Creation Investments Capital Management, a Chicago-based private markets firm, has raised $225 million for an emerging markets impact investing strategy focused on building financial inclusion in Asia-Pacific and Latin America.
The firm is nearing its $300 million target for the fifth vintage of the Creation Investments Social Ventures Fund, according to a source familiar with the fundraise.
Founded in 2007, Creation is an impact investor that seeks to provide access in developing markets to financial services including microfinancing and insurance, affordable housing and fintech. It launched its latest fundraise last June and has drawn commitments from a mix of institutional investors, allocating both returns-seeking and impact-driven capital, as well as family offices and foundations, the source said.
Fund V has made four investments to date, including a $75 million commitment, alongside co-investor Norwest Venture Partners, to back Vastu, a company in India providing loans of up to $15,000 to help families construct houses on land they already own.
Creation’s latest vehicle has also invested in ReshaMandi, which provides microfinancing to farmers operating in India’s silk supply chain. The fund helped a company called Progcap raise $30 million to help connect small businesses with goods distributors, and also invested in AVLA Insurance, a small business insurance provider in Latin and South America.
Patrick Fisher, a JPMorgan veteran who worked in the bank’s global treasury, payments and supply chain finance division, founded Creation. The firm now manages around $2 billion in assets. Creation’s Fund III and IV vehicles raised $125 million and $184 million, respectively.
The firm declined to comment on its ongoing fundraise.