LeapFrog Investments, a Mauritius-based private equity firm, recently announced the closing of its LeapFrog Emerging Consumer Fund III at a volume of USD 700 million. LeapFrog III will pursue equity investments in businesses that offer financial and healthcare services in emerging markets in Africa and Asia. The new fund is LeapFrog’s third and largest fund with its two preceding funds having closed in 2009 and 2014 at USD 135 million and USD 400 million, respectively.
LeapFrog III has made investments of unspecified amounts in five businesses so far: WorldRemit, a UK-based digital remittance provider; NeoGrowth, an India-based lender to micro, small and medium-sized enterprises; Goodlife Pharmacy, a Kenya-based healthcare services provider; Pyramid Pharma, a Tanzania-based distributor of medicine and medical equipment; and Ascent Meditech, an India-based manufacturer of orthopaedic products.
LeapFrog III’s investors include insurers, other for-profit corporations, development finance institutions, and pension and asset managers.
As of 2019, LeapFrog reports that its equity investments, which span 35 nations, have “grown at a…rate of nearly 40 percent a year, on average.” The close of LeapFrog III brings LeapFrog to having raised total capital of approximately USD 1.6 billion.
By Jolene Khor, Research Associate
Sources and Additional Resources
Leapfrog press release: “Leapfrog Breaks Impact Investing Record, with $700m Emerging Markets Fund”
https://www.leapfroginvest.com/leapfrog-breaks-impact-investing-record-with-700m-emerging-markets-fund/
Impact Assets profile: LeapFrog Investments
https://www.impactassets.org/ia50_new/fund.php?id=a01E000000TzYsIIAV
LeapFrog Emerging Consumer Fund III overview
https://www.opic.gov/sites/default/files/files/9000031489.pdf
WorldRemit homepage
https://www.worldremit.com
NeoGrowth homepage
https://www.neogrowth.in
Goodlife Pharmacy homepage
http://goodlife.co.ke
Pyramid Pharma homepage
https://www.pyramidpharma.com
Ascent Meditech homepage
https://www.ascentmeditech.com
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