TDR Capital
Any insights into TDR Capital? Feels like they are one of the big hitters in Europe (Asda, LeasePlan, EG Group) despite small fund sizes (current fund €3.5bn) but haven't heard much about them...
Anyone knows much about investment philosophy, setup, culture, hours, comp, etc.?
Heard they have solid returns, smart team. Very high levels of GP commit vs regular funds.
I have worked with them on one deal. They have a fairly concentrated potfolio and similarly to Apollo focus on injecting the least amount of equity (thus often looking at businesses trading at lower multiples) - which explains why they can be doing big deals with small funds.
Their perfomance has been quite good on MoMs but IRRs have been less good given that they have been holding to some assets for "too long" (Algeco for instance). They like to do a deal, do a dividend recap so they don't have any cash equity in the business anymore and just let it ride for the upside.
I think they also bought the pub they go to on Fridays which I find really funny.
These guys work hard but nothing insane to be honest, turnover seems low and people where pretty happy - so I would assume that comp has to be decent.
Indeed they did - The Coachmakers Arms in Marylebone. Pretty much next door to their office I think.
For reference for anyone interested:
I can second this as I bought into their fund last year which still had Algeco in it for 50 cents on the dollar.
If their performance is decent, how come you got such a big discount?
These MFs need to IPO and deliver EG Group lol before it accounts for 10% of the entire European leveraged credit market
Lol now that they bought Asda will likely take 2yrs to realize potential before they float them.
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