Terra Firma Capital Partners

Terra Firma (solid Earth) traces its origins to 1994 when Guy Hands formed Nomura Principal Finance Group, which focused on European private equity investments. Hands joined Nomura after three other banks, including his previous employer Goldman Sachs, turned down his investment plan. At Nomura, Hands and his team completed over $20 billion of leveraged buyouts. By 2000, Hands was reported to have generated profits for the bank in excess of $1.9 billion making him a star financier in London.[http://www.efinancialnews.com/story/2000-06-14/guy-hands Guy Hands]. Financial News, June 14, 2000[https://web.archive.org/web/20000818020115/http://www.businessweek.com/2000/00_23/b3684206.htm The Man Who Loves Disasters]. Business Week, June 5, 2000[http://www.allbusiness.com/personal-finance/investing/1100029-1.html Nomura's guy hands: Dealmaker extraordinaire]. Global Finance, November 2001 The group's most notable previous acquisitions included Annington Homes, as well as William Hill, the UK bookmaker, and Angel Trains, the UK rolling stock company.

File:Terra Firma historical logo.png

In 2002, with support from Nomura, Hands completed a spin-out of the bank's private equity operations to form Terra Firma, after first contemplating a move to another major financial institution.[http://www.altassets.info/?p=153 Hands seen dropping plans for major bank role in new fund] {{Webarchive|url=https://web.archive.org/web/20120419004503/http://www.altassets.info/?p=153 |date=2012-04-19 }}. AltAssets, Jul 30, 2001COWELL, ALAN. "[https://query.nytimes.com/gst/fullpage.html?res=9B05E3DE1538F933A25752C1A9679C8B63 World Business Briefing | Europe: Britain: Nomura Investor To Open Fund]." The New York Times, November 10, 2001 The previous year, there had been reports that Nomura had too much of its capital invested in the Principal Finance Group and that Hands' profile was overshadowing the bank.[https://www.telegraph.co.uk/finance/2717211/Hands-edges-toward-Nomura-exit-door.html Hands edges toward Nomura exit door]. May 7, 2001 The existing portfolio of investments that the Principal Finance Group at Nomura held from 1994 through 2002 was transferred to a new fund named Terra Firma Capital Partners I and Terra Firma continued to manage those investments for Nomura. Nomura also provided a cornerstone commitment to Terra Firma's first independent fund, Terra Firma Capital Partners II.[http://www.altassets.info/?p=557 Nomura signs agreement with Guy Hands to invest in Terra Firma]. AltAssets, Jan 18, 2002

In 2004, Terra Firma completed fundraising for its first private equity fund with over €2 billion in investor commitments.[http://www.altassets.info/?p=4490 UK Terra firma announces final close on E2bn]. AltAssets, Mar 3, 2004 The firm had closed on its first €1 billion of capital by late 2002, only a matter of a few months after launching the firm, but amidst a difficult fundraising environment required more than a year to finish fundraising.[http://www.altassets.info/?p=1340 Guy Hands' Terra Firma holds first close on debut independent fund] {{Webarchive|url=https://web.archive.org/web/20120419004443/http://www.altassets.info/?p=1340 |date=2012-04-19 }}. AltAssets, Nov 1, 2002 Investors in the fund included Wilshire Associates, Partners Group, Horsley Bridge, Adams Street Partners, NIB Capital, Citigroup and Canada Pension Plan. At the time, this represented the largest debut fund for a European private equity firm.[http://altassets.info/private-equity-news/guy-hands-holds-second-closing-for-terra-firma-fund-on-e1-7bn.html Guy Hands holds second closing for Terra firma fund on E1.7bn]. AltAssets, Nov 11, 2003 The firm had completed its first transaction as an independent firm in mid-2003 with the £315 million acquisition of Waste Recycling Group, the largest operator of landfills in the UK.[http://www.altassets.info/?p=1797 UK Terra Firma to seal debut deal] {{Webarchive|url=https://web.archive.org/web/20120419004418/http://www.altassets.info/?p=1797 |date=2012-04-19 }}. AltAssets, Jun 9, 2003

