Return to search

Landmark buys another stake in tail-end TDR Capital fund

The private equity and real estate secondaries firm has bought at least three other stakes in TDR Capital II.

Landmark Partners, the private equity and real estate secondaries firm, has bought another stake in a TDR Capital fund for an undisclosed sum, according to a UK regulatory filing.

The firm purchased an interest in TDR Capital II A, a 2006-vintage buyout fund that closed on €2.2 billion. Landmark bought the stake through its Landmark Equity Partners XV fund, which closed at the end of 2014 on $3.25 billion.

Landmark bought the stake from New York asset manager Neuberger Berman from its NB SOF II fund, a 2008-vintage $1.67 billion dedicated secondaries vehicle. The deal was completed on 24 July, according to the filing.

This is at least the fourth stake Landmark has bought in TDR Capital II. In May, the firm purchased a stake in the fund from UK firm Phoenix Life Assurance, and in April 2013, American investor James Pallotta sold two stakes in the fund to Landmark, according to regulatory filings.

TDR Capital II is a buyout fund focused on European mid-market deals, according to TDR’s website. London-based TDR has made high-profile acquisitions from TDR Capital II, including David Lloyd Leisure, a British sports, health and leisure business. The firm also holds portfolio companies including Norwegian transport and tourism operator Hurtigruten and European fuel retailer EFR-Group.

A spokeswoman for Landmark declined to comment on the deal. Neuberger Berman and TDR Capital weren’t immediately available for comment.