TDM Investment History

2005

  • 2005
  • Returns Since Inception (2005): 41%
  • 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

  • 2008
  • Returns Since Inception (2005): 23%
  • 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%
  • 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%
  • MoM: 4x

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

2013

  • 2013
  • Returns Since Inception (2005): 23%
  • 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%
  • 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%
  • 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%
  • 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%
  • 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%
  • 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%
  • 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%
  • 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%
  • 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%
  • 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%
  • MoM: 63x

Guzman y Gomez completes a pre-IPO transaction that valued the businesss at $1.75b.

Today

  • Today
  • Returns Since Inception (2005): 26%
  • MoM: 63x

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.

Latest Insights

Stay informed, receive Insights first.