Disclaimer

The contents of this website have been prepared for information purposes only. No investment or tax advice is being given on this website. Nothing on this website should be regarded as an offer or solicitation to buy or sell any investment or an offer or solicitation to provide investment services or as a comment on the merits of engaging in any investment transaction or activity or an inducement to do so. Statements made on this website are subject to change, correction or update without notice.

The information on this website is directed exclusively at persons or entities domiciled in the United Kingdom who fall under the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. Persons who do not have professional experience in participating in unregulated investment schemes should not rely on this information.

In the case of persons outside of the United Kingdom, this website is only directed to persons who may lawfully access it without breach of law or regulation or imposing any requirement on Dalmore Capital Limited or any other person to be licensed, registered or approved in any other jurisdiction. If you are an overseas user, it is your responsibility to acquaint yourself with the laws and regulations in your jurisdiction and to ensure that you may access the website without breaching them.

In particular, the information on this website is not directed at or intended for use by residents or citizens of the United States, nor is any of the information an offer of securities for sale in the United States. Securities may not be offered or sold in the United States in the absence of registration under the US Securities Act of 1933 (Securities Act) or an exemption from registration. Dalmore has not registered and does not intend to register any securities under the Securities Act and does not intend to make a public offering of any securities in the United States or in any other jurisdiction

The value of investments may go down as well as up and investors in the products and services referred to on the website may not get back the amount they invested. Any references on this website to past performance of investments are not a reliable indicator of future returns. Users should always acquaint themselves with the contents of any finalised marketing materials before making a decision to invest in any product or service referred to on the website.

Dalmore Capital Limited is a company incorporated in England and Wales which is authorised and regulated by the Financial Conduct Authority with firm reference number 509930.

Dalmore Capital

Dalmore’s team of 50 comprises 30 investment professionals and 20 finance and support staff. Our investment professionals have collective infrastructure experience of over 640 years. Meet our senior team below.


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Michael Ryan

Partner, CEO

Michael Ryan

Partner, CEO

Michael co-founded Dalmore in 2009 and is CEO. Michael has 26 years of infrastructure experience. Prior to Dalmore, Michael spent five years as managing director of Infrastructure Investors. From 2001 to 2004, Michael was a director and shareholder of Noble PFI following two years as a director of Edison Capital. Michael began his career in 1989 with KPMG, where he undertook a variety of roles in turnaround, consulting and corporate finance and was a director of the PFI advisory unit. In 1995, he was seconded to a project lending team at HSBC to help develop their infrastructure lending.

Michael is a Fellow of the Institute of Chartered Accountants in Ireland.

John McDonagh

Partner, COO

John McDonagh

Partner, COO

John co-founded Dalmore in March 2009 and is COO. John has 25 years of infrastructure experience, having spent four years at I2, where, alongside Michael Ryan, he led I2’s acquisitions and played a key role in the management of its investments. From 2003 to 2005, John served as project finance director of Carillion Private Finance, an investment subsidiary of the leading construction services company, Carillion plc. From 2001 until 2003, John served as assistant director with Banco Espirito Santo, London. Prior to this, he spent five years within the PPP financial advisory team at PwC. John began his career in 1992 as a trainee accountant with Price Waterhouse where he worked in audit teams in Glasgow and London.

John holds an honours degree in Economics and is a qualified Chartered Public Finance Accountant.

Alistair Ray

Partner, CIO

Alistair Ray

Partner, CIO

Alistair co-founded Dalmore in 2009 and is CIO. Alistair has 23 years of infrastructure experience. Prior to Dalmore, Alistair spent a year as a director at Merrill Lynch. Between 2005 and 2008, Alistair was a director at 3i, one of the core investors in I2. He was also a member of the team that successfully floated 3i Infrastructure plc on the London Stock Exchange. From 2001 to 2004, Alistair was a director and shareholder of Noble PFI, following three years with Edison Capital.

Alistair holds a Bachelor of Engineering honours degree.

John Murphy

CFO

John Murphy

CFO

John is CFO of Dalmore. John has 19 years of infrastructure experience. Between 2005 and 2013 John was finance director of Infrastructure Managers Limited, a specialist management business for SPV and day-to-day management of investments in UK PPP projects. John was previously with Noble Group between 2002 and 2005 and was the principal liaison between the business and the PFI directors. Prior to this, John was with RBS and was financial controller for three private equity funds.

