Creador to close debut fund

The South Asia-focused firm is on the verge of a $140m final close - and is already plotting a new fund for 2013.

Creador will hold a final close this week on its maiden fund, Private Equity International has learned. A source close to the matter confirmed the firm has already raised $130 million, and is expecting a final $10 to $15 million commitment this week – after which it will close the vehicle. 

The firm has such a strong pipeline that it expects to have invested 75 percent of the fund by March 2013, less than 18 months after its launch, according to the source. The fund is expected to deploy 50 percent of its capital in Indonesia, and 25 percent in both Malaysia and India.

Creador’s Fund I had originally targeted $350 million, but due to market conditions and rules that restrict many of its target LPs from investing in first time funds, it reduced its target. 

However, the firm is already planning its second vehicle, which will target between $300 and $350 million and will have the same country allocation as its predecessor, the source revealed to PEI. The source suggested that many more LPs have already expressed interest in Creador Fund II, which is expected to launch next year. 

The firm, led by ex-ChrysCapital managing director Brahmal Vasudevan, makes growth investments in the mid-cap segment in its target countries. It has already completed three deals, including anchoring the $228 million IPO of Indonesia-based MNC Skyvision alongside Saban Capital.

Creador will be the largest investor in its own fund, according to the firm.