Cadent is the largest distributor of gas in the UK, owning and operating four of the eight regulated gas distribution networks.
- Regulated Assets
Cadent Gas
- Dalmore Capital Fund 3
Case study overview
It operates throughout the North West, West Midlands, East Midlands, East of England and North London, bringing gas to 11 million homes and businesses via 82,000 miles of gas pipes, enough to stretch more than three times around the Earth.
The role of Cadent is to transport gas through its pipelines to properties, as well as to maintain and operate the network and run a 24-hour gas emergency helpline and response unit. Cadent is regulated by Ofgem under a 5-year price control framework covering the 4 tenets of the business plans, Revenue, Incentives, Innovation and Outputs (RIIO). The current RIIO-3 business plan covers the period 1 April 2026 – 31 March 2031.
Sector
Regulated AssetsFund
Dalmore Capital Fund 3, Co-InvestmentsFirst Investment date
May 2018Shareholding
14.4%
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- Regulated Assets
Thames Tideway Tunnel (“TTT”)
August 2015
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.