LeapFrog announces emerging market fund of $700 million

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Mumbai | Published: May 11, 2019 4:17:26 AM

LeapFrog Investments announced on Friday its emerging markets fund has surged past its $600 million target to reach $700 million.

LeapFrog said the fund’s investors include many of the world’s leading insurers, pensions and asset managers, development finance institutions, foundations and family offices.

LeapFrog Investments announced on Friday its emerging markets fund has surged past its $600 million target to reach $700 million. The new fund invests in healthcare and financial services companies — tapping into the demand of consumers in Asia and Africa.

LeapFrog said the fund’s investors include many of the world’s leading insurers, pensions and asset managers, development finance institutions, foundations and family offices. Some of its backers include AIG, AXA XL, Pinebridge, Germany’s DEG, Merck & Co, Ford Foundation and the Rockefeller Foundation.

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“The new fund-raise will take LeapFrog to $1.6 billion of total commitments,” it said. LeapFrog clarified in an emailed query that it is in the process of potentially bringing in one final investor and has extended the fundraise specifically for that investor, till the end of May.

According to the release issued by the firm, its new fund has already made five investments — WorldRemit, NeoGrowth, Goodlife Pharmacy, Pyramid Pharma and Ascent Meditech.

“We typically invest between $10 million and $50 million in capital,” it claims on its website.

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Last year in July, LeapFrog acquired a majority stake in Ascent Meditech — a medical products company and distributor of niche consumer healthcare products, with a focus on orthopedics, pain and wound care.

Prior to that in January 2018, LeapFrog had led a $47 million investment round in NeoGrowth, with existing investors Aspada Investment Company and Quona Capital also participating.

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