Creador targets $500m for Southeast Asia, India fund
Creador is targeting $500 million for its fourth Southeast Asia and India-focused fund. The private equity firm closed its previous vehicle at $415 million in late 2016.
The new fund will launch in February, according to sources familiar with the situation. The investment remit is similar to that of its predecessor, with Malaysia, Indonesia, Singapore, and India as the core geographies.
Creador raised $130 million for its first fund in 2013 and four of the seven portfolio companies have now been sold, with 150% of the corpus returned to LPs. Exits include Cholamandalam Investment & Finance – the GP’s first-ever investment – Somany Ceramics and Repco Home Finance. The returns on those deals were 3.7x, 5.3x, and 4x, respectively. It has also exited Indonesia-based BFI Finance.
Deployment of Fund I was rapid because the original target was not met. This resulted in Fund II launching just four months after the final close on its predecessor. The vehicle duly closed at $330 million in October 2014, with commitments from the likes of Hamilton Lane, Siguler Guff, and Quilvest, as well as a Malaysian pension fund and a US endowment.
A third fund followed in 2016, closing at $415 million. Five out of the 14 portfolio companies in Fund II have been exited, while Fund III is 85% deployed.
A host of Southeast Asia-focused managers are either in the market or expected to enter it in 2018. They include Quadria Capital, Southern Capital, Dymon Asia, KV Asia Capital, Navis Capital Partners.
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