Exclusive: TDR holds €2bn final close

The UK-based firm, which owns European health club operator David Lloyd Leisure, put in a 10% GP commitment.

TDR Capital has collected €2 billion for its third buyout fund, Private Equity International has learnt.

The fund, which came to market in December 2012, will officially close this evening on its target, according to several sources close to matter.

It is understood Probitas Partners helped raising the fund. Both Probitas and TDR declined to comment.

The firm held a €1.4 billion second close in January, having held a €900 million first close during the summer. In June 2013, a source told PEI three-quarters of investors had re-upped. It is understood the firm has 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, last September.

TDR, which was established in 2002, focuses on leveraged buyouts in Western Europe with enterprise values between €150 million and €750 million. It has approximately €2.6 billion under management. The firm’s first fund closed in 2003 on approximately €500 million, according to Private Equity International’s Research and Analytics division. Fund I has returned 2.1x to date, with an internal rate of return of over 65 percent, according to the firm’s website.

Last 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.