Creador closes on $300m hard cap

The firm surpassed the $250m target for its second private equity vehicle

Creador, the India and Southeast Asia firm led by ex-ChrysCapital managing director Brahmal Vasudevan, has closed its second fund on its $300 million hard cap.

The fund, its second private equity offering, was targeting $250 million, but had a last-minute surge of LP interest so raised the cover to accommodate investors, a source with direct knowledge of the matter told Private Equity International.  

Creador’s latest vehicle attracted institutional investors from across the globe, with about 25 percent of its LP base coming from North America, 35 percent from Europe and the balance from Asia Pacific.

The fund attracted some well-known institutions in the LP community such as Siguler Guff and Hermes GPE, as well as a Boston-based university endowment and a large Malaysian pension fund.

Since its $105 million first close in August last year, the firm has invested $150 million across six investments – two each in Malaysia, Indonesia and India.

Last week, the firm closed a $64 million buyout of Malaysian credit reporting business CTOS, taking a 70 percent interest in the company. The firm expects its next deal in about two months’ time.

Creador has also improved its value-add capabilities since the launch last year, in March creating an internal division to focus exclusively on operational value-add. The team consists of two former Boston Consulting Group executives, with the search for a third member in progress, and three senior advisors based in Jakarta and Kuala Lumpur.

The firm, which raised its first fund in 2011, is beginning to think about exits, according to the source, and expects to begin the process of selling investments after the next six months.