Walker Report - Guidelines for Disclosure and Transparency in Private Equity

In 2007 the BVCA and a group of leading Private Equity firms commissioned Sir David Walker to enquire into the adequacy of transparency and disclosure of information by members of the BVCA. Following extensive consultation, the Guidelines for Disclosure and Transparency in Private Equity ("the Guidelines") were published in November 2007 and adopted by the BVCA.

TDR shares the view that the Private Equity industry should work to provide a better understanding of its function and its contribution to overall economic performance, in terms of employment, productivity, investment and growth.

TDR is a member of the BVCA and is committed to conform with the Guidelines on a comply or explain basis. Set out below and elsewhere on this website is the information which the Guidelines suggest be made available in relation to private equity management firms. TDR works with its portfolio companies to seek to ensure conformity with the provisions of the Guidelines.

History and Investment Focus

TDR was established in 2002 by the Founding Partners.

TDR's strategy is to identify and invest in a limited number of companies with characteristics that suit our approach. We are single-minded in our pursuit of opportunities that provide scope to create value through a combination of operational improvements and innovative financing.

Our focus is on mid-market buyouts, principally of European companies with transformation opportunities. TDR's average hold period for portfolio companies is in excess of three years.

Case studies and further details on our approach can be found in the Investments section of this website.

Management of TDR

The holding company of the TDR Group is TDR Capital LLP, which is the entity which has overall responsibility for the management of the TDR funds. Each of the Partners, Operating Partners and senior Investment Professionals are members of TDR Capital LLP. Overall management of TDR Capital LLP is in the hands of the board of the LLP which is comprised of the Partners.

Decisions in relation to portfolio companies of TDR are made by the Partners of the firm. The firm currently has four partners, Manjit Dale, Stephen Robertson, Jonathan Rosen and Blair Thompson, whose details can be found in the Team section of this website.

TDR is regulated by the Financial Services Authority. TDR does not have any offices outside the UK.

Investors

TDR primarily manage two investment funds, TDR Capital I and TDR Capital II. These funds were raised in 2002 and 2006, respectively. The investors (or limited partners) in the funds are principally composed of a wide range of institutional investors who are familiar with investing in private equity products. No single limited partner provides in excess of 20% of the aggregate funding to the TDR funds. Staff members of TDR are also investors in the TDR funds.

A breakdown of the external investors in the TDR funds by geography is split as follows:

A breakdown of the external investors in the TDR funds by type is split as follows:

 

Conflicts of Interest

TDR has sought to structure itself to avoid potential conflicts of interest. TDR's primary business is the management of its related private equity funds and the portfolio companies within these funds. The firm does not have any separate corporate advisory or other related areas of business.

To the extent that any conflicts of interest do arise in relation to the affairs of the firm, TDR has established procedures to identify and manage these conflicts of interest. In addition to the firm's own internal conflict procedures, the funds which the firm manages each have their own advisory committee composed of representatives of the investors to whom conflicts of interest can be addressed.

Charitable Work

TDR supports a number of charities both financially and through the contribution of the time and expertise of TDR staff. In addition, significant contributions are made by individual staff members to charities of their choice.