John holds a BA (Hons) in Banking and Finance from the University of Ulster, and is a Fellow of the Association of Chartered Certified Accountants.

Jennifer McKay

General Counsel

Jennifer McKay

General Counsel

Jennifer is Dalmore's General Counsel, Compliance Officer and Money Laundering Reporting Officer. Jennifer has 20 years of infrastructure experience, including previously acting for consortia and lenders on major UK wide primary PPP/PFI projects and secondary market transactions. Prior to joining Dalmore, she worked as a solicitor for a UK wide law firm, specialising in advising on investment, due diligence and finance related matters on infrastructure projects throughout the UK.

Jennifer has an undergraduate degree in law and a post-graduate diploma in legal practice, both from the University of Edinburgh.

Stephen Gordon

Managing Director

Stephen Gordon

Managing Director

Stephen is a Managing Director within the Social Infrastructure team and is head of the PPP asset management team. Stephen has 28 years of infrastructure experience. Prior to Dalmore, Stephen worked for 13 years at Balfour Beatty Investments. His most recent role there was as director for Scotland and Ireland, where he was responsible for the management of all PPP assets and new business activities. Prior to this, Stephen held roles at the University of Aberdeen and Angus NHS Trust and The Grosvenor Estate.

Stephen is a Chartered Quantity Surveyor, is a member of the British Institute of Facilities Management and holds a BSc from Napier University.

Tim Kashem

Managing Director

Tim Kashem

Managing Director

Tim is a Managing Director and Head of the Investor Relations team. Tim has 27 years of infrastructure experience. Prior to Dalmore, Tim worked at Innisfree where he was a member of the Management Board, Group Board and Investment Committee, and prior to that worked at Barclays in the Infrastructure Advisory Group.

Tim holds a BSc (first class) in Money, Banking and International Finance from Cass Business School.

Andrew Marsden

Managing Director

Andrew Marsden

Managing Director

Andrew is a Managing Director in the General Infrastructure team. Andrew has 32 years of infrastructure experience. Prior to Dalmore, Andrew was a Managing Director in CDPQ’s European Infrastructure team. Before which, he was a Managing Director at GE Capital, where he headed the European Investment activities of their Energy Investment group for 14 years, and was a Partner and Head of Infrastructure Europe at Henderson Private Capital. Andrew started his career in the Corporate Finance division of Dresdner Kleinwort Benson.

Andrew holds a MA Honours degree from The University of Edinburgh and completed an Accounting and Corporate Finance Programme at London Business School.

Nick Axam

Director

Nick Axam

Director

Nick is a Director in the General Infrastructure team. Nick has 20 years of infrastructure experience. He was previously head of investment and corporate finance at the Duet Group, a Macquarie Infrastructure and Real Estate ASX-listed fund.

Nick holds a BCom in Accounting and Finance from the University of Sydney and is a Member of the Chartered Institute of Accountants in Australia.

Stephanie Beard

Director

Stephanie Beard

Director

Stephanie is Dalmore's Human Resources Director. Prior to Dalmore, Stephanie was a director at Wellington Management International and human resources manager at Barclays Capital and Deutsche Bank.

Stephanie holds a BBA (Hons) in Management from Lancaster University.

Vicky Chan

Director

Vicky Chan

Director

Vicky is a Director within the General Infrastructure team. Vicky has 16 years of infrastructure investing and management experience. Prior to joining Dalmore, Vicky was a principal within Corsair Capital and was a director at Citi Infrastructure Investors. Prior to that Vicky was a member of Dresdner Kleinwort’s Power and Utilities M&A team.

Vicky holds an Economics degree from UCL.

Victoria Gorman

Director

Victoria Gorman

Director

Victoria is a Director within the Investor Relations team. Victoria has 12 years of experience in the infrastructure sector having previously worked in the infrastructure multi-manager teams at Capital Dynamics and UBS Global Asset Management. Prior to that she worked within PwC’s Corporate Finance and Assurance teams and in 2010 was seconded to the World Economic Forum as project manager of the infrastructure initiative.

