UK private equity firm TDR Capital has reportedly held a first close of €900m for its third buyout fund, which is targeting €2bn.
TDR held the first close last month, said Dow Jones, citing two people familiar with the matter. Earlier this year AltAssets reported that the firm expected to hold a final close before the end of the year, although there was no specific timetable.
The fund accepts commitments of at least €10m according to a filing with the US Securities and Exchange Commission.
TDR closed its first fund at €500m in 2003 and its €2.2bn second fund three years later. The first fund has so far produced an internal rate of return of more than 65 per cent and a cash multiple of 2.1 times.
The two funds have invested in companies such as Pizza Express, ASK, Algeco, Williams Scotsman, Phoenix and VPS Holdings.
The firm currently has €2.6bn of committments under management.
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