Goldman joins Landmark in TDR pub deal – exclusive

The single-asset restructuring involves the remaining asset in the €2.2bn TDR Capital II fund and could be worth nearly $1bn.

Goldman Sachs Asset Management is to back a single-asset restructuring on TDR Capital‘s 2007-vintage buyout fund, Secondaries Investor has learned.

The process involves the remaining asset in the €2.2 billion TDR Capital II fund being moved into a continuation vehicle managed by TDR and backed by secondaries capital, as Secondaries Investor revealed in July. Goldman lines up alongside lead buyer Landmark Partners, according to two sources familiar with the matter.

The remaining asset in Fund II is Stonegate Pubs, a British firm that owns pub chains including Slug and Lettuce and Yates’s. Rede Partners is advising on the process.

A vehicle named TDR Capital Stonegate was registered with the Securities and Exchange Commission on 28 September. It is aiming to raise $969 million based on the exchange rate of £1 = $1.3078, the filing noted.

Goldman is investing its Vintage VII fund, which closed on $7.12 billion last year, according to PEI data. It is unclear which vehicle the firm is using to back the deal.

Among the investors in TDR Capital II are ICG Enterprise Trust, Quilvest Private Equity and the University of Richmond, according to PEI data.

Landmark has backed secondaries processes with TDR before. In 2016, the firm provided a proportion of €835 million in follow-on capital to develop the assets in TDR Capital II and made a stapled commitment to its successor.

TDR Capital, Landmark, Goldman Sachs and Rede Partners declined to comment.

– Adam Le contributed to this report.