There was a time everything that Sydney buyout firm TDM Growth Partners touched turned to gold. Now, it faces the prospect that its two biggest investments – Mexican-themed restaurant chain Guzman y Gomez and online pet products retailer Pet Circle – will have to raise more money at considerably lower valuations than they currently hold.

TDM was founded by Hamish Corlett, Tom Cowan and Ben Gisz – Corlett and Cowan first met at Sydney’s St Mark’s pre-school. By 2015, a $1 million fund started in Cowan’s apartment had delivered investors a compound return of more than 20 per cent over nine years and managed more than $250 million.