What investment strategy does TDR Capital focus on?

TDR Capital focuses on Buyout strategies in the private equity space.

How many portfolio companies does TDR Capital have?

TDR Capital has 21 active portfolio companies and 9 completed exits and 7 funds tracked on GP Intel.

Where is TDR Capital headquartered?

TDR Capital is headquartered in London, United Kingdom.

What is TDR Capital's assets under management?

TDR Capital manages approximately €15.0B in assets under management.

When was TDR Capital founded?

TDR Capital was founded in 2002.

What sectors does TDR Capital invest in?

TDR Capital invests across Consumer, Business Services, Financials, Industrials.

Home/GPs/TDR Capital

TDR Capital

London, United Kingdom·Founded 2002·

Buyout

·tdrcapital.com

TDR Capital is a London-based pan-European private equity firm founded in 2002 by Manjit Dale and Stephen Robertson, managing assets of over 15 billion euros across a single conviction-led mid and large-cap buyout strategy. The firm runs a concentrated portfolio of European businesses across consumer, leisure, business services and financials, and is authorised by the FCA under Firm Reference Number 216708.

AUM

€15.0B

Funds

vintages 2003–2025

Portfolio

Exits

SectorsConsumerBusiness ServicesFinancialsIndustrials

Key facts

HQLondon, United Kingdom

Founded2002

Employees65+

Websitetdrcapital.com

Recent exits

NKD

Consumer · 2026 · 7yr hold

Nordic Leisure Travel Group

Hospitality · 2026 · 7yr hold

Hurtigruten

Hospitality · 2024 · 10yr hold

Keepmoat Homes

Construction · 2021 · 7yr hold

Coverage notes

7 funds tracked, 30 portfolio companies (21 active · 9 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund TDR Capital has raised, with its portfolio companies. Hand-checked from public filings.

7 funds

TDR Capital TitanBuyout

2025 · 1yr€977M1 active

Unrealized

1 held

Company	Sector	Geo	Entry
David Lloyd Leisure	Hospitality	UK	2025

David Lloyd LeisureActive

HospitalityUK· Entry 2025

TDR Capital VBuyout

2024 · 2yr€4.2B2 active

Unrealized

2 held

Company	Sector	Geo	Entry
Acqua & Sapone	Consumer	Italy	2024
Applus	Business Services	Spain	2024

Acqua & SaponeActive

ConsumerItaly· Entry 2024

ApplusActive

Business ServicesSpain· Entry 2024

TDR Capital SOF IBuyout

2023 · 3yr€500M5 active

Unrealized

5 held

Company	Sector	Geo	Entry
Buffalo Grill	Hospitality	France	2018
CorpAcq	Diversified	UK	2025
Escode	Business Services	UK	2025
Jollyes	Consumer	UK	2024
Popeyes UK	Hospitality	UK	2024

Buffalo GrillActive

HospitalityFrance· Entry 2018

CorpAcqActive

DiversifiedUK· Entry 2025

EscodeActive

Business ServicesUK· Entry 2025

JollyesActive

ConsumerUK· Entry 2024

Popeyes UKActive

HospitalityUK· Entry 2024

TDR Capital IVBuyout

2019 · 7yr€3.5B5 active · 2 realized

Unrealized

5 held

Company	Sector	Geo	Entry
Aggreko	Business Services	UK	2021
Arrow Global	Financials	UK	2021
Asda	Consumer	UK	2020
Constellation Automotive Group	Consumer	UK	2019
Lyceum Education Group	Education	UK	2021

AggrekoActive

Business ServicesUK· Entry 2021

Arrow GlobalActive

FinancialsUK· Entry 2021

AsdaActive

ConsumerUK· Entry 2020

Constellation Automotive GroupActive

ConsumerUK· Entry 2019

Lyceum Education GroupActive

EducationUK· Entry 2021

Realized

2 exits

Company	Sector	Geo	Entry	Exit	Type	Buyer	MOIC
NKD	Consumer	Germany	2019	2026	Trade Sale		–
Nordic Leisure Travel Group	Hospitality	Sweden	2019	2026	Trade Sale		–

