Business Wire

LeapFrog Breaks Impact Investing Record, with $700M Emerging Markets Fund

Share

LeapFrog Investments has announced the largest-ever private equity fund by a dedicated impact fund manager, surging past its $600m target to reach $700m. The new fund invests in healthcare and financial services companies – tapping into the demand from billions of emerging consumers in Asia and Africa. This fund alone targets reaching 70 million emerging consumers. Investors include many of the world’s leading insurers, pensions and asset managers, development finance institutions, foundations and family offices. The success of the fund reflects LeapFrog’s outstanding track record of delivering both strong financial results and large-scale social impact.

“It is time for a better kind of capitalism. LeapFrog was founded on a philosophy of Profit with Purpose, rejecting conventional trade-off thinking in financial markets. That has proved a winning strategy, driving strong growth and returns while changing tens of millions of lives,” said Dr. Andrew Kuper, Founder and CEO of LeapFrog Investments. “Today’s announcement marks an unprecedented level of commitment to independent impact investment managers, with a new fund backed by diverse best-in-class institutional investors. It also marks an important moment for responsible private equity. As our third fund and largest fund, it is a decisive demonstration that meeting the real needs of under-served people is great business.”

“Prudential’s lead investment in LeapFrog’s latest fund underscores our conviction in the power of capital-based solutions to solve the financial, social, environmental, and economic challenges of our changing world,” said Charles Lowrey, Chairman and Chief Executive Officer of Prudential Financial, Inc. “We are pleased to partner with LeapFrog to realize the enormous potential for inclusive growth and shared prosperity in emerging Asia and Africa.”

LeapFrog has invested in 26 businesses to date. They have grown at an exceptional rate of nearly 40 per cent a year on average from the time of investment. LeapFrog companies now reach 168 million people across 35 countries with healthcare or financial services. Over 136 million of those individuals are emerging consumers – defined by The World Bank as living on under $10 a day. Most are accessing quality insurance, savings, pensions, credit, remittances, medicines or healthcare services for the first time.

LeapFrog’s new fund has already made five investments: WorldRemit is the leading digital remittances provider globally. NeoGrowth provides innovative unsecured-credit products to micro, small and medium enterprises across India. Goodlife Pharmacy chain is now the largest provider of healthcare services in East Africa. Pyramid Pharma is a distributor of medicines and diagnostic and surgical equipment across Africa. And Ascent Meditech manufactures and delivers orthopaedic products across India that help avoid crippling pain. These businesses use innovative marketing or distribution via mobile phones to reach millions of customers not well-served by conventional companies.

This is LeapFrog’s third fund and it will once again be oversubscribed. Most backers are repeat investors with LeapFrog. They include:

  • Global insurers Admiral, AIG, AXA XL, Everest Re, Hannover Re, Prudential Financial, QBE and Zurich
  • Leading pensions and asset managers such as Ascension Capital, Pinebridge and TIAA-Nuveen (USA), Kempen, Partners Group Impact, Stiftung Abendrot and SBZ (Europe) as well as Christian Super and HESTA (Australia)
  • Leading development financiers such as Germany’s DEG, IFC and France’s Proparco; also a board-approved commitment from the U.S.’s Overseas Private Investment Corporation
  • Major corporations such as Merck & Co., Inc., known as MSD outside U.S. and Canada, and foundations including PactWorld, the Ford Foundation and the Rockefeller Foundation

The new fundraise will take LeapFrog to $1.6bn of total commitments, sustaining its position as the largest private equity manager entirely dedicated to impact investing.

“As pioneers of commercial impact investing, our goal over the last decade has been to build truly differentiated investment vehicles, that present a compelling opportunity for top-tier investors to access emerging markets – and fulfill their financial and purpose objectives,” said Nick Moon, LeapFrog Partner and Head of Investor Relations. “We have been delighted with the enthusiasm for this latest fund from longstanding as well as first-time investors.”

The fund also received strong backing from global leaders in development finance. “OPIC is committed to supporting breakthrough investment in developing countries. LeapFrog is a compelling fund manager and strong partner for deploying capital into successful companies to bring large-scale impact,” concluded David Bohigian, Acting President and CEO of OPIC. “We are very pleased to be a lead investor in this new fund for emerging markets in Asia and Africa. This will expand the reach of development finance through investments in innovative portfolio companies that will serve millions of new consumers in the developing world.”

“We want to substantially increase impact investing for a sustainable world – so we are delighted to be supporting the largest equity fund by a dedicated impact manager in emerging markets,” said Philippe Le Houérou, CEO of IFC, the private sector arm of the World Bank Group and a lead investor in the new fund. “By investing in this fund, IFC is expanding our long-standing partnership with LeapFrog and together we will drive this investment toward financial inclusion and health access. We want more and more investors who are looking to do well while also doing good.”

About LeapFrog Investments

LeapFrog invests in exceptional businesses in Africa and Asia, partnering with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now reach 168 million people across 35 countries with healthcare or financial services. Over 136 million of those individuals are emerging consumers, often accessing quality insurance, savings, pensions, credit, medications or healthcare for the first time. LeapFrog companies have grown on average by nearly 40 per cent a year since investment. These companies now provide jobs and livelihoods to over 124 thousand people. LeapFrog was recently ranked by Fortune as one of the top five companies to change the world, alongside Apple and Novartis. www.leapfroginvest.com

Contact information

Laura Kemp-Pedersen
Chief Marketing Officer
+447585760245
laurakemp-pedersen@leapfroginvest.com

BackBay Communications
Paul Lim
(617) 245-5311
Paul.lim@backbaycommunications.com

