Growth equity for proven, tech-driven businesses in emerging markets
Backing category leaders across Southeast Asia, Latin America, and Africa
Emerging markets are driving the next wave of global growth.
Dynamic, fast-growing, and digitally powered. Next Billion Capital Partners invests in companies accelerating that shift, providing growth capital and strategic guidance. Led by former IFC professionals, we combine institutional rigor with deep market knowledge to build enduring value.
Years Investing Together
Emerging Market Countries
Companies
Exits
Backing Category Leaders
Our Portfolio
Transforming access to finance, insurance, and healthcare
- Healthcare - Brazil
Next-generation healthcare for Brazil
Affordable, tech-enabled health plans integrating primary care and improving outcomes at scale.
- Insurance - Southeast Asia
Digitizing insurance access across Southeast Asia
Faster, cheaper, and more inclusive insurance delivered through digital distribution.
Leadership
Led by a team of seasoned global PE investors and operators with more than a decade of experience working together.
Ruzgar Barisik
[ Managing Partner ] 15y+
Former IFC Principal in emerging markets PE. Led $2B+ in transactions across Asia & Africa.
Kentaro Toyoda
[ Managing Partner ] 12y+
Ex-IFC investment officer specializing in technology and financial services in Latin America and Asia.
Falgu Shah
[ Partner ] 10y+
Technology sector specialist with deep operational experience scaling growth-stage companies.
Tracy Barba
[ Head of Investor Relations ] 15y+
Venture capital and private equity strategist with expertise in investor relations, capital formation, and ESG and AI governance.
Vlad Tsapko
[ PARTNER ] 15y+
Private equity and growth investor with experience across emerging markets; previously with IFC and responsAbility.
Eduard Melli
[ Vice President ] 10y+
Investment professional with a background in growth equity and impact investing; prior roles at responsAbility and Credit Suisse.
Latest Insights
Perspectives on emerging markets, growth equity, and the trends shaping global growth.
When AI Turns Access Into Care How Alice Is Using AI to Scale Healthcare Delivery
Why We Invested in BHub Transforming Brazil’s $20B Accounting Market with AI For more than
When AI Means Insurance for All How Qoala Is Using AI to Build the Future
Investing in transformative growth in emerging markets. We back proven, technology-driven businesses with real traction.
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