or Co-development Partner · 24 January 2025Dalmore Capital acquired a portfolio of nine 'run of river' hydropower sites in Scotland from Triple Point Energy Transition plc for £44.1m. The portfolio provides base load renewable generation backed by long-term Feed-in-Tariff subsidies with RPI indexation.
• Green HighlandcoreStrategic or Co-development Partner · 1 January 2025Green Highland operates and maintains Dalmore's portfolio of 16 hydropower generation sites in the Scottish Highlands with combined capacity of over 12MW. Green Highland provides operational expertise for run-of-river hydro assets.
• ResoliscoreStrategic or Co-development Partner · 1 January 2021Resolis is Dalmore's dedicated in-house management services business established in 2021, headquartered in Edinburgh. Resolis provides operational management services to over 80 of Dalmore's PPP assets employing over 120 people.
• EDF RenewablescoreStrategic or Co-development Partner · 1 July 2018EDF Renewables provides asset management and Operations & Maintenance services for Dalmore's portfolio of 24 wind farms across the UK with total capacity of approximately 562.5MW.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• IFM Investors: Global infrastructure fund manager owned by Australian pension funds. Competes with Dalmore for UK infrastructure deals at much larger scale, serving similar institutional LP base.
• Macquarie Asset Management: One of the world's largest infrastructure managers via MIRA and MEIF. Competes for institutional capital in core/core-plus UK infrastructure with vastly greater scale.
• Brookfield Infrastructure: Large global infrastructure investor (BIP and private funds). Competitor for institutional LP capital and UK/European core infrastructure assets at significant scale.
• KKR Global Infrastructure: Major global infrastructure investor competing for core/core-plus assets in the UK and Europe, with similar focus on regulated utilities, transport, and energy transition.

Direct peers

• Antin Infrastructure Partners: European-focused mid-market infrastructure fund manager listed on Euronext Paris. Direct comparable in size, strategy (core/core-plus), and institutional LP focus.
• Foresight Group: UK-listed infrastructure and renewables fund manager with overlapping exposure to UK wind, hydropower, and PPP assets. Co-invests with Dalmore on wind blade recycling projects and competes in similar mid-market UK deals.
• InfraRed Capital Partners: UK-based infrastructure investment manager (part of Nuveen/Schroders) focused on core/core-plus infrastructure. Directly comparable to Dalmore in target assets, LP base, and UK PPP specialisation.
• John Laing Group: UK-based infrastructure investment manager and one of Dalmore's closest historical peers. Both focus on PPP/PFI and core/core-plus UK infrastructure; multiple Dalmore senior team members (Jamie Pritchard, Matthew Templeton) came from John Laing.
• 3i Infrastructure plc: Listed UK infrastructure investment company investing in core/core-plus economic and social infrastructure. Dalmore's CIO Alistair Ray was previously at 3i; both target pension/insurance LPs with long-dated infrastructure exposure.

Others

• Pantheon Ventures: Global private markets investor; Siyu Xie joined Dalmore from Pantheon. While broader than pure infrastructure, Pantheon is a competitor for institutional LP allocations and a source of talent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dalmore-capital

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dalmore Capital