Exclusive: TDR holds €1.4bn second close

The UK-based firm aims to wrap up fundraising before the end of March.

TDR Capital has held a €1.4 billion second close for its third buyout fund, Private Equity International has learnt.

The firm held a €900 million first close during the summer and reached the second close just before Christmas, according to a source familiar with the matter.

TDR declined to comment.

The UK-based firm came to market in December 2012 targeting €2 billion. As of June, a source told PEI three-quarters of investors had re-upped. The firm will put in a 10 percent GP commitment.

TDR has already put some of the capital from its latest vehicle to work with the £750 million acquisition of David Lloyd Leisure, a European health club operator, in September.

TDR was founded in 2002 and has approximately €2.6 billion under management. The firm focuses on leveraged buyouts of companies in Western Europe with enterprise values between €150 million to €750 million.

TDR’s first fund closed in 2003 on approximately €500 million, according to PEI’s Research and Analytics division. In June, a source told PEI that TDR Capital II, a €2.2 billion 2007 vintage fund that is fully invested, was valued at 1.7x. Investors in Fund II include Swift Capital Partners, Graphite Capital and Heliad Equity Partners, according to PEI data.