ADB returns as LP with $60 mn in Creador's fifth Southeast Asia focused fund – Mint

NEW DELHI: Creador, the South and Southeast Asia focused private equity (PE) firm, founded by former ChrysCapital partner Brahmal Vasudevan, has roped in Asian Development Bank (ADB) as limited partner (LP) for its latest fund.

The Manila-based multilateral lender, as per a statement, has committed to invest $60 million ( 443 crore) in the fifth vehicle of Creador. ADB had also joined as LPs in Creador’s two previous funds, in 2016 and 2018 respectively.

VCCircle had reported last year that the Kuala Lumpur-based PE firm was preparing to go to the markets to raise a $600-700 million fund.

In July last year, Creador marked the first close of its fifth fund at $500 million.

Creador will provide growth capital, primarily to mid-market companies operating in business services, consumer goods and services, healthcare, pharmaceuticals, financial services, and manufacturing in India, Indonesia, Malaysia, the Philippines, and Vietnam. The company may also selectively consider investments to support businesses in Bangladesh, Singapore, Sri Lanka, and Thailand.

“Creador has evolved into one of the leading institutional PE platforms in Southeast Asia. ADB is proud to continue our partnership with Creador as they remain focused on markets and sectors where ADB seeks to build out our equity portfolio,” said Janette Hall, ADB Private Sector Investment Funds and Special Initiatives Division Director.

As part of ADB’s investment, Creador will adopt gender initiatives to promote greater financial inclusion of women through investments.

Creador has a long history of investing in India. Its local portfolio includes Sapphire Foods India Pvt Ltd, an Indian franchisee for Yum! Brands’ KFC and Pizza Hut, Ahmedabad-based drugmaker Corona Remedies Pvt Ltd, plastic products maker Vectus Industries Ltd, financial services company Ujjivan, plastic packaging solution provider Shriji Polymers, non-bank lender Kogta Financial and IT solutions company iValue.

Asian Development Bank

The bank, established in 1966, makes both equity and debt investments, predominantly in South Asia and Southeast Asia. It has 68 member nations, of which 49 are from the Asia-Pacific region.

Last year, ADB had joined as new backer for Tata Capital Growth Fund II. It had returned as LP in healthcare-focused OrbiMed. In January 2018, ADB invested $50 million in PE True North’s sixth fund. Since then, the lender was looking to back at least one Indian PE fund every year.

ABD has also made a few direct investments lately. Early last year, ADB Ventures, the venture arm of the Asian Development Bank, had invested in Smart Joules, a platform focused on energy efficiency. In September 2020, ADB decided to invest $15 million in Avaada Energy Private Limited.

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