Private equity impact investor LeapFrog Investments has closed its fourth fund with commitments and designated co-investments totalling US$1.02 billion, having initially targeted US$1 billion. The fundraise included US$808 million of primary fund commitments and up to US$210 million of pre-allocated co-investment to accelerate high-impact healthcare and financial services companies in growth markets. In combination with a partnership with Prudential Financial to invest in African financial services firm Alexander Forbes, the close brings new allocations to LeapFrog’s healthcare and financial services strategies across the recent fundraising cycle to over US$1.15 billion. Separately, LeapFrog also recently launched a climate strategy investing in green tools and technologies across Africa and Asia. Cornerstone investors for Fund IV include limited partners such as Temasek, AIA, Prudential Financial, and development financial institutions, including the European Investment Bank and the US International Development Finance Corporation. LeapFrog also drew commitments from global asset managers Sumitomo Mitsui Trust Bank and Van Lanschot Kempen, healthcare strategic investor Eli Lilly, and foundations and endowments such as the Ford Foundation and the IMAS Foundation, a purpose-led independent asset manager supporting the INGKA Foundation. Fund IV also broadened its investor base to Singapore, China, Japan, Austria, Norway, Oman and Turkey. According to LeapFrog, the fund aims to support 100 million emerging consumers and producers and has already reached 24 million through five initial companies. “Fund IV will be instrumental in scaling the impact champions of the future in financial services and healthcare, as well as building future prosperity and economic resilience for emerging consumers,” said Chairman Dominic Barton.
