Mid-market buyout house TDR Capital has closed its second fund on €1.75bn. TDR Capital II will follow a similar investment strategy to its predecessor TDR Capital I, which closed on €550m in 2002, and counts among its investments Gondola Holdings, the holding company of the Pizza Express, ASK and Zizzi restaurant chains.
Manjit Dale and Stephen Robertson, TDR Capital’s founding partners, said: “We were very pleased with the high level of demand we experienced for our new fund, this has allowed us to assemble an exceptionally high quality and experienced investor base which we believe will be a significant strength for TDR in the future. TDR Capital II gives us the scope to look at a wide range of investment opportunities and to seek to continue to generate superior returns.”
All the institutional investors in the first fund reinvested. Lazard acted as sole placement agent.