Creador closes Fund III at $415m

The private equity firm launched the vehicle in April 2015 - barely eight months after closing the previous fund - and a first close of $250 million came last September. The speedy first close, for which around 80% of the capital was committed by existing LPs, was in part a result of Fund II having nearly exhausted its dry powder.

Creador, which was set up by Brahmal Vasudevan (pictured), 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 in August 2014, 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.

Fund III differs from its predecessors in that the geographical remit has been expanded. In addition to the core markets of Malaysia, Indonesia, Singapore and India - in Fund II there is an approximately 75-25 split between Southeast Asia and India - Creador will also consider opportunities in the Philippines and Sri Lanka.

Over the past six months, the private equity firm has exited the remainder of its stake in Indian non-banking finance company Cholamandalam Investment & Finance for INR2.2 billion ($32.5 million). It claimed to have seen a 3.7x return and an IRR of 39% in US dollar terms. New investments this year include India-based pharmaceutical developer Corona Remedies and convenience store operator 7-Eleven Malaysia Holdings.

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