Manjit Dale, formerly a senior figure in Deutsche Bank’s London-based captive buyout operation, is reportedly making progress with a new E500m mid-market buyout fund that he is currently marketing.
According to Financial News, Dale's new company TDR Capital is being backed by Tudor Investment Corporation, the Boston-based hedge fund manager, which has agreed to making a E160m cornerstone investment in Dale’s project.
Tudor, set up by Paul Tudor Jones in 1980, currently manages $7bn in alternative assets. The group already has a venture capital investment business. Trading as Tudor Ventures, it was set up in 1995 and is currently investing Tudor Ventures II LP, a $410m fund that closed in the summer 2000.
Dale is one of a number of well-known private equity executives that are currently trying to raise money for sizeable mid-market buyout funds after leaving established groups to set up their own firms. Among them are Harald Mix, formerly of Industri Kapital, who is in the market with a E600m fund, and Dominic Shorthouse, who has set up Englefield Capital to raise E450m.