Creador to seek $450m for Fund III
Creador is preparing to launch its third Southeast Asia- and India-focused fund with a target corpus of $450 million. This comes barely eight months after the GP closed its second fund at $330 million.
The firm also plans to expand the geographical remit for Fund III: the Philippines and Sri Lanka will be added to the existing markets Malaysia, Indonesia, Singapore and India, according to a source familiar with the situation. A private placement memorandum will be released later this month and a first close has been penciled in for the summer.
Creador, which was set up by Brahmal Vasudevan, formerly of ChrysCapital, closed its first fund at $130 million in January 2013 and launched its second vehicle just four months later. The narrow timeframe was due to Fund I coming under target: the firm felt it could invest $80 million per year and, working with a smaller-than-expected pool of capital, it burned through the dry powder reasonably quickly.
Fund II has also seen rapid deployment. It is said to be about 80%-invested, with seven deals completed last year and three so far in 2015. The two funds have been committed quite evenly between Malaysia, Indonesia and India, although latterly the GP has been particularly active in Malaysia. Creador employs 40 people, including 26 investment professionals, across three offices.
The firm was planning to close Fund II at $300 million last August but waited for a last-minute commitment from Hamilton Lane. The LP base is also understood to include a Malaysian pension fund and a US endowment, as well as Siguler Guff, Macquarie and Quilvest.
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