Terra Firma closed its second independent fund, Terra Firma Capital Partners III in June 2007 with approximately €5.4 billion of investor commitments.[http://www.peimedia.com/Article.aspx?article=10403 Terra Firma closes €5.4 billion fund]. Private Equity International, Jun 19, 2007 The closing of the fund coincided with the announcement of the firm's ill-fated investment in EMI just weeks earlier and a high-profile attempt to acquire UK chemist Alliance Boots, which was ultimately acquired by Kohlberg Kravis Roberts & Co. In raising Terra Firma Capital III, the firm made a strong display of avoiding "club deals", transactions completed alongside other private equity firms. In addition to presenting what was described as unique investment opportunities, Terra Firma was active in providing equity co-investment opportunities to limited partner investors in its funds.[https://www.nytimes.com/2010/02/07/business/07emi.html Battle of the Bands: Citigroup Is Up Next]. New York Times, February 6, 2010

Terra Firma was the first large private equity firm based in the UK to comply with the Walker Guidelines on transparency and disclosure. In April 2008, the firm published its first ever Annual Review,[http://www.terrafirma.com/ar07.pdf Terra Firma 2007 Annual Review] {{Webarchive|url=https://web.archive.org/web/20080709055318/http://www.terrafirma.com/ar07.pdf |date=2008-07-09 }} which exceeded the Walker reporting requirements and set a standard for voluntary private equity reporting in the UK.[https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2788039/Private-equity-is-still-not-showing-its-hand.html Private Equity is Still Not Showing its Hand]. The Telegraph, 2007

Terra Firma has endorsed the Institutional Limited Partners Association (ILPA)'s private equity principles[http://ilpa.org/ilpa-private-equity-principles/ ILPA Private Equity Principles. Institutional Limited Partners Association] and is a signatory to the United Nations Principles for Responsible Investment.

{{see also|EMI}}

File:Emi building.jpg in London; Terra Firma acquired EMI in 2007 and lost control of the company in 2011]]

Terra Firma acquired EMI in a $4.7 billion (£2.4 billion) public-to-private buyout transaction in August 2007.[https://dealbook.nytimes.com/2007/05/21/emi-accepts-47-billion-offer-from-terra-firma/ EMI Accepts $4.7 Billion Bid From Terra Firma]. New York Times, May 21, 2007[https://www.nytimes.com/2007/05/22/business/media/22music.html $4.7 Billion Private Equity Buyout Wins Support at EMI]. New York Times, May 22, 2007 It was one of the last large European buyouts completed before the 2008 financial crisis. Terra Firma invested in the deal through its TFCP II and TFCP III funds, and also included a number of equity co-investors in the transaction.[https://dealbook.nytimes.com/2007/11/13/terra-firma-said-to-unveil-emi-plans/ Terra Firma Said to Unveil EMI Plans]. New York Times, November 13, 2007

Following the transition, several important artists including Radiohead walked away from the label, while other artists such as Paul McCartney left ahead of the takeover.{{cite news|title=Profile: British music giant EMI |url=http://news.bbc.co.uk/2/hi/entertainment/7188861.stm|work=BBC News |date=15 January 2008 |access-date=16 March 2008}} At the same time, The Rolling Stones signed a one-album deal with Interscope Records/Universal Music Group outside of its contract with EMI, which expired in February 2008.{{cite news|title=Stones sign one-album record deal|url=http://news.bbc.co.uk/2/hi/entertainment/7193467.stm|work=BBC News|date=17 January 2008|access-date=17 March 2008}}{{cite news|first=David |last=Jenison |title=Stones Shine a Light on EMI's Woes|url=http://www.eonline.com/news/article/index.jsp?uuid=91f13094-fbfc-4138-b6f5-7fc9dc2dbe9d&entry=index|publisher=E! Online|access-date=17 March 2008}}{{cite news| url=http://news.bbc.co.uk/2/hi/entertainment/7525887.stm | work=BBC News | title=Stones ditching EMI for Universal | date=25 July 2008 | access-date=1 May 2010}} Thirty Seconds to Mars and Joss Stone attempted to leave EMI due to their dissatisfaction with the Terra Firma takeover but EMI threatened legal action against them for breach of contract.{{citation needed|date=May 2020}} Under Terra Firma's ownership, EMI also signed several significant new acts, including Tinie Tempah, Eliza Doolittle, David Guetta, Lady Antebellum and Professor Green.

