Most institutional investors access infrastructure through global or pan-European funds — an approach that works well, but can leave them underexposed exactly when a single market offers its best entry point. Dalmore's latest paper argues the UK is at such a moment: a stable, well-regulated market with decades of proven infrastructure delivery, now trading at valuations shaped by circumstance rather than fundamentals. Since Brexit, capital has drifted away, listed infrastructure trusts have been locked out of new funding, and the mega-funds are focused elsewhere — leaving a competitive vacuum in the mid-market just as a £725 billion Infrastructure Strategy and the net-zero transition build a substantial pipeline of opportunity.
With infrastructure representing around 10% of Canadian pension portfolios and 7% of Australian ones, UK schemes are playing catch-up — and the timing may work in their favour. Reforms including the Mansion House Accord and the Pension Schemes Act 2026 are set to unlock a new wave of domestic pension capital over the next five to ten years, meaning investors deploying today could benefit twice: from attractive entry valuations now, and a deeper buyer pool to exit into later. For UK pension capital, the case is sharper still: sterling assets and inflation-linked revenues offer a natural match against sterling liabilities and members' real spending needs.
Alistair Ray, Chief Investment Officer of Dalmore Capital, analyses the scale and potential of this opportunity — read the full paper to see why this window may not stay open for long.
Dalmore Capital is part of Royal London Asset Management, the asset management arm of Royal London. Dalmore Capital is a UK infrastructure investment manager overseeing more than £5.7 billion of capital* on behalf of institutional investors. The firm currently holds a diversified portfolio of 128 infrastructure assets* accumulated since its formation in 2009, across Core, Core+ and PPP social infrastructure assets.
*As at June 2026.
This is a financial promotion and is not investment advice. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. Portfolio characteristics and holdings are subject to change without notice. The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.
