
LeapFrog drops continuation vehicle plans, eyes listings, block deals, M&A for exits
Global private equity investor LeapFrog Investments, which has backed InsuranceDekho and Healthify, has shelved plans to explore continuation vehicles as an exit option and will instead focus on traditional routes such as block deals, mergers and acquisitions, and public listings, the firm’s top executive told Mint.The firm is pursuing exits from its second and third funds as it deploys capital from its fourth fund and a climate-focused investment vehicle. Last week, LeapFrog led investment rounds in Shubham Housing Finance and clean energy company ReNew Energy Global Plc.“It (continuation vehicle) is not a focus area as of now for us.
It is still early days and a nascent industry as far as secondaries are concerned,” said Pranav Kumar, a partner at LeapFrog who leads new investments, portfolio management and exits across South and Southeast Asia.Continuation vehicles are private equity funds that purchase assets from an existing fund that is close to the end of its lifecycle. They give fund managers an option to maintain control over assets with potential while providing an exit path to existing investors.In June 2025, Kumar told the media that LeapFrog was exploring continuation vehicles for liquidity but noted challenges around pricing and investor appetite in emerging markets.LeapFrog’s move comes as firms in India begin to explore secondary funds and continuation vehicles as a means to return capital to investors for some of their portfolio assets.
Read on livemint.com