Evermill Capital, a new investment manager specialising in asset-backed financing solutions, formally launched on 5 December.
The company will be managed by three partners – Scott Gardner, Tom Benham and Harry Millward, with the strategic backing of Delancey Real Estate (Delancey) a UK-focussed investment, asset and development manager.
Delancey’s management team has seeded Evermill as part of a wider strategy with the aim to create a best-in-class platform, as they have previously done with specialist investment manager, NW1 Partners.
They have successfully worked together before and have c.60 years of combined experience in real estate, fixed-income and structured finance having held senior roles at AlphaReal and Macquarie Asset Management.
Evermill’s founding partners see an immediate opportunity and growing need for investment grade matching assets among Bulk Annuity insurers, driven by increasing demand for pension scheme liability risk transfers. In 2024 Ernst and Young estimated that the total volume of buy-out activity would be approximately £50bn and this trend is expected to continue.
Evermill Capital partners said: “Sourcing matching assets can be a challenge for Bulk Annuity providers. We also recognise that increasing investor demand is coinciding with a period where there are fewer efficient financing options available to asset owners.
“Evermill’s specialist sourcing and structuring skills combined with Delancey’s broader market access means that we are very well positioned to originate and manage high quality matching assets for our clients.”
Scott has 30 years’ experience in the real estate and fund management industries across the UK, Europe, Asia and Australia. He has worked in financial institutions and property companies and prior to joining Evermill he was a Partner at AlphaReal. Scott was a Director at Colliers International and the Head of Real Estate Fund Management at AUB.
A Chartered Accountant, Harry previously worked within the Secure Income Real Estate team at Macquarie Asset Management, investing on behalf of institutional clients, with a focus on underwriting and origination. He has also held roles at AlphaReal and PwC’s Capital Markets team.
A Chartered Financial Analyst, Tom has 18 years’ experience, and he previously worked within the Secure Income Real Estate team at Macquarie Asset Management, investing on behalf of institutional clients across alternative and core real estate markets. Prior to that, Tom had a background as an investment consultant, advising institutional investors on their investment strategy, with a particular focus on portfolio construction and liability hedging.
A spokesperson at Delancey Real Estate said: “Evermill Capital will allow our clients to access real estate-related opportunities that sit outside the scope of our existing opportunistic and private credit strategies. With the entrepreneurial culture of a start-up, Evermill can respond nimbly to opportunities and work across the capital structure more flexibly than existing market participants – a key point of differentiation.”