Around the same time, EMI announced restructuring plans to cut between 1,500 and 2,000 jobs{{cite news|title=EMI set to cut up to 2,000 jobs |url=http://news.bbc.co.uk/2/hi/business/7188898.stm|work=BBC News |date=15 January 2008 |access-date=16 March 2008}} and to reduce costs by £200 million a year. As a result, the UK chief executive Tony Wadsworth left EMI shortly after the buyout.

By the fall of 2008, the firm's investment in EMI was clearly troubled with a large debt load and weak earnings[https://www.nytimes.com/2008/06/16/business/media/16emi.html EMI's New Boss Sees Cracks in Music World]. New York Times, June 16, 2008[https://dealbook.nytimes.com/2008/11/21/guy-hands-sees-no-sunshine-ahead/ Guy Hands Sees No Sunshine Ahead]. New York Times, November 21, 2008 In early 2009, Terra Firma wrote down the value of its investment by €1.37 billion, approximately 46% of its original value.[http://www.thisislondon.co.uk/markets/article-23924477-give-guy-credit-for-emis-brits-success.do Give Guy credit for EMI's Brits success] {{Webarchive|url=https://web.archive.org/web/20110225061250/http://www.thisislondon.co.uk/markets/article-23924477-give-guy-credit-for-emis-brits-success.do |date=2011-02-25 }}. London Evening Standard. 18 Feb, 2011.[https://dealbook.nytimes.com/2009/03/03/terra-firma-writes-off-half-of-emi-investment-report-says/ Terra Firma Writes Off Half of EMI Investment, Report Says]. New York Times, March 3, 2009 However, Terra Firma and Hands personally continued to put new money into the company in order to avoid a default under its loan obligations to lender, Citigroup.[https://dealbook.nytimes.com/2010/05/14/emi-tells-citi-it-can-avoid-debt-default/ Terra Firma Prevents EMI Default on Citi Loans]. New York Times, May 14, 2010[https://blogs.wsj.com/privateequity/2010/06/16/could-terra-firma-follow-in-forstmann-littles-footsteps/ Could Terra Firma Follow In Forstmann Little's Footsteps?]. New York Times, June 16, 2010 By 2010, it was reported that Hands had invested between 60% and 70% of his personal net worth in the EMI transaction.[https://dealbook.nytimes.com/2010/10/20/hands-on-the-stand-replaying-the-emi-deal/ Hands on the Stand: Replaying the EMI Deal]. New York Times, October 20, 2010

In December 2009, Terra Firma filed a lawsuit against EMI's primary lender Citigroup, claiming the bank engaged in fraud during its auction of the company in 2007.[https://www.nytimes.com/2009/12/12/business/global/12music.html Suit Accuses Citigroup of Fraud in EMI Deal]. New York Times, December 12, 2009 The lawsuit went to trial in New York in late 2010[https://query.nytimes.com/gst/fullpage.html?res=9A0CE2D7103EF937A25753C1A9669D8B63 Financier And Banker To Face Off On EMI Sale]. New York Times, October 14, 2010 and resulted in a jury finding in favor of Citigroup and against Terra Firma.[https://query.nytimes.com/gst/fullpage.html?res=9A02EEDA1538F936A35752C1A9669D8B63 Citigroup Is Cleared of Fraud in EMI Sale, a Setback for British Financier Guy Hands]. New York Times, November 5, 2010

Citigroup took ownership of EMI Group from Terra Firma on 1 February 2011, wiping out the firm's investments and writing off £2.2 billion of debt.[https://www.theguardian.com/media/2011/feb/01/guy-hands-emi-citigroup Citigroup wrestles EMI from Guy Hands' grasp], The Guardian Feb 1, 2011{{cite web |url=http://www.emimusic.com/news/2011/emi-announces-successful-capital-restructuring-and-change-of-ownership/ |title=EMI announces successful capital restructuring, and change of ownership |publisher=EMI Music |date=2011-02-01 |access-date=2011-11-16 |url-status=dead |archive-url=https://web.archive.org/web/20110811112611/http://www.emimusic.com/news/2011/emi-announces-successful-capital-restructuring-and-change-of-ownership/ |archive-date=2011-08-11 }} Terra Firma was reported to have lost $2.5 billion in the EMI transaction, representing roughly one-third of Terra Firma's investor's capital as well as more than 60% of Hands' personal net worth.[https://dealbook.nytimes.com/2011/02/22/guy-hands-disappointed-over-emi/ Guy Hands Offers EMI Post-Mortem] {{Webarchive|url=https://web.archive.org/web/20120406202247/http://dealbook.nytimes.com/2011/02/22/guy-hands-disappointed-over-emi/ |date=2012-04-06 }}. New York Times, February 22, 2011

