Southeast Asia and India-focused private equity (PE) firm Creador has hit the first close for its Fund III at $415 million, falling a bit short of its initial target of $450 million.
The latest fund has attracted investors including endowments, pension funds, family offices, global Fund of Funds and a development bank, Edwin Cheah, Director, Creador, told this portal.
“The sectors that Creador III will focus on are consistent with Creador II,” Cheah added.
“The businesses that we are excited about are ones that sell from one to many, B2C businesses that are targeting a broad base of consumers. In particular, we look at three investment themes and do look at Financial Services (which include banks and finance companies) Consumer (which include branded products, media, retail, healthcare, education) and Business Services (which include B2B services, payment processing),” Cheah said.
The private equity firm, based out of Malaysia, Mauritius, India and Indonesia, has raised $130 million and $331 million previously.
In September last year, Brahmal Vasudevan, founder and chief executive officer of Creador had told DEALSTREETASIA that Creador has made the first close of its third fund at $250 million and was aiming to reach a final close a $450 million.
With this new fund the Malaysia-based company is planning to invest in newer markets like Philippines and Sri Lanka, apart from its existing target markets Indonesia and Malaysia in Southeast Asia, and India.
“We are exploring opportunities in Philippines and Sri Lanka and these new markets will be no more than 10% of the fund,” Vasudevan said. “We are still working on the deal opportunities in Indonesia and will disclose further details once able,” he added.
Its Malaysian portfolio includes data and analytical tools provider CTOS Holding Sdn Bhd, medical and allied health education provider Asiamet Education Group Berhad and retail pharmacy chain RedCap Pharmacy. In Indonesia, it has picked stake in the companies like financing firm BFI Finance, TV operator MNC Sky Vision and cereal player Simba Indosnack Makmur.
Creador is founded and headed by former ChrysCapital managing director Brahmal Vasudevan. On its global advisory board are other noteworthy former Malaysian corporate captains like Krishnan Tan and Dr Thillainathan Ramasamy, as well as former Indonesian finance minister Dr Ir Bambang Subianto.
Its India investments include Murugappa Group’s NBFC Cholamandalam Finance, Repco Home Finance, tile maker Somany Ceramics and PC Jewellers. It also has invested in Sky Vision, Indonesia’s largest pay TV operator and Malaysian restaurant chain, Old Town Coffee House.