In 2007 the British Private Equity & Venture Capital Association (“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. In 2014 the guidelines were amended to make enhanced disclosures in line with section 414C of the Companies Act 2006.
TDR Capital shares the view of the BVCA that members of the private equity industry should work together to provide a better understanding of its function and its contribution to overall economic performance, in terms of employment, productivity, investment and growth.
TDR Capital 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 firms. TDR Capital works with its portfolio companies to promote conformity with the provisions of the Guidelines.
TDR Capital is a London-based private investment firm founded in 2002. TDR Capital manages or advises funds which typically seek to acquire interests in businesses normally based in, or with sizeable business operations in, Europe.
Further information on our investment approach can be found on About us.
Please see Our portfolio for examples of our investments.
TDR Capital LLP has overall responsibility for the management of the TDR Capital funds. The Partners are generally members of TDR Capital LLP.
Decisions in relation to the investments of the TDR Capital funds are generally made by the Partners of the firm, whose details may be found under Our Team.
TDR Capital LLP is authorised and regulated by the Financial Conduct Authority (“FCA”). TDR’s firm reference number is 216708.
TDR Capital has sought to structure itself to avoid potential conflicts of interest. Our primary business is the management of our related private investment 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, we have established procedures to identify and manage and, where required, disclose these conflicts of interest. In addition to the firm’s own internal conflict procedures, the funds which the firm manages have their own advisory committee, generally composed of representatives of the investors, with whom conflicts of interest can be discussed. In respect of conflicts between TDR and the funds, the relevant fund documents provide that the advisory committee will be consulted on any potential conflicts of interest and, in certain specified situations, the consent of the committee by vote is needed before proceeding.
Under Rule 2.2.3R of the FCA’s Conduct of Business Sourcebook, firms are required to include on their website a disclosure about the nature of their commitment to the UK Financial Reporting Council’s Stewardship Code (the “Code”) or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code.
TDR Capital generally supports the objectives that underlie the Code, but, as the Code has been designed principally for institutional investors that hold minority positions in public companies, the relevant principles are not always applicable to TDR Capital and, as such, we have chosen not to commit formally to the Code. TDR Capital generally takes controlling positions in private businesses and as such generally puts in place monitoring and stewardship arrangements that far exceed those available to institutional investors in public companies.
Where TDR Capital-controlled funds hold a non-control position, we will generally only do so if we also hold a board seat or where we are able to put in place arrangements that allow us to monitor our position comprehensively.
TDR Capital supports a number of charities both financially and through the contribution of the time and expertise of our team. In addition, significant contributions are made by individual team members to charities of their choice.
The below section provides disclosures required under Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”).
TDR Capital LLP (“TDR”) in its capacity as investment manager of the various TDR managed funds is committed to acting as a responsible business, employer and investor. This includes disclosing our approach to environmental, social and governance (“ESG”) considerations publicly. This statement sets out the disclosures required under SFDR.
TDR considers ESG factors in its investment process. We consider that our existing ESG Policy and Principles document (“ESG Policy and Principles”) (which can be found on our website under Investing Responsibly) is appropriate, proportional and tailored to the investment strategies of our investment funds. As a result, we do not consider adverse impacts of investment decisions on sustainability factors as specifically set out in SFDR. We continue to monitor regulatory developments with respect to the SFDR and other applicable ESG-focused laws and regulations, including the implementation of related and secondary legislation and regulatory guidance, and will, where required or otherwise appropriate, make changes to our existing policies and procedures.
In line with TDR’s ESG Policy and Principles, TDR seeks to integrate ESG considerations into each phase of its investment activities, from origination efforts, through due diligence, investment closing and then during its ownership period to exit. Additional information with respect to these phases is set out below.
Due diligence: Prior to making an investment TDR will seek to undertake a due diligence process designed to identify ESG-related risks and opportunities that are relevant and material to a potential investment opportunity and include these in the plan for due diligence, and ultimately in the value creation plan if we progress with the investment. Risks and opportunities will be identified and discussed with advisors and management as appropriate. Significant ESG risks identified during due diligence need to be specifically raised and discussed with the investment committee prior to a final investment decision being made. This analysis is completed through applying internal resources and, when necessary, specialist external consultants.
Ownership: Following acquisition, all companies will go through TDR’s ESG onboard process and are thereafter in close communication with our Head of ESG and Sustainability. Material ESG issues or mitigating actions identified during pre-investment due diligence will become the initial blueprint for action once the investment is approved. TDR will work closely with portfolio companies both on a formal basis, through quarterly reports and calls, workshops, annual forums and KPI gathering and analysis, and also informally with ad hoc support on reporting or setting ESG strategies, objectives, and targets.
Exit: During the exit period, an internal or external “start-to-finish” review is carried out. This review includes the analysis of the company’s ESG performance over time, as well as progress against the ESG action plan defined at the time of investment.
The identification and assessments of specific risks, including ESG risks, take place on an investment-by-investment basis in accordance with the above process. As a result of following this process, TDR seeks to ensure that identified material ESG risks are managed in an effective responsible manner.
TDR has adopted a Remuneration Policy that reflects the applicable requirements of the FCA’s Senior Management Arrangements, Systems and Controls Sourcebook. As required by the FCA’s requirements, we believe our Remuneration Policy is consistent with and promotes sound and effective risk management, which we consider to include the management of sustainability risks in our investments. Staff performance is assessed based on a range of financial and non-financial criteria, including adherence to our due diligence procedures that are designed to identify and mitigate the risks inherent in each of our investments, including (as noted above) sustainability and other ESG-related risks identified and managed pursuant to our ESG Policy and Principles.
This statement is made in accordance with SFDR and constitutes TDR Capital LLP’s required ESG disclosures as at November 2025. It has been approved by the Management Committee of TDR Capital LLP.