In May 2013, the verdict from the New York trial was overturned on appeal and a new trial announced, after it was found that the American trial Judge, Jed Rakoff, had incorrectly instructed the jury. The US federal appeals court noted that "because the district court's jury instructions were based on an inaccurate understanding of the relevant English law, the case must be vacated and remanded for a new trial.{{Cite web|url=http://www.ft.com/fastft/2013/05/31/us-appeals-court-tosses-verdict-terra-firma-citigroup-dispute/|title=US Appeals Court tosses verdict Terra Firma – Citigroup dispute|last=Membership|first=FT|website=www.ft.com|access-date=2016-05-17}}

A new judge-led trial is due to take place in London in June 2016.{{Cite web|url=http://www.thelawyer.com/terra-firmas-2-3bn-battle-with-citi-over-emi-sale-set-for-2016-trial/|title=Terra Firma's £2.3bn battle with Citi over EMI sale set for 2016 trial {{!}} The Lawyer {{!}} Legal News and Jobs {{!}} Advancing the business of law|website=www.thelawyer.com|date=3 October 2014|access-date=2016-05-17}} The original claim that Citi had lied about the presence of a rival bidder in the auction for EMI, which led Terra Firma to bid for the music group, will be heard by the English court. Filings show that a new, additional claim, that Citi failed to disclose relevant information about EMI's finances, will also be heard.{{Cite news|url=https://www.wsj.com/articles/SB10001424052702304640104579486962900288006|title=Terra Firma Makes New Allegations Against Citigroup Over EMI Deal|last=Javed|first=Ayesha|date=2014-04-07|newspaper=The Wall Street Journal|issn=0099-9660|access-date=2016-05-17}}

In mid-2011, months after the loss of EMI, Terra Firma began speaking with potential investors about the firm's next fund, Terra Firma Capital Partners IV, targeting to raise upwards of £2.5 billion, which would be roughly half the size of its predecessor which raised £4.8 billion.[https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8613085/Terra-Firmas-Guy-Hands-searches-for-2.5bn-investment.html Terra Firma's Guy Hands searches for £2.5bn investment]. The Telegraph, Jul 3, 2011[http://www.altassets.info/?p=21672 Terra Firma targets €3bn fund, says Hands]. AltAssets, August 22, 2011 With the exception of EMI, the balance of Terra Firma's current fund was reportedly performing well, although the fund was still under water{{clarify|date=August 2014}}.[https://dealbook.nytimes.com/2011/06/06/ex-citi-buyout-banker-heads-to-terra-firma/ Former Citi Buyout Banker Heads to Terra Firma]. New York Times, June 6, 2011 In November 2011, Terra Firma was reported to be in discussions with a sovereign wealth fund about a new capital commitment to allow the firm to continue investing after the end of the investment period of TFCP III.[http://www.ft.com/intl/cms/s/0/8f090fd4-16ad-11e1-be1d-00144feabdc0.html?ftcamp=rss#axzz1f6b75E2S Terra Firma seeks €1bn sovereign fund pool]. Financial Times, November 24, 2011 In March 2012 they bought The Garden Centre Group{{cite web |last1=Wembridge |first1=Mark |last2=Sakoui |first2=Anousha |date=2012-03-26 |title=Terra Firma buys Garden Centre in £276m deal |url=http://www.ft.com/cms/s/0/30d83890-771f-11e1-baf3-00144feab49a.html#axzz1xAlhIQEt |access-date=2022-12-27 |website=Financial Times}} and July of the same year bought Four Seasons Health Care.[http://www.ft.com/cms/s/0/0045742e-9207-11e1-abdf-00144feab49a.html#axzz2JYKxsjIj Terra Firma to buy Four Seasons for £825m]. Financial Times, April 30, 2012 In December 2012 the acquisition of Annington Homes was completed.[https://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/9684591/Guy-Hands-set-for-3.5bn-Army-housing-deal.html Guy Hands set for £3.5bn Army housing deal]. Financial Times, November 16, 2012