Or

Stephen Fishleigh
+44 203 475 7552
stephen.fishleigh@backbaycommunications.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Dr Evidence (DRE), an AI-Enabled SaaS Healthcare Insights Company, Taps Industry Experts Joseph A. Boystak as Chairman of the Board and Ameet Nathwani, MD, as Chairman of its Newly Formed Medical Strategy Advisory Board2.6.2020 17:00:00 EESTPress release

DRE is pleased to welcome Joe Boystak as Chairman of the Board and Ameet Nathwani, MD, as Chairman of its newly formed Medical Strategy Advisory Board (MSAB). These enhancements to the Company reflect the expanded need for keen guidance in this unprecedented time of convergence between expert AI-enabled technology in healthcare and the exponential growth of clinical information. DRE is dedicated to applying sophisticated data science with advanced AI to generate quicker, deeper, more nuanced regulatory-grade scientific and clinical insights for the betterment of patient outcomes. Boystak is an experienced healthcare venture capitalist and senior healthcare investment banker having been Founding Managing Partner at Health2047 Capital Partners and Founding Managing Director, Global Life Sciences at Jefferies. He is CEO of Brightwaters Capital and is a serial co-founder/investor in biomedical, med tech, health information technology, and artificial intelligence companies with spinouts fro

ZOOM International to Begin Doing Business As Elevēo2.6.2020 17:00:00 EESTPress release

ZOOM International a worldwide leader in omni-channel compliance recording, workforce optimization (WFO), and revenue protection software for contact centers will begin doing business solely as elevēo beginning June 2nd, 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200602005093/en/ For over 20 years, ZOOM International has been a leading workforce optimization software provider in the contact center industry. Very early on, we were approached to solve a compliance problem with call recording. We built a creative software solution in record time, and began a journey crossing continents, employing hundreds of colleagues, and eventually improving operations, compliance, and customer experience for thousands of customers in 94 countries via more than 550 channel partners in the communications industry. Over time we have earned an 88 NPS score from ZOOM International customers & partners for our world-class support and in

Andersen Global Expands Presence in Qatar2.6.2020 16:30:00 EESTPress release

Andersen Global announced its collaboration with Doha-based tax firm MS Partner, adding depth to the organization’s presence in Qatar and expanding its global platform. MS Partner was founded in 2018 and includes two Partners and more than 10 professionals that specialize in providing tax services to a variety of international clients including individuals and companies – both private and public. MS Partner’s Chairman His Excellency Shaikh Sultan Bin Jassim Bin Mohammed Al Thani is a prominent business leader in the State of Qatar. “We value our clients and people, and maintain the highest of professional standards,” said Office Managing Director Manikandan Rajan. “We’ve watched Andersen Global grow regionally as well as globally, and the organization has set the standard for providing clients with best-in-class service in an independent and seamless manner. We look forward to working closely with our fellow collaborating firm in Doha, Al-Khalifa Law, as well as all the collaborating f

Pegasus Development AG: Pegasus Present Its New Brand Pegastril - Nuevo2.6.2020 16:06:00 EESTPress release

The coronavirus pandemic harbours the potential for enormous growth in specific industries. To that end, however, it's important to identify which markets will be dominant in the future. One of the key growth sectors is the production and distribution of disinfectants and associated technologies. Regardless of whether a cure for, or vaccine against, COVID-19 is developed, protection against viruses and bacteria has become incredibly important across the globe and will continue to be a concern going forward. This was one of the reasons why Pegasus Development AG decided to partner with the British disinfectant manufacturer Nuevo. One of the decisive factors choosing Nuevo was its highly competitive product, which is free from alcohol, animal products, perfume, essential oils or dyes. Furthermore, the product has already been tested according to the highest stipulations of the European standard EN 1276, is manufactured according to the latest regulations of the European Biocides Directiv

PVH Corp. Announces Leadership Update at Tommy Hilfiger and PVH Europe2.6.2020 16:00:00 EESTPress release

PVH Corp. (NYSE:PVH), owner of a portfolio of iconic brands including TOMMY HILFIGER and CALVIN KLEIN, announced today that Daniel Grieder is stepping down from his role of Chief Executive Officer, Tommy Hilfiger Global & PVH Europe after 23 years in various management roles within the organization, and will be leaving the company to pursue other interests. Martijn Hagman will succeed Grieder and become the new Chief Executive Officer, Tommy Hilfiger Global & PVH Europe, effective June 2, 2020. Hagman is currently Chief Operating Officer, Tommy Hilfiger Global & PVH Europe and Chief Financial Officer, Tommy Hilfiger Global, overseeing operations, finance, digital business transformation, technology, business development and the Tommy Hilfiger global sustainability program. He is a 12-year veteran of the Tommy Hilfiger leadership team and has been instrumental in Tommy Hilfiger’s impressive global expansion and the strategy that has led to PVH Europe’s consistent year-over-year growth.

Re-Vana Therapeutics Raises $3.25 Million in Pre-Series A Financing2.6.2020 16:00:00 EESTPress release

Re-Vana Therapeutics Ltd, a privately-held specialty therapeutic and drug delivery company developing sustained-release therapeutics for significant sight-threatening ocular diseases, today announced that it has closed $3.25 million in pre-series A financing. The pre-series A round was oversubscribed by more than $1 million and closed in two tranches. The first tranche of $2.08 million was led by ExSight Ventures, with participation from InFocus Capital Partners and existing U.K. investors, including TechStart Ventures, Clarendon Fund Managers and Qubis Ltd. Visionary Ventures led the second closing round of $1.17 million, with additional investment from existing investors. With the second closing, Re-Vana became the first company in which all three specialized U.S. ophthalmic funds have invested in the same company. The proceeds will advance proof-of-concept development for Re-Vana’s proprietary photocrosslinked EyeLief™ and OcuLief™ biodegradable technologies for the delivery of biol

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom