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 \u2014 tapping into the demand of consumers in Asia and Africa. LeapFrog said the fund\u2019s investors include many of the world\u2019s leading insurers, pensions and asset managers, development finance institutions, foundations and family offices. Some of its backers include AIG, AXA XL, Pinebridge, Germany\u2019s DEG, Merck & Co, Ford Foundation and the Rockefeller Foundation. Also read | Swiggy orders jump over 100 times as cricket fans get online food during IPL matches \u201cThe new fund-raise will take LeapFrog to $1.6 billion of total commitments,\u201d 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 \u2014 WorldRemit, NeoGrowth, Goodlife Pharmacy, Pyramid Pharma and Ascent Meditech. \u201cWe typically invest between $10 million and $50 million in capital,\u201d it claims on its website. Read | Jet Airways crisis: Etihad Airways submits binding bid as submission deadline ends today Last year in July, LeapFrog acquired a majority stake in Ascent Meditech \u2014 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.