Rohan Bansal

In venture, a few funds — and a few companies — drive nearly all the returns. We recently looked at how the 119 funds we backed between 2010 and 2020 performed over the last 12 months (June 2024 → June 2025). Here’s what stood out: - Overall performance remains strong: 3.1x TVPI and 20% IRR. Just three funds are currently below water (<1x). - In the last 12 months, the aggregate portfolio return was +11.5% — but that figure hides a wide dispersion. - 42% of funds (50/119) lost money. - The median fund return was just 2.9%. So how did we get to +11.5% overall? Outliers. - Four funds more than doubled in value, with one up 280%. - The top 10 funds accounted for ~80% of total dollar gains. And within those, just eight companies drove the vast majority of the performance: 👉 Wiz 👉 OpenAI 👉 RocketLab 👉 Figma 👉 Robinhood 👉 Revolut 👉 Xiaohongshu 👉 Circle Without those eight companies, performance would have been essentially flat. The takeaway for LPs: - To build a successful VC portfolio, you need meaningful access to the very best companies. - Only a small number of managers consistently back these companies at the early stage. Miss those, and you miss the returns.

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𝐏𝐄 𝐯𝐬. 𝐕𝐂 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞: 𝐀 𝐭𝐚𝐥𝐞 𝐨𝐟 𝐭𝐰𝐨 𝐟𝐨𝐨𝐭𝐩𝐫𝐢𝐧𝐭𝐬 Our latest data at Gain.pro highlights how PE and VC firms invest across Europe: ▪ PE-backed businesses are widely spread across the continent ▪ VC-owned assets are clustered in cities 📊 Sector focus drives this: – VC assets = 47% TMT (vs. 17% for PE) → drawn to innovation hubs – PE = 24% Services + 22% Industrials (vs. 13% & 7% for VC) → broader geographic reach beyond capitals 🌍 Top destinations: – Both: London & Paris lead – VC: 25% of assets in 11 cities (Berlin, Munich, Amsterdam next) – PE: 25% spread across 22 cities (Stockholm, Milan, Madrid stand out) ➡️ Same continent. Very different maps.

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At LeapFrog Investments, we are thrilled to celebrate the success of our inaugural Climate Insights Forum in London — a day filled with insights, energy, and diverse perspectives from investors, entrepreneurs, and policymakers, all accelerating climate action where it matters most. As we all heard, we will never have this opportunity again, and once it’s gone, it’s gone.  Thank you to Mike Berners-Lee, Damilola Ogunbiyi, Steve Howard, Jeremy Oppenheim, Daniel Muldoon, Willem Huidekoper, CFA, Irina-Maria Gaman, Pulkit Khurana, Simon Davis 🚛🌍⚡️, Mikir Shah, Jake Maughan, Daniel Schnitzer, Martin Baart.  🌍 5 Key Takeaways from LeapFrog's Inaugural Climate Insights Forum in London Electrification Powers Growth; Digitisation Turbocharges New Business Models  From distributed energy to climate-smart agriculture, the combination of digitisation and electrification is paving new pathways for businesses to scale faster, reach more customers, and unlock efficiency. Emerging markets are uniquely poised to leapfrog traditional infrastructure and unlock growth with new, tech-enabled models.    Servitisation is Changing the Game  The rise of "asset-as-a-service" models is shifting incentives toward customers and driving greater resource efficiency. This is critical for making clean solutions affordable and scalable, while helping companies maximise the utility and longevity of key assets, like solar panels and batteries--a win-win-win for customers, companies, and the planet.    'Green Discounts' and Market Adoption are Reinforcing   As adoption grows, capex and financing costs will fall, deepening the "green discount" that already makes pro-climate solutions more competitive than incumbent models. This does not happen out of thin air. Policymakers play a crucial role in creating supportive markets that can further drive down costs and scale adoption.    The Investable Universe is Expanding—and Fast  Across emerging markets, the pipeline of bankable, scalable climate solutions is growing—from clean energy and mobility to innovations like climate parametric insurance. There's a clear opportunity to deploy more climate capital--if we can identify the right opportunities with greater collaboration between investors, entrepreneurs, and policymakers.    Time for Mission-Aligned Investors to Step Up  As geopolitical agendas shift, now is the moment for forward-looking investors to double down. Those who recognise the unprecedented opportunity that climate investing represents—and have the specialism to generate returns—must step up and ramp up investment allocations to lead the way where it matters most.   🌱 The bottom line? Climate investing in emerging markets is no longer a future bet—it’s real, a necessity, and a massive opportunity. Now is the time to scale.  #ClimateInvesting #EmergingMarkets #ClimateFinance #ImpactInvesting  

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