Malaysia-headquartered regional private equity firm Creador has collected around $565 million for its fourth fund, Creador IV, exceeding its hard cap of $550 million, DEALSTREETASIA has learnt.
The firm will hold the final close for the vehicle this week. When contacted, Creador declined to comment on the development.
Last July, we reported that Creador achieved the first close of the fund at $430 million and had gathered some $533 million as of last December after securing a $50 million commitment from Asian Development Bank (ADB).
Launched early last year, Creador IV, the largest vehicle raised by the private equity firm, will be invested across South and Southeast Asia.
The private equity firm’s first fund had raised $130 million in 2013. It was followed by a $331-million second fund that was backed by Hamilton Lane, Siguler Guff, and Quilvest, as well as a Malaysian pension fund and a US-based endowment fund.
The firm’s founder and CEO Brahmal Vasudevan told us earlier that 20 per cent of the latest vehicle will be allocated to Vietnam, a market in which it established an office last year. Creador cut its teeth in the Vietnamese market by making a $43.8-million investment into mobile and consumer electronics retailer Mobile World Group (MWG).
To date, boasting an AUM of $1.4 billion, Creador has invested in over 30 companies across Malaysia, Indonesia, the Philippines, Vietnam, and India. It focuses primarily on consumer businesses by taking minority stakes in them.
Vasudevan founded the PE firm in 2011 after spending more than a decade as the general partner and managing director of Indian PE firm ChrysCapital.
Creador was in the news a few months ago as one of its portfolio companies, Malaysia-based home improvement retailer Mr. D.I.Y. is looking to debut on Bursa Malaysia with an IPO that could raise as much as 1.5 billion ringgit ($360 million) this November. Mr. D.I.Y. could become Creador’s first Malaysian portfolio firm to go public if its plans succeed.
The firm invested over 500 million ringgit ($120 million) in the company for an 18 per cent stake in 2016. Creador plans to offload about a 2.75 per cent stake in Mr. D.I.Y. during its listing.
In Malaysia, Kuala Lumpur-based Navis Capital is currently on the road to raise about $1.75 billion for its eighth vehicle, which has a hard cap of $1.9 billion and held its first close this April. Last October, another Malaysia-based PE firm, COPE Private Equity, hit the final close of its fourth fund at $70 million.