DALMORE CAPITAL LIMITED

Thesis

Dalmore Capital Limited is an independent fund management company founded in 2009, specializing in infrastructure investments. The firm's strategy focuses on acquiring, managing, and holding low-volatility infrastructure assets, primarily in the UK, with additional presence in Europe and Canada. Their investment thesis centers on 'core' and 'core-plus' infrastructure assets that provide essential public services, characterized by long-term, stable cash flows, predictable inflation-linked attributes, and minimal exposure to GDP, traffic, usage, or market price risks. Dalmore emphasizes responsible investing by integrating ESG considerations into its decision-making. The firm manages capital through discretionary funds and co-investment vehicles, overseeing over £6 billion (approximately €7 billion) in AUM across five flagship funds and more than 130 infrastructure assets, with a target to reach £12 billion by 2030. The firm's funds include Dalmore Capital Fund (2012, £249 million), PPP Equity PIP (2014, £534 million), Dalmore Infrastructure Investments (2015, £440 million), Dalmore Capital Fund 3 (2017, £950 million), and Dalmore Capital Fund 4 (2021, £138 million). Capital is sourced from institutional investors. In May 2025, Royal London Asset Management announced its agreement to acquire Dalmore Capital, which will operate as a standalone infrastructure investment capability within Royal London Asset Management.

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