Disclosure & transparency

UK Guidelines for Disclosure and Transparency in Private Equity

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.

TDR Capital 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 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 management firms. TDR Capital works with its portfolio companies to seek to promote conformity with the provisions of the Guidelines.

History and investment approach

TDR Capital was established in 2002 by Manjit Dale and Stephen Robertson. TDR Capital manages funds that principally make mid-market, control buyout investments in or with significant operations in Europe, generally with an enterprise value of €300 million to €3 billion.

Further information on our investment approach may be found on About us.
Please see Our portfolio for examples of our investments.

Management of TDR Capital

TDR Capital LLP has overall responsibility for the management of the TDR Capital funds. Each of the Partners, senior Operating Team and 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 the portfolio companies of TDR Capital’s funds are made by the Partners of the firm. The firm currently has twelve partners, whose details may be found in Who we are.
TDR Capital LLP is authorised and regulated by the Financial Conduct Authority (“FCA”).

Conflicts of interest

TDR Capital has sought to structure itself to avoid potential conflicts of interest. Our primary business is the management of our 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, 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 each have their own advisory committee composed of representatives of the investors, to whom conflicts of interest can be addressed.

Commitment to the UK Stewardship Code

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.