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 24% per annum for the last 20 years. This equates to returning 81x 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.
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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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 19 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 Investment History
2005
Returns Since Inception (2005): 41% p.a.
Money-on-Money (MoM): 1x
TDM invests in Mineral Resources IPO. At the time it had a market capitilisation of just $160m. TDM are still shareholders today. It is now a $14b company.
2008
Returns Since Inception (2005): 23% p.a.
MoM: 2x
2010
Returns Since Inception (2005): 29% p.a.
MoM: 3x
TDM makes it first SaaS investment into Medidata soon after its IPO. The business will be bought for US$5.9b by Dassault Systèmes some nine years later.
2012
Returns Since Inception (2005): 22% p.a.
MoM: 4x
2013
Returns Since Inception (2005): 23% p.a.
MoM: 5x
2014
Returns Since Inception (2005): 23% p.a.
MoM: 6x
TDM invests in Ellie Mae, the US listed loan origination software business. At one, stage, TDM owned 4% of the business and very engaged with management. It would later be bought by Thoma Bravo for US$3.7b in 2019.
TDM invests in Aconex soon after its ASX IPO. The business is bought by Oracle in three years later for $1.6b.
2015
Returns Since Inception (2005): 26% p.a.
MoM: 10x
Baby Bunting lists on the ASX. TDM was a very active partner throughout the transition to the public markets and retained 82% of its shareholding at IPO.
TDM invests an intial $25m in Tyro Payments alongside Tiger Global.
2016
Returns Since Inception (2005): 30% p.a.
MoM: 17x
TDM invests in Mindbody – a B2B vertical software business. Mindbody gets acquired by Vista Equity Partners for US$1.9b three years later.
2017
Returns Since Inception (2005): 27% p.a.
MoM: 17x
2018
Returns Since Inception (2005): 26% p.a.
MoM: 19x
2019
Returns Since Inception (2005): 25% p.a.
MoM: 22x
TDM invests an intial US$45m in Rokt, a pioneer and leader in optimising the e-commerce experience.
Tyro Payments lists on the ASX, and at the time is the second largest technology listing in the history of the exchange.
TDM co-invests alongside Sequioa in Culture Amp – a global leader in employee experience software.
2020
Returns Since Inception (2005): 25% p.a.
MoM: 28x
TDM invests another US$50m in Rokt to support the business through the Covid pandemic.
2021
Returns Since Inception (2005): 27% p.a.
MoM: 46x
Rokt completes a $350m Series E, valuing the business at US$1.9b.
2022
Returns Since Inception (2005): 26% p.a.
MoM: 52x
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
2024
Returns Since Inception (2005): 26% p.a.
MoM: 73x
Guzman y Gomez lists on Australian Securities Exchange under the ticker “GYG”, opening with an initial market capitalisation of $3b. It was the exchange’s biggest IPO in almost three years.
Today
Returns Since Inception (2005): 24% p.a.
Money-on-Money: 81x
More than ever we are focused on our foundational ideals of long term partnership with a small number of great, enduring growth businesses.
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