Landmark buys stake in TDR Capital II

Landmark Partners purchased a stake in TDR Capital II from Phoenix Life Assurance for an undisclosed sum, according to a UK regulatory filing.

Landmark purchased the stake with its Landmark Equity Partners XV, which closed at the end of 2014 with $3.25 billion.

UK-based Phoenix Life Assurance, the life insurance arm of Phoenix Group, also sold a portion of its stake in the fund to NCL Investments LP, according to the filing. NCL Investments LP is a separately managed account of Landmark, according to a performance review document from North Carolina Department of State Treasurer, which committed $250 million in Landmark Equity Partners XV. Following the transaction, Phoenix Life Assurance is no longer a limited partner in TDR Capital II.

Landmark Partners wasn’t available for comment.

“OPAL sold TDR as part of its investment strategy for the assets backing annuities, which are reassured to them from Phoenix Life Assurance,” said a spokeswoman for OPAL, which is a captive reassurer within the Phoenix Group.

Phoenix Life Assurance owns the assets within the collateral account, which is why they are shown as Phoenix Life Assurance, but OPAL has discretion, within certain guidelines, to buy and sell assets as they wish,” she added.

TDR Capital declined to comment on the deal. The London-based private equity firm was founded in 2002 by Manjit Dale and Stephen Robertson, a team that spun out of Deutsche Bank Capital Partners. TDR Capital II is a buyout fund focused on European mid-market deals that closed in 2007 with €2.2 billion, according to the firm’s website.

LPs in TDR Capital II also include Graphite Enterprise, which committed €20 million to the fund in 2006, according to Graphite’s website.