Delancey has partnered with three highly experienced long-income specialists to create Evermill Capital (Evermill) – a new investment manager specialising in asset-backed financing solutions.
The company will be managed by partners Scott Gardner, Tom Benham and Harry Millward, who have circa 60 years of combined experience in real estate, fixed-income and structured finance, having previously held senior roles at AlphaReal and Macquarie Asset Management.
They will be supported by Delancey’s senior leadership team, which has seeded Evermill and will provide strategic support and backing.
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.
The partners of Evermill Capital said: “Our specialist secure income skills alongside the wider Delancey business’ capabilities, creates a strong proposition for clients and counterparties. The management team and Delancey are aligned to building a sustainable platform with a deep understanding of liability-matching clients and market access that allows us to originate and structure bespoke transactions.”
A spokesperson for Delancey added: “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.”
