LeapFrog to hold final close of $1b growth-stage fund in early 2024

LeapFrog to hold final close of $1b growth-stage fund in early 2024

Global impact fund manager LeapFrog said on Wednesday it will hold the final close of its fourth, flagship growth equity fund in end-February next year.

The fund, dubbed Emerging Consumer Fund IV is targeting to raise $1 billion, and has already raised a “significant share” from investors such as Hong Kong insurer AIA and Singapore’s Temasek. This would be the investment firm’s largest corpus raised to date. 

The fund is also backed by the World Bank’s International Finance Corporation (IFC) and European Investment Bank (EIB), which have committed $50 million and $60 million respectively to the vehicle. US insurance company Prudential Financial is also a limited partner (LP) in the fund. 

The growth equity fund invests in financial services and healthcare businesses in global growth markets.

It has made three investments so far, including leading a $61 million funding round in India’s diagnostics platform Redcliffe Labs, a $70 million add-on to Kenya-based off-grid solar energy company Sun King’s Series D round, and a $50 million injection in Singapore insurtech unicorn Bolttech.

The fund’s predecessor, a 2018 vintage which closed at $743 million, has backed fintech unicorns such as CarDekho and Zepz. Some of the companies in its portfolio include HealthifyMe, InsuranceDekho, MedGenome, and Shubham Housing Finance.

“This fundraise has shown us that impact investing as a strategy has reached the boardrooms of the world’s largest asset allocators and managers in diverse industries,” said Andrew Kuper, founder and CEO of LeapFrog in the company announcement.

“The fund will support private sector growth in Africa and Asia, bridge the investment gap in healthcare in emerging markets, and further accelerate financial inclusion across multiple populations. The fund will be one of the largest Africa-focused funds in the region,” said William Sonneborn, global director of disruptive technologies, creative industries, and funds at IFC.

LeapFrog primarily targets growth-stage private equity opportunities in emerging Asia and Africa, with India as its biggest market currently, followed by other Southeast Asian economies such as Vietnam, Indonesia, and Thailand. Founded in 2007, it has offices across Asia, Africa, Australia, and the UK.

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