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Next Billion Ventures
Next Billion Capital Partners was formed by former IFC professionals, including Managing Partners Ruzgar Barisik and Kentaro Toyoda, who spent more than a...
Next Billion Ventures
Next Billion Capital Partners was formed by former IFC professionals, including Managing Partners Ruzgar Barisik and Kentaro Toyoda, who spent more than a decade investing together in emerging markets before institutionalizing the strategy. The team's track record traces to direct private equity transactions across Asia, Africa, and Latin America at the IFC, where Barisik alone led over $2 billion in deals. The firm targets growth-stage companies in financial services, insurance, and healthcare — sectors where mobile-first adoption is reshaping consumer access. Asset-class activity includes direct equity, structured growth capital, and operational partnerships. Confirmed positions include a Brazilian healthcare provider delivering tech-enabled primary care, a Southeast Asian digital insurance platform, and BHub, an AI-driven back-office service tackling Brazil's $20 billion accounting market (per the firm, December 2025). Geographic coverage spans Southeast Asia, Latin America, and Africa with a portfolio built across 15 countries. Total deployment exceeds $200 million across 40 companies, with 10 realized exits. The investment team operates from Washington, with a distributed venture-partner network that includes Stevon Darling, Tiang Lim Foo, Luiz Mazetto, Ciku Mugambi, and Khaled Talhouni. In January 2026, the firm published an outlook making the case for emerging-market exposure based on public-market dislocations and private-company maturity. A dedicated investor-relations function is led by Tracy Barba, whose remit covers ESG and AI governance alongside capital formation. What structurally differentiates Next Billion is its origin inside a development-finance institution: the IFC. That heritage shapes a hybrid mandate — the firm pursues commercial private-equity returns while operating with the country-level networks and regulatory fluency typical of an IFI. The result is a sourcing model built on direct relationships in markets where foreign GPs often rely on intermediaries, giving Next Billion an early look at category leaders before competitive processes widen.
General information
Firm type
Venture Capital
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Washington
Corporate office
Washington, United States
Principals
Ruzgar Barisik
Managing Partner
Kentaro Toyoda
Managing Partner
Falgu Shah
Partner
Volodymyr Tsapko
Partner
Tracy Barba
Head of Investor Relations
Eduard Melli
Vice President
Sector focus
Frequently asked questions
Who runs investment decisions at Next Billion Ventures?
Managing Partners Ruzgar Barisik and Kentaro Toyoda lead the investment committee, supported by Partners Falgu Shah and Volodymyr Tsapko. The group worked together at the IFC for over a decade before forming Next Billion, and the firm's website notes that Barisik personally led more than $2 billion in IFC transactions across Asia and Africa.
How does Next Billion source proprietary deal flow?
Sourcing relies on the team's long operating history inside the IFC, which built direct relationships with entrepreneurs and regulators across the firm's target regions. A venture-partner network that includes country-level operators in Brazil, Nigeria, and the Middle East extends that reach, aiming to surface growth-stage companies before they run broad auction processes.
Is Next Billion structured as a family office or a traditional private equity firm?
It is a private equity firm backed by institutional limited partners — not a family office. The firm describes itself as a growth equity manager targeting emerging markets, and its leadership comes from development finance rather than single-family wealth management.
Does Next Billion participate in fund commitments or only direct deals?
The firm's disclosed activity emphasizes direct growth equity investments. Public materials do not reference a fund-of-funds program or LP commitments to external managers; the model centers on taking direct stakes in operating companies.
What investment stages does Next Billion target?
Next Billion focuses on growth-stage companies — businesses with proven traction, existing revenue, and a clear path to scale. It does not invest in seed or pre-revenue startups. The firm's own language describes its targets as 'proven, tech-driven businesses.'
Which sectors does Next Billion explicitly avoid?
Public materials do not list an explicit exclusion list, but the stated focus is narrow: financial services, insurance, and healthcare delivered through mobile-first models. Sectors outside the digital- access thesis — such as heavy industry or infrastructure — do not appear in portfolio disclosures.
What is Next Billion's posture on co-investments alongside external GPs?
The firm does not publicly describe a co-investment program for outside LPs or GPs. Its model is direct principal investment, occasionally with institutional co-investors — the IFC legacy suggests comfort with syndicated structures, but no formalized co-investment vehicle is listed.
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