Asian private equity firm Creador has reportedly reached a $500m first close for its fifth fund, putting it within touching distance of its target.
Creador is eyeing $600m for Fund V with a $680m hard cap according to AVCJ, which cited an unnamed source it said was close to the situation.
It cited a second source as saying Fund V would have an increased focus on direct dealmaking rather than backing other investment funds, with the latter limited to two.
Creador hauled in $565m for its predecessor fund two years ago. Most of the firm’s investment capital to date has targeted Malaysia and India, with investments also made in Indonesia, the Philippines, and Vietnam.
The new fund extends the firm’s reach within South and Southeast Asia, with Thailand being included for the first time.
Creador raised $415m for its third fund at the end of 2016.
Sector targets for the firm have included financial services, healthcare, retail, education, industrials and consumer sectors.
Notable exits for the firm in recent years include a 5x return and 74% IRR from selling Somany Ceramics.
In April this year Creador scored a 3.7x return selling its stake in Indian drug components manufacturer Corona Remedies to ChrysCapital Partners.
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