Global law firm Ashurst has advised Dalmore Capital Limited ("Dalmore"), acting as manager of Dalmore Capital's 2012 vintage fund, Dalmore Capital Fund LP ("DCF"), on a £79 million long-term holdco debt raise.
The financing is supported by the performance of 46 fully operational, availability-based UK PPP assets. DCF's portfolio is diversified across the healthcare, education, custodial, defence accommodation and leisure sectors. The £79 million financing was provided by Abrdn (with Abrdn's investment participants including Phoenix Group) and another institutional investor.
The debt package includes comprehensive ESG reporting – believed to be a first for a portfolio of this nature. Dalmore will report on ESG measures including GHG emissions, Social & Employee Matters and Health & Safety. Originally set up to monitor single assets, the reporting template has been adapted to cover a wider portfolio.
The Ashurst team was led by partner Patrick Boyle, supported by senior associates Lindsey Bouchara and Aaron Lockyer and associates Zachary Gordon-Boyd and Phoebe Makin. Corporate partner Molly Woods and associate Clara Yeo, and global loans senior associate Elizabeth Street-Thompson also advised.
Commenting Patrick Boyle said:
"It has been a privilege to have had the opportunity to apply our expertise and experience in project finance and infrastructure in assisting Dalmore on this debt financing. As longstanding advisors of Dalmore, we are delighted to see yet another significant achievement for this successful major PPP investor."