Victoria holds a Bachelor of Science degree in Pharmacology (Honours) from the University of Bristol and is a Chartered Accountant with the Institute of Chartered Accounts of Scotland.

Mila Lopez Simon

Director

Mila Lopez Simon

Director

Mila is a Director in the Social Infrastructure team. Mila has 16 years of infrastructure experience, mainly in large public infrastructure procurements (PPP/PFI) and project finance as a business development director for Europe and as a non-executive director for infrastructure assets in the UK and Ireland. Previous to that Mila was a consultant and auditor for Deloitte in Spain.

Mila holds an MSc in Infrastructure and Project Management, an MSc in Hydraulic Works, a Masters in Civil Engineering from the University of Madrid and an MSc in Leadership and Strategy from The London Business School.

Brian Love

Director

Brian Love

Director

Brian is a Director in the Social Infrastructure team. Brian has 16 years of infrastructure experience. Prior to Dalmore, Brian was most recently with Galliford Try plc where he was concurrently finance director of the facilities management subsidiary and project finance director of Galliford Try Investments, the PPP Investment subsidiary. Prior to this, Brian worked at Barclays in the Infrastructure Project Finance team as well as at RBS in the Infrastructure Finance Group. Brian started his career in the Assurance & Advisory Division of Deloitte & Touche.

Brian is a Chartered Accountant and holds an BA Honours degree from the University of Strathclyde.

Julia McIntosh

Director

Julia McIntosh

Director

Julia is a Director within the Finance team. Prior to Dalmore, Julia was group finance manager at John Menzies plc and audit assistant manager at KPMG.

Julia holds an Honours degree in Law from the University of Edinburgh and is a Chartered Accountant with the Institute of Chartered Accounts of Scotland.

Hannah O’Gorman

Director

Hannah O’Gorman

Director

Hannah is a Director within the Social Infrastructure team. Hannah has 28 years of infrastructure experience. Prior to Dalmore, Hannah worked at 3i as a board director on a number of UK PPP/PFI investments in the education and health sectors. Prior to that Hannah worked at Henderson Equity Partners, Barclays Private Equity, Carillion Private Finance, Abbey National Treasury Services and Hyder Investments.

Hannah holds a BTEC National Diploma in Business and Finance.

Jamie Pritchard

Director

Jamie Pritchard

Director

Jamie is a Director within the Social Infrastructure team. Jamie has 22 years of infrastructure experience. Prior to Dalmore, Jamie was co-fund manager and head of asset management advising the John Laing Infrastructure Fund, a FTSE 250 investment company with a market capitalisation of £1.4bn until October 2018 when it was taken private by a Dalmore-led consortium. Prior to this, Jamie was commercial lead at Serco Defence and within the investment arm of Balfour Beatty Capital.

Jamie holds a BSc (first class) in Chemistry from the University of Exeter.

Matt Templeton

Director

Matt Templeton

Director

Matt is a Director in the Social Infrastructure team. Matt has 25 years of infrastructure experience. Prior to Dalmore, Matt established a consultancy providing active management and strategic advice to a variety of private and public-sector institutions seeking to manage, acquire or develop infrastructure assets.

Matt holds a BEng (Hons) in Civil and Transportation Engineering and an MBA from Edinburgh University Business School.

Vanessa Warnock

Director

Vanessa Warnock

Director

Vanessa is Dalmore's ESG Director. Vanessa has 16 years of international experience in Environmental and Social management within the energy sector. Prior to joining Dalmore, Vanessa was ESG manager at Globeleq Africa Limited, an independent power developer and operator, and principal consultant in Mott MacDonald’s international power Environmental and Social consultancy services.
Vanessa holds a BSc (hons) degree in Environment, Economics, and Ecology from the University of York and MSc in Environmental Management for Business from Cranfield University.

Mhairi Weir

Director

Mhairi Weir

Director

Mhairi is Legal Director within the General Infrastructure team. Mhairi has 15 years of infrastructure experience, and was previously general counsel at Fourth Limited. Prior to this, she was legal counsel at Vario, the consultancy division of Pinsent Masons, transactions director at Calvin Capital, and senior associate in Hogan Lovells infrastructure team.

Mhairi holds an LLB Honours (first class) from Glasgow University.

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.

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