TDR Capital, the UK-based mid-market private equity firm established by Manjit Dale and Stephen Robertson in 2002, says it has exceeded a €500 million ($605 million) target for its debut fund, TDR Capital LP.
The firm did not disclose the exact amount raised, and did not name specific institutions that had invested: saying only that it had received commitments “from institutional and high net worth investors globally”. Merrill Lynch acted as placement agent for the fundraising.
“We are extremely pleased to have exceeded our fund target with commitments received from a high quality international investor base against a difficult fundraising backdrop,” said Dale.
TDR was set up in 2002 by: Dale, the former managing partner of private equity firm DB Capital Partners; Robertson, who was managing partner of DB Capital Mezzanine; and Tudor Group, the alternative asset management group, which manages more than $8.5 billion globally.
TDR said in a statement it would continue to focus on European private equity investments of between €25 million and €75 million in companies across all sectors with enterprise values of between €100 million and €750 million.
The first investment from the fund was made in July 2003 when TDR completed the £277 million public-to-private of UK restaurant chain Pizza Express alongside South African private equity firm Capricorn Ventures. It is currently completing an agreed offer for Pizza Express rival ASK Central, with the intention of combining the two businesses and creating the UK’s largest casual dining chain.