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 Investment History

2005

  • 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.

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2008

  • 2008
  • Returns Since Inception (2005): 23% p.a.
  • MoM: 2x

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.

2010

  • 2010
  • Returns Since Inception (2005): 29% p.a.
  • MoM: 3x

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

  • 2012
  • Returns Since Inception (2005): 22% p.a.
  • MoM: 4x

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

2013

  • 2013
  • Returns Since Inception (2005): 23% p.a.
  • MoM: 5x

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 Equity, re-listed and then bought again by Blackstone in 2022 for US$4.6b

2014

  • 2014
  • Returns Since Inception (2005): 23% p.a.
  • MoM: 6x

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. 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

  • 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

  • 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

  • 2017
  • Returns Since Inception (2005): 27% p.a.
  • MoM: 17x

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

2018

  • 2018
  • Returns Since Inception (2005): 26% p.a.
  • MoM: 19x

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

2019

  • 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

  • 2020
  • Returns Since Inception (2005): 25% p.a.
  • MoM: 28x

As an investor in Slack, TDM pitches the business at the Sohn Hearts and Minds Conference. The business is bought by Salesforce for US$28b just two weeks later.
TDM invests another US$50m in Rokt to support the business through the Covid pandemic.

2021

  • 2021
  • Returns Since Inception (2005): 27% p.a.
  • MoM: 46x

TDM invests $110m in Australia's leading pet e-commerce retailer, Pet Circle.
Rokt completes a $350m Series E, valuing the business at US$1.9b.

2022

  • 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

  • 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

  • Today
  • Returns Since Inception (2005): 26% p.a.
  • Money-on-Money: 73x

Now a team of 35, operating out of Sydney and New York and managing c$2.5b, we continue to build on our foundational ideals: partnering with great growth businesses for long periods of time.

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