Malaysia-headquartered private equity firm Creador is planning to launch its fifth fund in March, seeking to raise $650 million, according to its founder and chief executive officer Brahmal Vasudevan.
Creador is targeting to achieve the first close of its fifth fund in July, he added.
The new fund will continue to focus on Southeast Asia and India, Vasudevan told DealStreetAsia. “We haven’t announced [the fund] broadly yet. This is our fifth fund and it will be [using] the same strategy.”
The development was first reported by VC Circle.
Creador is focused on growth capital investments in South and Southeast Asia with a focus on countries including Indonesia, Malaysia, India, Vietnam, Singapore, the Philippines and Sri Lanka. Its investments span across consumer sectors, financial services to payment systems, among others.
Its portfolio companies include Indonesia-based snack brand Simba Indosnack Makmur and BFI Finance; Malaysian fashion brand Bonia Group; and, Paras Healthcare and Ujjivan Financial Services from India, among others.
Creador’s proposed vehicle is seeking to raise a bigger sum compared to its predecessor that collected around $565 million, exceeding its hard cap of $550 million, in July 2019.
Founded in 2011 by Vasudevan, a former general partner and managing director of India-based PE firm ChrysCapital, Creador has about $1.5 billion in assets under management, according to earlier reports.
The private equity firm raised its first $130-million vehicle in 2013 followed by a $331-million second fund backed by Hamilton Lane, Siguler Guff, and Quilvest, as well as a Malaysian pension fund and a US-based endowment fund. It raised $415 million for its third fund in 2017.
Among its most recent investments, Creador last year invested $33.7 million in Indian packaging solution provider Shriji Polymers (India) Limited through its affiliate Sundara (Mauritius) Limited.
On the exit front, Creador noted a partial exit in October last year through the listing of its retail portfolio Mr. DIY raising 1.5 billion ringgit ($370 million) — the biggest IPO on Bursa Malaysia in the last three years. The PE firm is said to have exited its investment in Indonesia’s Cimory Group, a protein-based packaged food and beverage manufacturer, DealStreetAsia reported in February 2020.
Meanwhile, Malaysia-based Navis Capital Partners is also in the process of raising its eighth fund. Navis is understood to have extended the fundraising to April this year, DealStreetAsia reported earlier, quoting sources. Navis is seeking up to $1.9 billion for Navis VIII.