Dalmore Capital

Building long-term value through infrastructure expertise

Since 2007, Johnston Carmichael has worked alongside Dalmore Capital, a UK-based infrastructure investment firm, providing audit, tax and hand-back services across a diverse portfolio of more than 100 infrastructure assets. In latter years, that relationship has expanded to include Resolis, Dalmore’s in-house managed services provider.

Dalmore’s portfolio spans social and economic infrastructure that supports essential public services and plays an important role in the UK’s long-term infrastructure ambitions. As that portfolio has expanded, our support has evolved, and our PFI/PPP capability has grown in step.

Today, Dalmore is supported by a dedicated, multi-disciplinary Johnston Carmichael team aligned closely to its portfolio. That structure brings consistency, deep specialist expertise, and the technical strength needed to support complex, long-term investments across multiple jurisdictions and regulatory frameworks.

A partnership built on continuity and trust

Infrastructure is a long game. It demands resilience, clear judgement, and an understanding of what sits behind the numbers - from commercial realities to operational delivery.

Our work with Dalmore reflects that mindset. It’s built on continuity of team, robust technical delivery, and sector insight that helps inform decisions over the long term, not just in the moment. This consistency creates confidence on both sides, in an environment where reliability and institutional knowledge really matter.

Shared values, shared outcomes

The relationship is grounded in shared values: a commitment to quality, long-term thinking, and doing the right thing. That means bringing the right technical expertise at the right time, helping ensure reporting, tax and hand-back obligations are handled clearly and efficiently across a complex portfolio.

By combining sector experience with a strong understanding of Dalmore Capital’s asset management and operational priorities, Johnston Carmichael continues to support the business through both stable and changing market conditions. The result is a partnership built on collaboration, mutual respect, and a clear view of what success looks like.

Our relationship with Dalmore and Resolis reflects our desire to build long-term partnerships, earned through consistent delivery of high-quality work and underpinned by talented people with the experience and understanding to deliver best in class work. Ultimately, the strongest relationships are the ones where both sides share objectives, challenge each other constructively and create value over the long term - that’s exactly what this partnership has realised.

Mark Stewart, Head of Energy, Infrastructure & Sustainability

In infrastructure investing, relationships matter just as much as technical capability. Johnston Carmichael has supported us for many years with a level of responsiveness, pragmatism and sector understanding that genuinely adds value. They understand how infrastructure businesses operate in practice, not just in theory, and that means the advice we receive is commercially grounded, proportionate and delivered with the long term in mind.

John McDonagh, COO, Dalmore Capital