LeapFrog Investments Raises Record $1.15 Billion to Accelerate Healthcare and Finance for 100 Million in Emerging Markets

• Surpasses Target: Closed fourth fund with $1.02 billion in commitments, exceeding the $1 billion goal.
• Global Investor Base: Over 50% of capital from Asia, including new investors from Japan, Singapore, and China.
• Expanding Impact: Total funds raised exceed $1.15 billion with African partnership, fueling growth in healthcare and financial services.

LeapFrog Investments has closed its fourth fund (“Fund IV”) with commitments and designated co-investments totaling $1.02 billion, surpassing its initial $1 billion target. Including an additional partnership with Prudential Financial to invest in African financial services firm Alexander Forbes, the firm has raised over $1.15 billion in this fundraising cycle.

Why it matters: LeapFrog continues to attract world-class institutional investors, expanding its reach and impact in emerging markets.

Investor Highlights:

• Cornerstone Investors: Temasek, AIA, Prudential Financial, European Investment Bank, and the U.S. International Development Finance Corporation.
• New Global Investors: Significant commitments from Sumitomo Mitsui Trust Bank, Van Lanschot Kempen, Eli Lilly and Company, the Ford Foundation, and the IMAS Foundation.
• Broadened Investor Base: New capital from investors in Singapore, China, Japan, Austria, Norway, Oman, and Turkey.

The big picture: Fund IV aims to support 100 million emerging consumers and producers. It has already reached 24 million through five initial investments, all of which have achieved strong revenue growth.

Key Investments:

• Redcliffe Labs: One of India’s largest diagnostics businesses, conducting over 20 million tests through a network of 76 labs and over 1,600 collection centers.
• Sun King: The world’s largest off-grid solar financier, providing 118 million people with access to solar energy and saving low-income households over $7.2 billion in energy expenses.
• bolttech: An insurtech innovator offering embedded insurance across 35 markets, including Indonesia, the Philippines, Thailand, and Vietnam.
• Electronica Finance: Supports rapid MSME growth in India with loans for machinery and equipment, tripling assets under management over the last five years.
• Auxilo Finserve: A higher-education lender in South Asia with 75% compounded annual growth in its loan book over three years.

What they’re saying:

Andy Kuper, Founder and CEO, LeapFrog Investments:

“What LeapFrog’s team has achieved in this fundraising cycle is phenomenal, attracting world-class institutional investors, many from new markets, to our distinctive Profit with Purpose strategies. Recent years have seen one of the most challenging fundraising cycles for private equity this century, with capital raised in 2023 the lowest in the past six years. Yet LeapFrog has been able to distinguish itself through deep local sourcing and industry insight, distinctive value creation, authentic impact management and ultimately robust results. We will continue to build this magnet for forward-looking global investors. Together, we are in a unique position to pursue strong returns and positively change millions of lives.”

Dominic Barton, Chairman, LeapFrog Investments:

“LeapFrog’s mission is underpinned by our committed, commercially astute, and socially responsible limited partners. We want to thank those investors today for putting their faith in the LeapFrog team to deliver strong risk-adjusted returns across exciting, innovative businesses in high-growth markets. Fund IV will be instrumental in scaling the impact champions of the future in financial services and healthcare, as well as building future prosperity and economic resilience for emerging consumers.”

The bottom line: LeapFrog Investments is setting new records in impact investing, leveraging global investor support to drive growth in healthcare and financial services across emerging markets.