NKDExited 2026

ConsumerGermany· Entry 2019

Trade Saleto

Nordic Leisure Travel GroupExited 2026

HospitalitySweden· Entry 2019

Trade Saleto

TDR Capital IIIBuyout

2013 · 13yr€2.1B5 active · 3 realized

Unrealized

5 held

Company	Sector	Geo	Entry
Ayvens	Financials	Netherlands	2016
EG Group	Consumer	UK	2015
Retirement Advantage	Financials	UK	2013
Target Hospitality	Business Services	United States	2019
WillScot Mobile Mini	Industrials	United States	2017

AyvensActive

FinancialsNetherlands· Entry 2016

EG GroupActive

ConsumerUK· Entry 2015

Retirement AdvantageActive

FinancialsUK· Entry 2013

Target HospitalityActive

Business ServicesUnited States· Entry 2019

WillScot Mobile MiniActive

IndustrialsUnited States· Entry 2017

Realized

3 exits

Company	Sector	Geo	Entry	Exit	Type	MOIC
Hurtigruten	Hospitality	Norway	2014	2024	GP-led	–
ICWG	Business Services	UK	2014	2017	Secondary	–
Keepmoat Homes	Construction	UK	2014	2021	Secondary	–

HurtigrutenExited 2024

HospitalityNorway· Entry 2014

GP-ledto

ICWGExited 2017

Business ServicesUK· Entry 2014

Secondaryto

Keepmoat HomesExited 2021

ConstructionUK· Entry 2014

Secondaryto

TDR Capital IIBuyout

2007 · 19yr€1.8B3 active · 1 realized

Unrealized

3 held

Company	Sector	Geo	Entry
Modulaire Group	Industrials	UK	2004
Stonegate Group	Hospitality	UK	2010
VPS Holdings	Business Services	UK	2010

Modulaire GroupActive

IndustrialsUK· Entry 2004

Stonegate GroupActive

HospitalityUK· Entry 2010

VPS HoldingsActive

Business ServicesUK· Entry 2010

Realized

1 exit

Company	Sector	Geo	Entry	Exit	Type	Buyer	MOIC
Lowell Group	Financials	UK	2011	2015	Secondary		–

Lowell GroupExited 2015

FinancialsUK· Entry 2011

Secondaryto

TDR Capital IBuyout

2003 · 23yr€565M0 active · 3 realized

Realized

3 exits

Company	Sector	Geo	Entry	Exit	Type	MOIC
LPR	Business Services	France	2004	2011	Trade Sale	–
Pearl Group	Financials	UK	2005	2009	Secondary	–
PizzaExpress	Hospitality	UK	2003	2014	Secondary	–

LPRExited 2011

Business ServicesFrance· Entry 2004

Trade Saleto

Pearl GroupExited 2009

FinancialsUK· Entry 2005

Secondaryto

PizzaExpressExited 2014

HospitalityUK· Entry 2003

Secondaryto

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About TDR Capital

TDR Capital is an alternative investment platform with capital deployed across 9 active fund vehicles, headquartered in London. The firm deploys capital across European mid and small-cap businesses spanning consumer, business services, financials, TMT and industrials.

Investment thesis

The platform combines complementary investment strategies, deploying capital across consumer, business services, financials, TMT and industrials businesses in the United Kingdom and broader European market. Multi-strategy capital deployment enables flexibility across the business lifecycle, with the partnership culture supporting management teams through growth, transmission and selective M&A across multiple fund vintages and asset classes.

Recent activity

Recent realised exits include LPR (business services, 2011). The platform tracks 9 fund vehicles, 29 active portfolio companies and 1 realised exit across the strategy's history. Detailed buyer names and multiple data available on Pro at €29/month.