Latest on TDR Capital
What is the latest on TDR? Junior retention / work life balance / deal flow / how fund is performing generally / culture etc. Any view would be great
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Can't be too hot, here are a few recent negative headlines: 1. Artis Finance - bankrupt (with some alleged fraud) 2. Hurtigruten - bankrupt, lenders took the keys this summer 3. BPP sale process failed, looking to recap potentially 4. David Lloyd - looking at CV given exit failed 5. Asda - lots of heat and negative press but I believe this investment will be very good for them given how little equity they have put in at the start, though it should hurt the franchise in the eyes of LPs
Lots of older portfolio companies too, as well as retail and UK exposure (not good), and the performance marks I can see aren't too hot. Would put squarely in the middle of the road European PE fund camp: fine place to build a career but clearly a cut below the top tier PE ops in London
On the flip side they do a lot of consumer/retail if that is your thing
Team is stable with minimal churn as comp and economics are good. However I’d echo what others have said around their portfolio hasn’t performed well and they’ve held on to certain assets for way too long.
Culture is very cerebral / academic / hard edged by virtue of the personalities there. They work pretty hard. Limited deal flow in the historical medium term as they’ve stewed around on things a lot and rarely executed meaty platform deals although this has changed in the last year or so with them doing several (CorpAcq, Acqua & Sapone, Applus). Only time will tell how these perform. Historically have been very consumer and retail focussed but have also done some more industrial services type stuff.
Tend to recruit people with prior PE experience and have made some prestigious hires recently (ex-Apollo, Apax, BX Tac Opps) so must be appealing in some way.
TLDR: overall a decent shop but certainly not the highest tier; portfolio and deal flow is a mixed bag; very Consumer focused
According to Pitchbook:
TDR Capital IV (2018 fund): DPI: 0.32x, TVPI: 1.54x, IRR: 15% (3rd quartile)
Aggreko might save their butt on that one but yeah, 8 years later and still not a lick of carry in sight gotta hurt.
Fund's speciality is Consumer & UK investments, both segments which are very difficult and have been for a while.
Any updates on this for 2026?
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