Operating Partners

Terra Firma works with a range of operating partners chosen for their knowledge and experience in a particular industry, function or discipline. These individuals provide independent views on the portfolio businesses’ performance as well as insights into specific business sectors and how changing political landscapes might affect potential investments and opportunities in new markets. Please click below to learn more.


  • Lord Birt

    Lord Birt

  • assets/img/content/thumbs/Peter Dixon.jpg

    Peter Dixon

  • Fraser Duncan

    Fraser Duncan

  • assets/img/rupert-gavin.jpg

    Rupert Gavin

  • assets/img/content/thumbs/Stephen-Julius.jpg

    Stephen Julius

  • assets/img/content/Ingmar-Wilhelm_V2.png

    Ingmar Wilhelm

Fraser Duncan


Upon joining Nomura’s PFG in 1997, Fraser was Portfolio Finance Director, subsequently becoming Chief Operating Officer up to the point of the group’s spin-out from Nomura to form Terra Firma. Fraser was a member of the Investment Advisory Committee and Funds’ General Partner Boards and had line responsibility for the portfolio business team. In this role, Fraser had Board seats on many of the portfolio companies, providing an overview of operational issues, performance and governance.

Fraser left Terra Firma in September 2009 to broaden his career. Within the Terra Firma portfolio, he remains a Non-Executive Director of Annington Ltd. He is also Chairman of a video production company and co-founded the branded restaurant business, Clockjack.

Fraser graduated from York University with a degree in Economics and Statistics. During his early career with Unilever he qualified as a Chartered Management Accountant. Following five years in strategy consulting with Cameron Consultants, Fraser joined the BET Group which was subsequently acquired by Rentokil to become Rentokil Initial. He had a number of roles within this group, including Business Development Director of the Plant Services and Electronic Security Division and CFO of Initial Shorrock, the electronic security business.