Growth equity fund research profile
LeapFrog Emerging Consumer Fund IV is a global growth-equity vehicle investing in financial services and healthcare businesses serving emerging consumers, with current manager materials also showing climate investments in emerging markets. It is relevant to India-focused demand-side research because Fund IV publicly names Redcliffe Labs and the manager continues to disclose India deployment and impact evidence.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
LeapFrog Emerging Consumer Fund IV uses a growth equity; emerging-market financial services, healthcare and climate solutions approach across Financial services, healthcare, climate.
Current evidence
LeapFrog reported a US$1.02 billion Fund IV close in November 2024 and published 2025–2026 impact results. In March 2026, the manager announced a US$50 million commitment to ReNew Green through its climate strategy; that manager-level transaction is not counted as a Fund IV position here.
Strategy
Growth equity; emerging-market financial services, healthcare and climate solutions
Sector focus
Financial services, healthcare, climate
AIF structure context
Indian private equity, growth, buyout and many real-asset strategies are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
LeapFrog reported a US$1.02 billion Fund IV close in November 2024 and published 2025–2026 impact results. In March 2026, the manager announced a US$50 million commitment to ReNew Green through its climate strategy; that manager-level transaction is not counted as a Fund IV position here.
Investor questions
LeapFrog Emerging Consumer Fund IV is covered in Rupeia's private equity research universe. The current public record describes the strategy as Growth equity; emerging-market financial services, healthcare and climate solutions, with a sector focus of Financial services, healthcare, climate. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to LeapFrog Emerging Consumer Fund IV in the reviewed public sources: Redcliffe Labs, Sun King, bolttech. It does not represent a complete current portfolio unless the manager has published one.
Fund IV's official announcement names Redcliffe Labs, Sun King and bolttech as investments. LeapFrog later reported a US$1.02 billion close, current portfolio-company growth and 2025–2026 impact and value-creation outcomes, but it does not publish fund-level IRR or MOIC. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: US$1.02 billion including primary commitments and designated co-investments; the manager states that primary fund commitments were US$808 million and designated co-investment capacity up to US$210 million.. Public terms or access information: Growth equity for financial services and healthcare companies in global growth markets, with climate investing now part of the manager's broader strategy. Fees, carry, ownership and reserve terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Dr Andy Kuper (Founder and CEO); Biju Mohandas (Partner); Nakul Zaveri (Partner). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review entry valuation, leverage, governance rights, concentration, execution of the value-creation plan and exit timing. The current open diligence point is: Fund-level returns, fees, carry and the full Fund IV holdings schedule are not publicly disclosed. Only Redcliffe Labs, Sun King and bolttech are included because the manager's Fund IV announcement explicitly names them; later manager-level India spotlights such as Shubham and ReNew Green are excluded from the vehicle list where the public record does not identify the fund vehicle..
2026-03-16: LeapFrog reported a US$1.02 billion Fund IV close in November 2024 and published 2025–2026 impact results. In March 2026, the manager announced a US$50 million commitment to ReNew Green through its climate strategy; that manager-level transaction is not counted as a Fund IV position here.
Next step
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