NatWest to act as depositary for new Dalmore Capital Fund

Dalmore Capital extends mandate with NatWest Trustee and Depositary Services to cover new ESG-focused fund.

By Jonathan Watkins

NatWest Trustee and Depositary Services has been appointed as the depositary for a new Dalmore Capital Limited Fund focusing on environmental, social, and governance (ESG) investments.

Dalmore Capital is an independent fund management company which focuses on investment in infrastructure assets in the UK. It currently manages over £5.5bn for institutional investors and has constructed a portfolio of over 120 infrastructure assets since its formation in 2009.

Its new vehicle, Dalmore Capital Fund 4 LP, builds on from investment strategies used for existing Dalmore Funds and has a target size of £1 billion.

NatWest has been building out its depositary services in recent years under the guidance of a new leadership team with an aim to become an automated, digital, cloud-based provider of depositary services but with the ability to share relevant insights based on the comprehensive data the depositary holds.  

The depositary has also upped its focus on ESG, and added personnel across its businesses to cater for the growing space.

“The appointment of NatWest Trustee and Depositary Services for this new Fund launch is a great reflection of Dalmore’s confidence in our business and their board’s continued commitment to ESG by appointing a truly independent depositary,” said Matthew Hiscock, head of alternative funds business development UK, NatWest Trustee and Depositary Services.

“We’re excited to be playing a key role for a client whose investment strategy reflects our own purpose-led strategy by investing in assets with strong ESG characteristics. We look forward to continuing to build rapport with the Dalmore team and welcome them to our rapidly growing alternatives franchise.”