Royal London - Acquisition of Dalmore Capital

                                                                                                                                              22 May 2025

Royal London to acquire UK-based infrastructure asset manager Dalmore Capital

Royal London today announces it has entered into an agreement to acquire Dalmore Capital (Dalmore), a UK-based infrastructure asset manager which manages approximately £6 billion of assets across five flagship funds, subject to regulatory approvals.

The transaction supports Royal London's strategy to broaden its private assets capabilities and provide customers with access to a wider range of investment options to support their retirement ambitions. As part of the acquisition, Royal London will commit up to £500 million to future Dalmore funds.

Dalmore specialises in long-term core and core plus infrastructure investments. It has around 130 infrastructure assets in its portfolio, broadly diversified across different sectors, primarily in the UK but also in Europe and Canada. 

The portfolio has strong environmental and socially positive credentials. Assets include the Thames Tideway Tunnel, as well as 24 operational wind farms in the UK with total capacity of 562MW and a portfolio of run-of-the-river hydro generation projects in Scotland.

Following completion, ownership of Dalmore Capital and its asset servicing arm, Resolis, will transfer to Royal London Asset Management. Dalmore Capital will operate as a stand-alone infrastructure capability within Royal London Asset Management.

Barry O'Dwyer, Group Chief Executive Officer, Royal London, commented: 

"Royal London is the personal pension provider most recommended by Independent Financial Advisers*. By acquiring Dalmore Capital, we can offer our individual and workplace pension savers access to the long-term, stable returns that infrastructure investments can potentially provide. Additionally, it demonstrates our commitment to invest in assets that support the UK's drive for economic growth and an innovative, sustainable future."

Hans Georgeson, Chief Executive Officer, Royal London Asset Management, commented: 

"This acquisition is a significant milestone in broadening our private assets capability to meet the changing needs of our clients. There is a strong strategic fit between the two businesses and a focus on investing in assets with broader societal and economic benefits."

Michael Ryan, Chief Executive Officer, Dalmore Capital, commented: 

"We are delighted to be partnering with Royal London in the next stage of our growth. This transaction is a strong endorsement of the team at Dalmore, our track record, and the prospects for investing in UK infrastructure."  

-Ends-

BNP Paribas, PwC, Longspur and Herbert Smith Freehills served as financial and legal advisers respectively to Royal London/Royal London Asset Management.

Rothschild & Co and Slaughter & May served as financial and legal advisers respectively to Dalmore Capital.

Notes to editors:

* Source Defaqto 2024 Pension Service Review

For further information please contact:

Andrea Ward

Senior PR Manager

Mobile: 07876 178696

Email: andrea.ward1@royallondon.com

About Royal London 

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 30 mutuals globally*, with assets under management of £173 billion, 8.7 million policies in force and over 4,500 employees. Figures quoted are as at 31 December 2024.

*Based on total 2022 premium income. ICMIF Global 500, 2024

About Royal London Asset Management

Established in 1988, and part of Royal London, Royal London Asset Management is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.

It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.

About Dalmore Capital Limited

Dalmore Capital is a fund management company that seeks to provide institutional investors with access to long-term investment opportunities in low volatility infrastructure assets.

The investments made by Dalmore Capital are in infrastructure assets that are involved in the provision of essential public services including schools, hospitals and other public service buildings, in addition to roads, utilities, trains, waste treatment and energy generation.

Investments are located in the UK, Ireland, Continental Europe and Canada.

Dalmore manages approximately £6 billion of capital sourced from leading institutional investors globally and has invested in 130 infrastructure assets.