Evermill Capital, a new investment firm specialising in asset-backed financing, has begun operations, targeting operating businesses and institutional clients.
Led by partners Scott Gardner, Tom Benham, and Harry Millward, Evermill is strategically backed by UK investment firm Delancey Real Estate.
Delancey’s investment represents a continued effort to build top-tier investment platforms, mirroring its previous success with NW1 Partners.
Gardner, Benham, and Millward bring a combined 60 years of experience in real estate, fixed income, and structured finance. They have previously worked at leading firms such as AlphaReal and Macquarie Asset Management.
In recent years, the three partners have collectively raised approximately £3 bn (€3.6 bn) and overseen the deployment of over £2.5 bn (€3.0 bn) into secure income real estate investments.
The founding partners of Evermill Capital said: ‘Our specialist secure income skills, alongside the wider Delancey business’ capabilities, create a strong proposition for clients and counterparties. The management team and Delancey are aligned in building a sustainable platform with a deep understanding of liability-matching clients and market access that allows us to originate and structure bespoke transactions.’
The founders added that they recognise a significant and expanding market need for investment-grade assets among bulk annuity insurers. EY projected £50 bn (€60 bn) in buyout activity in 2024 alone, indicating a continuing trend.
A spokesperson at Delancey Real Estate 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.’
