Creador reaches $250m first close on Fund III

The speedy first close - for which around 80% of the capital came from existing LPs - was in part the result of Fund II having nearly exhausted its dry powder, according to a source familiar with the situation. Two Indonesia deals, in the consumer and manufacturing sectors, respectively, are expected to be finalized in October, which will leave the second fund almost 90% deployed.

Creador, which was set up by Brahmal Vasudevan, formerly of ChrysCapital, closed its first fund at $130 million in January 2013. The second vehicle was expected to close at the hard cap of $300 million last August but was left open until October to accommodate a commitment from Hamilton Lane and ended up reaching $330 million.

Other LPs in Fund II are said to include a Malaysian pension fund and a US endowment, as well as Siguler Guff, Macquarie and Quilvest.

Once the upcoming two deals are completed, the Indonesia portion of the fund should be around 35%, with Malaysia accounting for 40%. A similar 75-25 split between Southeast Asia and India is expected for Fund III, although the geographic remit will expand to include the Philippines and Sri Lanka.

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• Topics
• Fundraising
• Southeast Asia
• South Asia
• Expansion
• Southeast Asia
• India
• Creador
• Fundraising
• Growth capital