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Alistair Ray
Alistair co-founded Dalmore in March 2009 and is CIO. Alistair is a Dalmore board member and a member of the Investment and Executive Committees. Alistair’s day-to-day responsibilities are focused on leadership of the Investments and fundraising teams and is a Board member on Cory, Cadent Gas and Thames Tideway.
Alistair has 28 years of infrastructure experience. As well as overseeing Dalmore investments and leading on regulated investments, Alistair also has experience of investments in Fiddlers Ferry and Ferrybridge power stations, PD and ABP ports, SH121 toll road in Texas and Oiltanking GmBH, operator of liquid bulk terminals.
Prior to Dalmore, Alistair was a Director at Merrill Lynch, with joint responsibility for growing infrastructure origination capability in Europe and the US. Before Merrill Lynch, Alistair was a Director at 3i. He led the bid to invest in a major US highway PPP project and closed infrastructure transactions in the Netherlands, Malta and Singapore. He was also a member of the team that successfully floated 3i Infrastructure plc on the London Stock Exchange.
Dalmore Capital
Dalmore Capital focuses on investment in UK infrastructure assets and is a prominent player in this sector managing over £5.7bn for institutional investors through discretionary managed equity funds, co-investment and single asset vehicles with a portfolio of c.130 infrastructure assets.
The firm was formed in 2009 by Michael Ryan, John McDonagh and Alistair Ray, each of whom remain in senior roles within Dalmore following sale of business to Royal London Asset Management in 2025. Dalmore focuses on providing institutional investors with access to infrastructure assets with predicable inflation-linked cash flows, strong yield characteristics and without significant exposure to GDP, traffic, usage or market price risk. Dalmore’s primary investment focus is in the UK, although it also manages assets in Ireland, continental Europe and Canada.
Alongside discretionary managed multi-asset funds, Dalmore has also been able to offer a range of co-investment and single asset/account transactions amounting to over £3.5bn.