Aberdeen Investments and Rock Rail have secured around £800 million in the first close of a new investment platform designed to fund the next generation of UK passenger trains, marking another significant injection of private capital into Britain’s rail sector.
The platform has attracted a syndicate of international institutional and secondary investors, led by StepStone and Partners Group as co-lead investors, alongside substantial commitments from Aberdeen Investments and Rock Rail. Further capital is expected ahead of the platform’s final close.
The funding will support the delivery of Rock Rail’s existing rolling stock programme while financing new, more efficient trains to replace ageing fleets, helping improve passenger experience, increase network capacity and support rail decarbonisation.
Building on a decade of investment
Over the past ten years, Aberdeen Investments and Rock Rail have invested more than £3.3 billion in UK rolling stock, funding the introduction of new trains across the network.
Together, the businesses now own and manage more than 10% of the UK’s passenger rolling stock fleet.
The new platform is intended to scale that model by attracting additional long-term private investment into the sector, supporting fleet renewal at a time when public finances are under increasing pressure.
The partners argue that increased private investment can help fund modern digital rolling stock, support UK manufacturing jobs and stimulate wider economic growth while reducing reliance on taxpayer funding.
Confidence in the UK rail market
The successful first close is also being presented as a vote of confidence in the future direction of Britain’s railway under Great British Railways, with investors backing the long-term demand for rail travel and fleet modernisation.
Mark Swindell, Chief Executive and Founder of Rock Rail, said: “We’re very pleased to have reached this first close, which demonstrates strong international investor confidence in UK rail under the leadership of Great British Railways and its long-term future.
“We’ve already shown what this robust model can do by delivering over 1,500 new vehicles over the past five years. Now we are bringing more global capital into the UK to keep new trains coming into service, supporting the next phase of GBR investment across the network to significantly improve availability and reliability of passenger services.”
Supporting long-term growth
Dominic Helmsley, Head of Economic Infrastructure at Aberdeen Investments, said the platform builds on more than a decade of investment in UK rail.
“Over ten years since our first investment in UK rolling train stock, we’ve seen how infrastructure investment can unlock significant economic benefits – enhancing connectivity, strengthening regional development, and improving everyday journeys.
“This next phase builds on that foundation, bringing new capital into the sector to deliver the next generation of trains for the UK. This first close represents a significant milestone in the continued evolution of our transport infrastructure platform.
“The strong support at first close reflects investor confidence in both the quality of the underlying assets and the compelling opportunity to build a scaled rolling stock platform in the UK.”
Campbell Lutyens and J.P. Morgan acted as financial advisers on the transaction, with Simpson Thacher & Bartlett providing legal counsel to Aberdeen Investments and Rock Rail.
