Creador Fund II to reach final close in August

A source familiar with the matter told AVCJ add that while the fund was on course to reach its target, it could eventually raise much a $275 million. The hard cap is $300 million.

Creador has already made six investments out of the latest fund, including the $10 million purchase of a stake in Indian tile and sanitary ware maker Somany Ceramics in January.

Creador launched its fund in May last year, just four months after closing its $130 million debut vehicle. At the time of the launch, Brahmal Vasudevan, the private equity firm's founder and CEO, told AVCJ that existing investors were willing to put in $100 million and there was a soft circle interest for another $50-75 million. The fund reached a first close of $105 million in August.

Part of the reason for Creador's compressed time frame is that the difficult fundraising environment meant the GP was unable to meet its original target for Fund I of $300-350 million. The firm has previously said that it feels it is able to invest $80 million per year, but working with a smaller-than-expected pool of capital, it has been burning through the dry powder reasonably quickly.

A first partial exit came in April last year as the firm sold nearly half of it 10% stake in Malaysian restaurant chain and instant coffee brand OldTown White Coffee for around $15 million, generating a 2x money multiple. Vasudevan set up Creador in 2011 after leaving Indian GP ChrysCapital Partners.

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• Topics
• South Asia
• Southeast Asia
• Fundraising
• India
• Malaysia
• Creador
• Fundraising
• Southeast Asia