In July 2013, Terra Firma partially exited Deutsche Annington, Germany's largest private landlord, through an IPO on the Frankfurt Stock Exchange.{{Cite news|url=https://www.bloomberg.com/news/articles/2013-07-09/deutsche-annington-to-seek-up-to-763-million-in-ipo|title=Deutsche Annington to Seek Up to $763 Million in IPO|last1=David|first1=Ruth|last2=Kirchfeld|first2=Aaron|newspaper=Bloomberg|date=9 July 2013 |access-date=2016-05-20}} It later fully exited the company in May 2014 through a distribution in specie to investors in the Terra Firma Deutsche Annington fund.

In August 2013, Terra Firma sold Phoenix Natural Gas to funds managed by Hastings, the Australian infrastructure fund manager.{{Cite news|url=http://www.ft.com/cms/s/0/685cefc0-fb87-11e2-8650-00144feabdc0.html#axzz46ArUlOpF|title=Terra Firma sells Phoenix Natural Gas to Hastings funds|last=Smyth|first=Jamie|date=2013-08-02|newspaper=Financial Times|issn=0307-1766|access-date=2016-05-20}}

In September 2015, Terra Firma appointed Justin King as vice-chairman.{{cite news|title=Terra Firma confirms ex-Sainsburys King as vice- chairman|url=https://www.altassets.net/private-equity-news/by-news-type/people-news/terra-firma-confirms-ex-sainsburys-king-is-new-vice-chairman.html|publisher=AltAssets|date=8 September 2015}} That same month is also completed the sale of German motorway services operator Tank & Rast to a consortium led by Allianz SE.{{Cite news|url=https://www.wsj.com/articles/allianz-led-consortium-to-buy-back-tank-rast-1438592613|title=Allianz-Led Consortium to Buy Back Tank & Rast|last1=Henning|first1=Eyk|date=2015-08-03|last2=Raice|first2=Shayndi|newspaper=The Wall Street Journal|issn=0099-9660|access-date=2016-05-20}} Terra Firma Chairman and CIO Guy Hands announced in 2015 that the firm will only charge investors on money which has been invested in deals, rather than the industry norm of charging fees on all committed capital, an approach described as a "radical break with industry conventions".{{Cite news|url=http://www.ft.com/cms/s/0/43fb60e6-17fd-11e5-8201-cbdb03d71480.html#axzz46ArUlOpF|title=Terra Firma breaks with private equity norm on fees|last=Cotterill|first=Joseph|date=2015-06-21|newspaper=Financial Times|issn=0307-1766|access-date=2016-05-20}} In February 2017, Terra Firma Capital Partners started a sale process for its wind-energy business in the United States.{{cite news |last=Dummett |first=Ben |date=February 23, 2017 |title=Terra Firma Starts Sale Process for U.S. Wind-Energy Business |url=https://www.wsj.com/articles/terra-firma-starts-sale-process-for-u-s-wind-energy-business-1487879205?tesla=y | work=The Wall Street Journal |location=New York City |access-date=February 27, 2017 }}

Between 1994 and 2011, Terra Firma and its predecessor invested approximately €13 billion in equity and completed transactions with an aggregate enterprise value of €44 billion.

Terra Firma is known for its failed investment in British music company EMI, which was later taken over by Citigroup, the main lender in the investment.[https://www.bbc.co.uk/news/business-12339299 EMI taken over by Citigroup in deal to write off debts - BBC News article]

File:Tank & Rast.JPG owned rest stop along the Autobahn in Germany]]

File:RTR solar energy field installation.jpg

File:INFINIS.jpg processing plant]]

File:Leicester Square Odeon.jpg in Leicester Square, London]]

The firm's early investments, while still a division of Nomura, focused on housing (Annington Homes), leasing companies and pubs. Since 2002, the firm has made major investments in the waste management (Waste Recycling Group), energy (BGCL, East Surrey Holdings, Phoenix Natural Gas, and Infinis), aircraft leasing (AWAS), cinema (Odeon Cinemas/UCI) and music sectors (EMI). TFCP has also made significant investments in German residential housing (Deutsche Annington) and motorway services (Tank & Rast).

