Our Mission is to Invest in and Help Scale Businesses We are Proud Of

Our Difference is Ownership Investing

We are proud to have compounded capital at 25% per annum for the last 18 years. This equates to returning 60x our initial clients’ investments. 

Our philosophy is to be active with a concentrated portfolio of growth companies for long periods of time. 

We refer to this philosophy as Ownership Investing.

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The three core aspects of Ownership Investing are:

At the heart of our ownership philosophy is the belief that people and culture are the most important source of structural competitive advantage any company can build.

Successfully scaling the people and culture of any business is the most challenging yet critical factor in achieving long-term business growth.

Powerful cultures are driven by the CEO and board and tend to share the common trait of aligning great people under a common mission.

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PERSPECTIVE

Our evergreen capital structure enables us to be owners for as long as our thesis holds true, aligning our investment time horizons with the long-term perspective of founders and CEOs.

Our intention is to support companies who are creating long-term value for as long as possible.

Our longest-owned portfolio company is 18 years (and counting).

We believe in the power of focus.

By constraining our portfolio to 15 companies, our investment team can focus on deeply understanding each company and aiding them in their scaling journey.

For private companies, we are more active and typically involved at a board level. Our role ranges from advising on best practice board governance to capital transactions and interim executive roles.

For public companies, our role is typically that of a sounding board for advice on creating long-term value through the levers of Investor Relations, disclosure and capital allocation.

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Hear from Steven Marks, CEO of Guzman y Gomez

TDM's History

2006

2006

TDM established with five clients by Tom Cowan as the founding Partner

Invests in Mineral Resources IPO. At the time it had a market capitilisation of just $100m. TDM is still shareholders today. It is now a $14b company.

FUM (AUD) $5m

Returns Since Inception (2006) 41% MoM 1x

2007

2007

xxxx

Returns Since Inception (2006) 61% MoM 2x

2008

2008

Hamish Corlett joins Tom as the second founding partner of TDM in the midst of the Global Financial Crises.

TDM invests in RiskMetrics. It would later be sold to MSCI for US$1.6b while TDM is a shareholder. Some ten years later, Ethan Berman, its CEO and founder will join TDM as an Operating Partner.

Returns Since Inception (2006) 23% MoM 2x

2009

2009

xxxx

Returns Since Inception (2006) 23% MoM 2x

2010

2010

TDM becomes Baby Bunting's largest shareholder and joins the board. It would be the start of a decade of deep and active partnership.

Returns Since Inception (2006) 29% MoM 3x

2011

2011

Ben Gisz joins Hamish and Tom as the third partner at TDM.

Ethan Berman (founder and CEO) sells Risk Metrics to MSCI for US$1.6b while TDM is a shareholder. Some ten years later, Ethan will join TDM as an Operating Partner.

Returns Since Inception (2006) 27% MoM 3x

2012

2012

TDM becomes a large minority shareholder in Australia's third largest dental group - Pacific Smiles.

FUM (AUD) $150m

Returns Since Inception (2006) 22% MoM 4x

2013

2013

TDM invests in Cvent - a Nasdaq listed event management software business for the first time. Cvent (and TDM as shareholders) would have an eventful decade - initally acquired by Vista, re-listed and then bought again by Blackstone in 2022 for US$4.6b

Returns Since Inception (2006) 23% MoM 5x

2014

2014

Pacific Smiles lists on ASX - TDM's first successful ASX private to public transition.

TDM invests in Ellie Mae, the US listed loan origination software business. TDM owned at one stage 4% of the business and very engaged with management. It would later be bought by Thoma Bravo. (+Ellie Mae casestudy)

TDM invests in Aconex soon after its IPO on ASX. The business is bought by Oracle in three years later for $1.6b

FUM (AUD) $175m

Returns Since Inception (2006) 23% MoM 6x

2015

2015

Baby Bunting lists on the ASX IPO - TDM was a very active partner throughout the transition to the public markets, and retained 82% of its shareholding at IPO.

TDM invests $75m in Tyro Payments alongside Tiger Global.

FUM (AUD) $350m

Returns Since Inception (2006) 26% MoM 10x

2016

2016

TDM invests in Mindbody - a B2B vertical software business. Mindbody get acquired by Vista Equity Partners for US$1.9b.

Returns Since Inception (2006) 30% MoM 17x

2017

2017

Tom Cowan leaves the Baby Bunting board - throughout TDM's shareholding, revenue grew from $40m to $360, with the business growing to "category" killer" status in Australia.

FUM (AUD) $450m

Returns Since Inception (2006) 27% MoM 7x

2018

2018

TDM invests an initial $44m to partner with Guzman Y Gomez (GYG). At the time GYG, had grown to 120 stores globally and looking to bring in a minority partner to support the business as it scaled.

FUM (AUD) $550m

Returns Since Inception (2006) 26% MoM 19x

2019

2019

TDM co- invests along side Sequioa in Culture Amp - a global leader in employee experience software.

TDM invests an intial $45m in Rokt, a pioneer and leader in optimising the e-commerce experience.

FUM (AUD) $1b

Returns Since Inception (2006) 25% MoM 22x

2020

2020

TDM invests another $50m in Rokt to support the business through the Covid pandemic.

FUM (AUD) $1.6b

Returns Since Inception (2006) 25% MoM 28x

2021

2021

TDM invests $75m in Australia's leading pet e-commerce retailer, Pet Circle.

Rokt completes a $350m Series E, valuing the business at US 1.9b.

FUM (AUD) $2b

Returns Since Inception (2006) 27% MoM 46x

2022

2022

Rokt completes a secondary transaction, valuing the business at US$2.4b. TDM remains its largest shareholder.

Guzman y Gomez also completes a secondary transaction, valuing the business at $1.5b

FUM (AUD) $2b

Returns Since Inception (2006) 26% MoM 52x

Today

Today

TDM has offices in Sydney Australia and New York City, a team of 40, and continues what it set out to do 19 years ago - to own and partner with great growth businesses, for long periods of time.

FUM (AUD) $2b

Returns Since Inception (2006) 26% MoM 60x

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