TDR holds €900m first close

The UK-based firm is aiming to collect €2bn for its third buyout fund, 10% of which will be a GP commitment.

TDR Capital has recently held a €900 million first close for its third buyout fund, PEI has learned. 

The target for the first close had been €800 million, according to a source familiar with the firm's fundraise. 

TDR declined to comment. 

The UK-based firm started fundraising in December last year and will make a 10 percent GP commitment. In June, a source told PEI three quarters of investors had so far re-upped. 

The firm's first fund closed in 2003 on approximately €500 million, according PEI’s Research & 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. 

TDR Capital II, a €2.2 billion, 2007-vintage that is fully invested, is valued at 1.7x, according to a source. Some of the investors in Fund II include Swift Capital Partners, Graphite Capital and Heliad Equity Partners, according to PEI’s Research & Analytics division.

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.