Committed Advisors collects another stake in TDR II

Committed Advisors has picked up a stake in a TDR Capital fund, at least the third it has acquired this year.

The stake in TDR Capital II,  a 2007-vintage, €2.2 billion Europe-focused buyout fund, was sold by UK-based listed private equity investment firm ICG Enterprise Trust, according to a regulatory filing from October.

A source with knowledge of the deal said the stake sold at “a substantial discount” to net asset value.

Paris-headquartered Committed Advisors firm used its Secondary Fund III to buy the stake, a €1.03 billion vehicle that closed in April after just over one year of fundraising, according to PEI data.

Its predecessor Fund II raised €504 million and is fully invested across 25 transactions, according to the firm’s website.

In April Committed Advisors used its latest fund to acquire two partial stakes in TDR Capital II from Crown Global Secondaries II and PortPEP, vehicles belonging to the asset management arm of LGT Capital Partners.

Remaining assets in TDR Capital II include Algeco Scotsman, a modular construction company, which according to the source accounts for a large proportion of its remaining NAV.

In July Committed Advisors picked up tail-end stakes in three other UK funds: the 2005-vintage €4.3 billion buyout fund Apax Europe VI, the €11.2 billion 2007-vintage Apax Europe VII, and the £100 million ($130.9 million; €112.9 million) Epiris Club 2007.

Those stakes were bought from MML Private Equity Fund Investor, the private investment arm of Massachusetts Mutual Life Insurance Company.

TDR Capital declined to comment. ICG Enterprise Trust and Committed Advisors did not return requests for comment.