Creador closes third fund on $415m

The Malaysia-headquartered firm fell short of its $450m target for its third private equity vehicle.

South-East Asia-focused firm Creador has held a final close on its third vehicle, securing $415 million of commitments against a $450 million target.

The firm started raising capital for Creador III in April 2015 with a hard-cap of $500 million. Creador held a first close on $250 million in September 2015 and a second close on $323 million in July this year, according to PEI data.

Creador III had an 80 percent re-up rate from previous investors, according to a source with knowledge of the fundraising. Known investors in Creador’s funds include Hamilton Lane, Siguler Guff & Company, and Hermes GPE, according to PEI data.

Its predecessor fund Creador II raised $330 million in October 2014 after receiving a last-minute commitment from fund of fund manager Hamilton Lane. The fund is fully invested across 13 investments.

The Malaysia-headquartered firm typically injects between $15 million to $30 million over the lifetime of an investment, and targets consumer businesses in Indonesia, Malaysia, Singapore, Philippines, India and also Sri Lanka.

The firm has made several investments this year including a $17.6 million minority stake in Indian pharmaceutical company Corona Remedies and in Tamil Nadu-based City Union Bank for around $20 million.

In June this year, Creador exited its remaining stake in non-banking financial company Cholamandalam Investment & Finance Company Limited generating a 3.7x return multiple and an internal rate of return 39 percent, as reported by PEI.