IJGlobal hears of worrying developments at Dalmore Capital with a halt called to its latest fundraise, the London office being all but closed down and the Innisfree model being adopted.

Having failed to raise equity for Riverside 2, it has now come to a head for the beleaguered fund manager with sources indicating that it has pulled Dalmore Capital Fund 4 (DCF4) which launched in Q1 2021, targeting £1 billion.

Fundraising efforts have ceased on DCF4 and rumour has it that most of the London team has been served notice.

It is understood that a couple of the team will stay on in London to manage the assets – primary among these being stakes in Corey, Cadent, Thames Tideway Tunnel, Porterbrook Rail and a slew of PPP assets.

The partners – who look set to sit back and take the Innisfree route – are:

• Michael Ryan – chief executive
• John McDonagh – chief operating officer
• Alistair Ray – chief investment officer
• John Murphy – chief financial officer

It is understood that a compliance team will continue to operate in Scotland.

According to its website, Dalmore has more than £5.5 billion of assets under management across in excess of 130 assets and has a 50-strong team.

Dalmore Capital had not replied to a request to comment by the time of publication.