Dalmore is a leading UK-focused infrastructure investment manager overseeing more than £5.7 billion of capital on behalf of institutional investors. The firm currently holds a diversified portfolio of 128 infrastructure assets accumulated since its formation in 2009, across Core, Core+ and PPP social infrastructure assets.
About
About Us
Approach
Dalmore’s approach to investment centres on constructing diversified portfolios of high-quality infrastructure assets designed to deliver attractive, inflation-linked returns with resilience across varying macroeconomic and market conditions. Responsible investment and sustainability considerations are embedded within both investment selection and ongoing asset management.
Royal London
Dalmore was acquired by Royal London Asset Management (“RLAM”), the asset management arm of Royal London (“RL”), in November 2025. The transaction marks an important milestone for Dalmore and positions it for future growth with RL becoming a cornerstone investor for future funds. Dalmore continues to operate as a standalone business managing all existing funds.
Resolis
Our social infrastructure portfolio comprises 119 PPP investments. In 2021 Dalmore established its dedicated, in-house management services business Resolis, headquartered in Edinburgh. Resolis now provides operational management services to over 80 of Dalmore’s PPP assets employing over 120 people.
£5.7 bn+ assets under management
128+ infrastructure assets
5 flagship funds
£3.4 bn of co-investment deployed alongside flagship funds
- Regulated Assets
Thames Tideway Tunnel (“TTT”)
August 2015
- Social Infrastructure
University College London Hospital (“UCLH”)
June 2012
Expertise
Dalmore employs over 30 people based in offices in London and Edinburgh. The highly experienced team represents more than 500 years of combined infrastructure expertise, with deep technical and commercial capability across primary and secondary investment, public sector advisory, construction oversight, financial modelling, asset management, finance, banking, legal, corporate finance, and taxation.
The firm’s Executive Committee brings extensive experience in the leadership and operation of infrastructure funds. Supported by a group of senior professionals, the Committee ensures strong governance, disciplined investment execution, and effective oversight of assets in line with investors’ objectives.
Investment strategy
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 is 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 a key 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. Investments that display key characteristics of inflation correlation, defined regulated or contractual revenues, prudent leverage and value enhancement potential underpin our investment philosophy.
Our culture
Dalmore has developed a core set of values and behaviours that describe how we work and bring to life the ways in which we operate.
Integrity
We are honest, open and respectful in our dealings and professional in our approach.
Agility
We actively seek, and are quick to react to opportunities and are flexible in our approach.
Partnership
We operate collaboratively internally and externally, building long term relationships with aligned interest.
Sustainability
Dalmore has a strong track record of investing in infrastructure that delivers demonstrable positive environmental — including climate-related — and social outcomes.