UK private equity firm TDR Capital has reached a first close of about €900 million for its latest fund. The firm reached the first close last month and is expected to close its fund, which is seeking about €2 billion, by the end of the year.

The firm had initially been expected to hold a first close of €800 million in the spring after it began pre-marketing shortly before Christmas. It was seeking about €2 billion, a similar amount to its 2006 predecessor which closed on €2.2 billion, according a source familiar with the situation.