London-based LeapFrog Investments has announced the successful close of its fourth fund (Fund IV), with commitments and designated co-investments totalling $1.02 billion, surpassing its initial $1 billion target. The fund includes $808 million in primary commitments and up to $210 million in pre-allocated co-investment aimed at accelerating high-impact healthcare and financial services companies in global growth markets.
This milestone follows LeapFrog’s partnership with Prudential Financial to invest in Alexander Forbes, a leading African financial services firm. Combined with new allocations in healthcare and financial services strategies, the total capital raised during the recent fundraising cycle exceeds $1.15 billion. LeapFrog has also launched a climate investing strategy targeting green tools and technologies across Africa and Asia.
Fund IV attracted a diverse array of investors, including institutional giants like Temasek, AIA, Prudential Financial, and development finance institutions such as the European Investment Bank and the U.S. International Development Finance Corporation. Other contributors include healthcare investor Eli Lilly and Company, global asset managers like Sumitomo Mitsui Trust Bank, and philanthropic organisations like the Ford Foundation and the IMAS Foundation.
The fund has broadened its investor base into new regions, including Singapore, China, Japan, Austria, Norway, Oman, and Turkey, further promoting impact investing on a global scale.
Fund IV aims to support 100 million emerging consumers and producers globally, with five initial investments already reaching 24 million people—a 40% increase since their involvement.
Key investments include Redcliffe Labs, one of India’s largest diagnostic companies, conducting over 20 million tests through a decentralised network of 76 labs and 1,600 collection centres; Sun King, the world’s largest off-grid solar financier, providing solar energy to 118 million people and saving $7.2 billion in household energy expenses; Bolttech, an insurtech pioneer offering embedded insurance across 35 markets, including Southeast Asia; Electronica Finance, supporting India’s MSME sector, tripling its assets under management over five years, and; Auxilo Finserve, a higher-education lender in South Asia, achieving 75% annual growth in its loan book as it caters to India’s growing youth population.
Andy Kuper, Founder and CEO, LeapFrog Investments said, “What LeapFrog’s team has achieved in this fundraising cycle is phenomenal, attracting world-class institutional investors, many from new markets, to our distinctive Profit with Purpose strategies. Recent years have seen one of the most challenging fundraising cycles for private equity this century, with capital raised in 2023 the lowest in the past six years. Yet LeapFrog has been able to distinguish itself through deep local sourcing and industry insight, distinctive value creation, authentic impact management and ultimately robust results. We will continue to build this magnet for forward-looking global investors. Together, we are in a unique position to pursue strong returns and positively change millions of lives.”
Dominic Barton, Chairman, LeapFrog Investment said, “LeapFrog’s mission is underpinned by our committed, commercially astute, and socially responsible limited partners. We want to thank those investors today for putting their faith in the LeapFrog team to deliver strong risk-adjusted returns across exciting, innovative businesses in high-growth markets. 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.”
