LeapFrog Investments backs extraordinary business in Africa and Asia, partnering with their leaders to achieve leaps of growth, profitability and impact. LeapFrog’s methodology has helped its companies to reach over 500 million people with healthcare, financial tools and climate solutions, all while delivering for investors.
The private equity specialist’s investment strategy has always been about backing companies that deliver essential services to emerging consumers, specifically, the four billion people globally who are rising into the consumer class.
LeapFrog has also launched a climate investing strategy to provide green tools and technologies that support these populations. Founder and CEO Dr Andy Kuper AO explained, “In the next decade we want to act as a catalyst and enabler for billions of low-income consumers finding clean pathways into prosperity by accessing – via LeapFrog companies – sustainable, efficient products that both improve their quality of life and protect their environment”.
Fund IV attracts world-class institutional investors in challenging market
LeapFrog successfully completed the final close of its fourth flagship fund last September, securing $808 million in primary commitments and up to $210 million in pre-allocated co-investment to accelerate high-impact healthcare and financial services companies in global growth markets.
This was raised in one of the most challenging fundraising environments in recent memory, underscoring strong investor confidence in its proven model of investing at the intersection of profit and purpose.
The Fund will accelerate the growth of high-impact, tech-enabled businesses delivering essential healthcare and financial services to emerging consumers across South Asia, Southeast Asia, and Africa — regions that represent four billion people and nearly 40% of global GDP.
Cornerstone investors for Fund IV include top-tier institutional limited partners such as Temasek, AIA, Prudential Financial, and development financial institutions, including the European Investment Bank and International Finance Corporation (IFC) . It also drew significant commitments from global asset managers such as Sumitomo Mitsui Trust Bank and Van Lanschot Kempen, healthcare strategic investor Eli Lilly and Company, and foundations and endowments such as the Ford Foundation and the IMAS Foundation.
The fund also marks a step-change in the firm’s global investor base. Asian LPs now account for over 35% of commitments — up from just 5% in previous funds — with new backers from Singapore, China, and Japan. Commitments from Austria, Norway, Oman, and Turkey further extend LeapFrog’s global footprint, helping to build local ecosystems of purpose-driven investors.
“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,” said Kuper.
“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.”
Emerging Markets Impact Investment of the Year
Earlier this year LeapFrog Investments was recognised for its global leadership in impact investing in emerging markets at the Australian Impact Investment Awards, hosted by Impact Investing Hub during the Impact Investment Summit Asia Pacific.
LeapFrog’s Growth Equity Strategy was jointly awarded Emerging Markets Impact Investment of the Year (sponsored by DFAT), alongside Good Return. Founder and CEO Dr Andy Kuper AO also received an Outstanding Individual Achievement Award (sponsored by Australian Ethical Investment) for his contributions to co-building this industry over the past 18 years.
Impact Results
LeapFrog’s Impact and Investment Results 2024-25 reveal that its portfolio companies reached 559 million people last year, including over 403 million low-income emerging consumers living on less than $11.20 a day. These companies now support 33 million jobs through the 24 million emerging enterprises (MSMEs) they finance and protect.
During the year, LeapFrog portfolio companies surpassed $7.1 billion in revenues, driven by a compound annual growth rate of 22% on average across the 18 year life of LeapFrog. Last year also saw increased impact on profitability, with a 9% rise in portfolio profit margins for active companies in Funds III and IV, supported by LeapFrog’s proprietary value creation tools, including the Talent Accelerator and Customer Experience Launchpad.
For more see: https://leapfroginvest.com/
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