In 2015 Terra Firma announced its intention to sell the Odeon/UCI cinema group for a reported £1 billion.{{Cite news|url=https://www.bbc.co.uk/news/business-31631444|title=Odeon cinemas set to go on sale for £1bn|last=reporter|first=Chris Johnston Business|work=BBC News|date=25 February 2015|access-date=2016-05-20}} In July 2016, the company was bought for $921 million by the American company AMC Theatres, owned by Chinese conglomerate Wanda Group. The deal received approval from the European Commission on 17 November 2016,{{cite news|url=https://www.hollywoodreporter.com/news/amc-theatres-odeon-uci-acquisition-gets-eu-approval-948213|title=AMC Theatres' Odeon & UCI Acquisition Gets EU Approval|newspaper=The Hollywood Reporter|access-date=27 November 2016}} and was completed on 30 November 2016.{{cite news|last1=Lieberman|first1=David|title=AMC Theatres Becomes World's No. 1 Chain As Odeon & UCI Deal Closes|url=https://deadline.com/2016/11/amc-theatres-closes-odeon-uci-cinemas-deal-1201861948/|access-date=1 December 2016|work=Deadline|date=30 November 2016}}

Terra Firma has been an active investor in renewable energy.[http://www.bnef.com/assets/pdfs/league-table-results-book-2011.pdf Bloomberg New Energy Finance Report]. Bloomberg, 2011[https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSDFvYBQVl2M Bloomberg New Energy Finance Names Top Clean Energy Investors]. Bloomberg.com, 2010 Its investments include Infinis,[http://www.businessgreen.com/bg/news/2286977/terra-firma-mulls-sale-of-green-energy-developer-infinis Terra Firma mulls sale of green energy developer Infinis] a UK independent pure green energy business, EverPower,[http://uk.reuters.com/article/uk-terrafirma-everpower-idUKTRE57P24720090826 Terra Firma buys Everpower Wind]{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}} a U.S. based wind energy business and RTR,{{cite web |title=Terra Firma Buys Italian Solar Company |website=The Wall Street Journal |archive-url=https://web.archive.org/web/20210308183028/https://www.wsj.com/articles/SB10001424052748703712504576234903536459990 |archive-date=2021-03-08 |url-status=live |url=https://www.wsj.com/articles/SB10001424052748703712504576234903536459990}} an Italian solar energy business.

In April 2021, Terra Firma purchased Kier Living, the housing arm of the Kier Group, for £110m, rebranding it as Tilia Homes in June 2021.{{cite news |last1=Simpson |first1=Jack |title=Kier completes £110m sale of housing business |url=https://www.insidehousing.co.uk/news/news/kier-completes-110m-sale-of-housing-business-70907 |access-date=13 July 2021 |work=Inside Housing |date=1 June 2021}} The following month, Terra Firma was reported to be bidding £700m to buy Keepmoat Homes with a view to combining it with the former Kier Living business.{{cite news |last1=Kleinman |first1=Mark |title=Guy Hands eyes housebuilding empire with £700m Keepmoat bid |url=https://news.sky.com/story/hands-eyes-housebuilding-empire-with-700m-keepmoat-bid-12355173 |access-date=14 July 2021 |work=Sky News |date=13 July 2021}} Terra Firma then planned to acquire another house builder, Hopkins Homes, valued at around £300 million.{{cite web |url = https://news.sky.com/story/buyout-tycoon-hands-plots-300m-takeover-of-east-anglia-housebuilder-hopkins-homes-12482146 |title = Buyout tycoon Hands plots £300m takeover of East Anglia housebuilder Hopkins Homes |website = news.sky.com |first = Mark |last = Kleinman |date = 29 November 2021}} The acquisition was completed in January 2022.{{cite news |last1=Clark |first1=Derin |title=One of East Anglia's largest property builders is sold to investment firm |url=https://www.edp24.co.uk/news/business/20634222.one-east-anglias-largest-property-builders-sold-investment-firm/ |access-date=5 October 2024 |work=Eastern Daily Press |date=20 January 2022}} In October 2024, Terra Firma merged Tilia Homes with its Hopkins Homes subsidiary,{{cite web |url = https://constructionwave.co.uk/2024/10/02/investment-firm-merges-tilia-and-hopkins/ |title = Investment firm merges Tilia and Hopkins |website = constructionwave.co.uk |date = 2 October 2024 |first = Miles |last = Rebeiro}} naming the merged business 'Untypical'.{{cite web |url = https://www.theconstructionindex.co.uk/news/view/hopkins-and-tilia-become-untypical |title = Hopkins and Tilia become Untypical |website = theconstructionindex.co.uk |date = 1 October 2024}}{{cite news |last1=Prior |first1=Grant |title=Another new name for former Kier Living housing arm |url=https://www.constructionenquirer.com/2024/10/03/another-new-name-for-former-kier-living-housing-arm/ |access-date=5 October 2024 |work=Construction Enquirer |date=3 October 2024}}

