Ex-CDPQ exec joins London infrastructure firm

Andrew Marsden has joined Dalmore Capital, a £5 billion ($6.9 billion) firm that specializes in long-term investment opportunities in limited volatility infrastructure assets. In the newly created position, Marsden brings with him more than 30 years of infrastructure investing experience of which 18 years were spent in leadership roles. Most recently, he was a managing director in Canadian pension fund CDPQ’s infrastructure investment group. Prior to that he was a managing director at GE Capital where he headed up the European investment activities of their energy and utilities investment group from 2004 to 2017 as well as being the head of origination for EMEA and Latin America from 2015 to 2017. At Dalmore, he will build on his area of expertise in utilities and energy assets and will focus on originating, executing and managing low risk, regulated investments with predictable long-term contracted revenues. He will report to Dalmore’s CIO Alistair Ray. “We are delighted that Andrew has joined us,” said Ray. “He brings considerable experience and skills that add further depth and expertise to our team, as Dalmore looks to identify potential investments and expand its portfolios. Andrew’s 30-year career investing in and managing low risk, predictable assets makes him an excellent fit.” Dalmore invests via discretionary funds and via co-investment vehicles. The firm was formed in 2009 by Michael Ryan, John McDonagh and Ray, each of whom has significant experience in making and managing infrastructure investments. The investments made by Dalmore Capital are in infrastructure assets that are involved in the provision of essential public services. This includes schools, hospitals, roads, utilities, trains, waste treatment and renewable energy generation. Dalmore’s primary investment focus is on assets located in the UK, although Dalmore also manages assets in Ireland, continental Europe and Canada. The main Dalmore Capital Fund LP raised £248.6 million in 2013 to invest in operational public-private partnership (PPP) assets. In 2015, the final close (£534.4 million) was held for the PPP Equity PIP LP, which was a fund that was run by five of the largest U.K. pension funds that selected Dalmore as a third-party manager. The firm’s single asset fund was also raised in 2015 with a total of £445 million from U.K. pension funds. The Dalmore Infrastructure Investments LP was set up to bid for and invest in the Thames Tideway Tunnel project under London. In 2018, the Dalmore Capital Fund 3 closed with 950 million to invest in low volatility infrastructure assets, predominantly in the U.K. The portfolio includes PPP assets along with regulated infrastructure assets such as U.K. wind farms, a gas utility and train fleets. “I am very pleased to have joined Dalmore Capital,” said Marsden. “It is one of the U.K.’s most established and well-regarded infrastructure investors. They have an excellent team and I am excited by the opportunity to offer my expertise as we look to grow the asset base and continue to generate predictable and stable returns for investors.”

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