TDR Capital, the mid-market private equity firm attempting to create the UK's largest pizza chain, has closed its first fund at over €500m ($604m).

The firm, owned by Tudor Investment Corporation, a US hedge fund manager, completed its first transaction from the fund in July last year when it teamed up with Capricorn Ventures, the owners of the international Nando's chicken restaurant chain, to buy PizzaExpress of the UK for £278m.