Since founding in 1994, Terra Firma has raised five private equity funds.

• Terra Firma Capital Partners I (TFCP I) was formed in 2002 to house the assets that had been acquired from 1994 through 2002, while the team was still part of Nomura. Nomura was the sole investor in this fund.[http://www.terrafirma.com/investor-relations.html Terra Firma: Investor Relations] (company website), Accessed November 29, 2011
• Terra Firma Capital Partners II (TFCP II), the firm's first independent fund, was closed in February 2004 with €2.1 billion of investor commitments. In addition to Nomura, which made a cornerstone investment, the fund raised capital from 65 investors from 21 countries.
• Terra Firma Deutsche Annington (TFDA) was formed in 2006 to house the firm's German housing investments Deutsche Annington (DAIG). The firm raised €2.1 billion of investor commitments from 21 investors.
• Terra Firma Capital Partners III (TFCP III) was closed in May 2007 with €5.4 billion of investor commitments. The fund's limited partnership comprises 159 investors from 26 countries.
• Terra Firma Special Opportunities Fund I (TFSOFI) closed in December 2012 and is a single asset fund raised to acquire Annington Homes from Nomura. TFSOFI raised a total of £470 million from investors around the world, both institutional and private.

In mid-2011, Terra Firma began speaking with potential investors about the firm's next fund, Terra Firma Capital Partners IV. Terra Firma is targeting to raise upwards of £2.5 billion, which would be roughly half the size of its predecessor with raised £4.8 billion.

The following are among the firm's most notable current and former portfolio companies:

Terra Firma Capital Partners Limited donates 10% of its annual pre-tax profits each year to charity.{{Cite web|url=http://www.terrafirma.com/community-engagement/terra-firma.html|title=Terra Firma – The Terra Firma Charitable Trust|website=www.terrafirma.com|access-date=2016-05-20}}

Terra Firma is a founding member of the Private Equity Foundation, an organisation which aims to invest the capital and expertise of the private equity community into charities to help them achieve their strategic goals.

In 2002, Terra Firma and its employees set up the Terra Firma Charitable Trust,[http://www.terrafirma.com/terra-firma-charitable-trust.html Terra Firma Charitable Trust] {{Webarchive|url=https://web.archive.org/web/20120730012249/http://www.terrafirma.com/terra-firma-charitable-trust.html |date=2012-07-30 }} a non-profit charitable fund which aims to make charitable investments that directly benefit the local community in the borough of Southwark. Terra Firma has donated more than £1.6 million to local charities through this Trust.

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• Joshua R. Wueller, [https://ssrn.com/abstract=2293412 Mergers of Majors: Applying the Failing Firm Doctrine in the Recorded Music Industry], 7 Brook. J. Corp. Fin. & Com. L. 589, 597–604 (2013) (describing Terra Firma's purchase of EMI, Citigroup's seizure of the company, and the subsequent breakup, sale, and antitrust scrutiny surrounding the music company).

• [http://www.terrafirma.com Terra Firma Capital Partners] (company website)

{{Private equity and venture capital}}

Category:Private equity firms of the United Kingdom

Category:Financial services companies established in 2002

Category:Financial services companies based in London

Category:2002 establishments in the United Kingdom