3 December 2025
View in browser

INVESTOR CASE STUDIES

LeapFrog Investments

GPCA and Investing in Women (IW) partnered to spotlight fund managers advancing gender equity in Southeast Asia in a series of case studies. LeapFrog Investments, an impact-focused private equity firm primarily investing in Asia and Africa, believes a core part of ensuring diversity in its investment strategies is to achieve diversity within its team. Women make up 53% of the firm, 30% of senior leadership and 29% of its investment team. We also take a closer look at the companies they have backed and how they support women founders.

READ LEAPFROG CASE STUDY

DOWNLOAD ALL

MEMBER PROFILE

Adenia’s Expansion to Egypt

Stephane Bacquaert, Managing Partner of Adenia Partners, discusses Adenia’s expansion into Egypt, how this market strengthens the firm’s regional networks and what the move means for its pan-African growth strategy.

READ MEMBER PROFILE

GPCA LEADERSHIP COUNCILS

GPCA Council Meetings: Key Takeaways

The GPCA Impact Investing Council convened recently, led by Council Chair Rekha Unnithan of Nuveen. Highlights include:

Investors see global corporates implementing sustainability and energy conservation solutions even without US policy support. Focusing on efficiency, cost savings and consumer affordability may encourage more investment in renewables.
The slowdown in global private capital exits is affecting impact investing, as new commitments are contingent on distributions back to LPs. Secondaries activity for impact funds has been limited.
Investors report rising enthusiasm for “Global South” opportunities from non-US allocators (China, the Gulf and Europe); local public market exchanges posting positive net inflows in recent quarters.
Impact investors are increasingly focused on quality jobs and inclusion amid trends in digitalization and AI adoption.

VIEW IMPACT COUNCIL

The GPCA Asia Council also met, led by Council Chair Brian Lim of Pantheon Ventures. Some highlights:

Increasing adoption of cloud-based applications among small and mid-sized businesses in Japan and other Asian markets is a key theme for investors to prepare more traditional companies for AI-enabled services.
Confidence in the China market is growing, aided by stronger public equities and a partial exit recovery, but international LPs’ allocations remain limited due to unchanged risk perceptions.
GP-led continuation vehicles offer an alternative liquidity path for managers across the region. LPs emphasized the importance of alignment for such deals among the GP, existing LPs and secondary investors – and that such deals occur at the right point in a fund’s life.
India has generated high DPI in recent years, aided by deeper local public markets and mid- and large-cap GPs enabling sponsor-to-sponsor sales. However, high valuations necessitate disciplined, selective entry. Investors see similar dynamics in Japan, another regional DPI standout.

VIEW ASIA COUNCIL

data_room___lp_intelligence_nw_banner__1_

Industry News

INVESTMENTS

► Brookfield acquired Singapore-based clean energy developer Alba Renewables, facilitating an exit for SUSI Partners. #Asia

► Warburg Pincus agreed to acquire Topcast Aviation Supplies, a Hong Kong-based aircraft parts distributor. #Asia

► Patria Investments and Linzor Capital agreed to acquire Banmédica, a Chile-based health industry group. #LatinAmerica

► A consortium of WhiteOak Capital, Creador and Siguler Guff acquired a ~10% stake in India-based pharmaceutical company La Renon Healthcare, valuing the company at INR110b (~USD1.2b). #Asia

► Blackstone acquired a majority stake in India-based insurer Ace Insurance Brokers for ~USD400m. #Asia

► Just Climate led a USD30m investment in AgroStar, an India-based e-commerce platform for agricultural products, with follow-on from Aavishkaar India, Bertelsmann, Evolvence India and others. #Asia

► Global Sports Capital Partners agreed to invest in Liga de Fútbol Americano, a Mexico-based professional American football league. #LatinAmerica

► Booster Technology, a China-based manufacturing test and automation solution provider, raised a CNY200m+ (~USD28m+) Series C with participation from Hongshan Capital, Fortune Capital, ADDOR Capital and others. #Asia

► Plentify, a South Africa-based intelligent home energy and load management platform, raised a Series A led by Secha Capital, Buffet Investments and a South African family office, with participation from Endeavor South Africa and Satgana, as well as follow-on from E3 Capital and Fireball Capital. #Africa

► Crescera Capital invested in Vix Brasil, a Brazil-based women's swimwear brand. #LatinAmerica

► Oleka Capital led a USD8.2m Series A for Onlayer, a Turkey-based end-to-end merchant management platform for financial institutions, with participation from Deniz Ventures, Revo Capital, Türkiye Development Fund and others. #CEE

► TLG Capital and IDP Foundation provided a USD5m facility to Jackfruit Network, a Kenya-based lender for low-cost private schools. #Africa

► UAE-based AI-native SaaS company Kingpin raised a USD3.5m seed round from Infinity Ventures, Red Swan Ventures, Mu Ventures and others. #MiddleEast

FUNDRAISING

► August Global Partners reached a USD150m final close for its healthcare fund focused on high-growth companies in healthtech, advanced manufacturing, digital health and precision medicine across Southeast Asia. #Asia

► The Government of Canada committed CAD106m (~USD75.8m) to Deetken Impact's Climate Action Fund, focused on climate finance initiatives in Latin America and the Caribbean. #LatinAmerica

► The Asian Infrastructure Investment Bank provided a USD75.5m commitment to Keppel's third private credit fund focused on companies across renewable energy, transport, marine, logistics, digital and other infrastructure-adjacent sectors in the Asia-Pacific region. The vehicle has a USD1b target. #Asia

► KKR launched its fifth Asia private equity fund, with a USD15b target to invest across sectors including consumer, life sciences, financial services, healthcare and industrials. #Asia

► Qiming Venture Partners launched its ninth flagship USD fund, with a USD600m target to invest in early- and growth-stage tech and healthcare startups across China. #Asia

EXITS

► Warburg Pincus exited Salta Group, a Brazil-based education company, via a sale to Opportunity and Gera Capital. #LatinAmerica

► Development Partners International-backed Optasia, a South Africa-based AI-driven lending platform, raised ZAR6.3b (~USD375m) through an IPO on the Johannesburg Stock Exchange. #Africa

► Tenneco Clean Air India, the Indian subsidiary of Apollo-backed automotive products manufacturer Tenneco in the US, raised INR36b (~USD405m) through an IPO on the BSE and NSE. #Asia

► Ata Capital exited its 26% stake in South Africa-based investment solutions provider Novare Holdings to the company’s management team. #Africa

► Patria Investments exited INDIGO Brazil, a parking lot network, via a sale to INDIGO Group. #LatinAmerica

► Bain Capital sold a 2.4% stake in India-based pharmaceutical company Emcure via a block deal for INR6.1b (~USD68.9m). #Asia