India- and Southeast Asia-focused private equity fund Creador has raised $220 million for its second vehicle, expecting to surpass its $250 million target by August, a source close to the firm told Private Equity International.
The fund, founded by ex-ChrysCapital managing director Brahmal Vasudevan, expects to raise as much as $275 million to $300 million by its final close expected in August, the source said – exceeding its original target.
The fund has a hard cap of $325 million.
About 50 percent of the new vehicle will be made up of existing investors, with the rest new LPs to the firm. Notable LPs include New York-based fund of funds Siguler Guff and a large Boston-based university.
Creador Fund II, launched in April 2013, made a first close in August on $105 million, PEI reported earlier.
Since the first close, Creador has been actively investing from the vehicle, which this week sealed its fifth deal, acquiring a minority stake in Indian water tank business Vectus Industries for $16.7 million, according to a statement. The deal is also Creador’s fourth investment in India from both its funds.
Creador has also improved its value-add capabilities, in March launching 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 skill set required to work with a company to enhance value can at times be a bit different to the skills required to source deals. It is often hard to find people that can work across both [areas] and the [operational] skill set is highly specialised,” Vasudevan told PEI at the time. Creador declined to comment on fundraising.