TDR Capital, the UK-based investor which focuses on under-managed or under-invested companies, is nearing a €3bn final close on its fourth fund, Real Deals understands.
Exceeding its target of €2.5bn, the fund will also eclipse the size of its €2.1bn predecessor which launched in 2013.
As well the TDR Capital III fund, the firm also currently manages TDR Capital II, a 2007 vintage which had commitments of €2.2bn.
Its first fund is fully realised, and achieved a gross multiple of circa 2.7x and a gross IRR of around 68 per cent.
TDR is also looking to sell leisure centre chain David Lloyd for around £1.3bn, according to The Telegraph, attracting attention from several private equity firms.
It acquired the business in 2013 for around €750m, and bolted on 16 Virgin Active clubs earlier this year.