Exclusive: Creador surpasses $200m mark

Brahmal Vasudevan's firm has attracted capital from a US university endowment.

Creador, a Southeast Asia-focused private equity firm, has raised about $25 million from “one of the largest US universities, Boston-based”, a source close to the matter revealed to Private Equity International, but would not disclose the name of the institution.

The new commitment, which makes up 10 percent of the targeted $250 million fund, takes the fundraising effort passed the $200 million mark, preparing it for a final close in the next few months.

Creador is expecting a similar sized investment from an Asia-based pension fund in the coming months, but the source would not disclose the name of the institution.

He added that “based on current momentum” the fund looks like it will exceed its $250 million target.

Creador Fund II, launched in April 2013, made a first close in August on $105 million, PEI reported earlier. Since then, the fund has secured about $100 million from international investors, including a $20 million commitment from New York-headquartered fund of funds Siguler Guff.

The firm’s maiden fund, with a 2012 vintage, raised $130 million and is now fully invested and running at 30 percent IRR, PEI’s source said. Seven investments were made from the fund, but it is too early for exits.

Fund II has also been actively deploying capital and has invested about $55 million across three deals, with a fourth investment in Malaysia imminent, the source said.

Since August, Creador has made an $18 million investment in Malaysia-listed electronics payment business GHL Systems, a $10 million investment in Somany Ceramics in India and a $24 million investment in a 20 percent stake in an undisclosed Indonesian consumer business.

Creador largely focuses on Southeast Asia, but also invests opportunistically in India. The firm was launched in 2011 by former managing director at India-focused private equity firm ChrysCapital, Brahmal Vasudevan, who wanted to return to his home country Malaysia.