IPAM installation fails due to insufficient SQL permissions

Goal

I'm trying to install IP Address Management (IPAM) on a Windows Server 2012 R2 server, against a Microsoft SQL Server 2012 Service Pack 1 database engine instance, instead of using the Microsoft Windows Internal Database (WID).

Configuration

• VMware Workstation 10
• Microsoft Windows Server 2012 R2
• Microsoft SQL Server 2012 Enterprise Edition with Service Pack 1 (installed locally)

Problem

When I try to install IPAM through Server Manager, I get the message below.

IPAM Deployment failed with the following error.

Failed to create database schema.

CREATE DATABASE permission denied in database 'master'.

You can restart this provisioning wizard from the IPAM overview page.

Question

Does anyone know what SQL Server permissions are required to install IPAM using the IPAM server's credentials?