Dalmore has developed a diversified portfolio of infrastructure assets across Core, Core+ and PPP Social Infrastructure sectors. We focus on assets with established operating histories, defensible market positions, contracted or regulated cashflows with selective exposure to demand-linked upside. The portfolio has a strong sustainability focus with over 85% of AUM across Dalmore’s three most recent flagship funds (DCF3, DCF4 and DII) aligned with recognised sustainability standards.
Our Investments
Investment sectors
Dalmore has constructed a diversified portfolio of 128 infrastructure assets accumulated since its formation in 2009. The portfolio can be categorised into the key sectors of Transport, Energy, Regulated Assets and Social Infrastructure/PPP.
Transport
Transport is an essential element of the UK’s infrastructure helping deliver economic growth and prosperity. Dalmore’s transport portfolio primarily comprises investments in UK rail rolling stock assets together with extensive road network experience via its Social Infrastructure investments in the M25, M40 and other UK motorway assets.
Energy
Dalmore’s energy portfolio primarily comprises investments in Energy from Waste group Cory, renewable energy generation from both wind and hydropower assets together with offshore transmission, solar and energy efficiency investments across its Social Infrastructure portfolio.
Regulated Assets
Regulated infrastructure assets offer investors stable, long-term cash flows underpinned by government-backed frameworks that provide returns largely insulated from broader economic cycles. Dalmore’s investments in the sector cover UK gas and water via shareholdings in Cadent, Anglian Water Group and the Thames Tideway Tunnel.
Social Infrastructure
Dalmore has extensive experience in Social Infrastructure and PPP sectors, including bidding, financial close, delivery and operational asset management. The team maintains long-standing relationships and actively engages with stakeholders across the sector and has established an in-house Management Services provider, Resolis, which provides contractual operational management services to the majority of the Dalmore portfolio of over 120 PPP investments.
Investment strategy
How we invest
For the past 14 years Dalmore has focused on investing in infrastructure that provides services critical to the functioning of society.
Through disciplined selection Dalmore funds have invested in lower volatility assets without significant exposure to GDP, traffic, usage or market price risk. Geographically Dalmore’s focus remains the UK, although we also manage assets in Europe and North America.
Looking forward, the UK mid-market core and core-plus segment continues to be our main focus, which we believe offers opportunities where disciplined underwriting, a thorough analysis of market exposure and local market expertise may support attractive risk-adjusted returns.