LeapFrog Investments, a private equity firm based in South Africa and Australia, raised US$1.02 billion for its fourth fund from institutional investors including Singapore state investment company Temasek Holdings, which was a cornerstone investor.
Other cornerstone investors include Hong Kong insurer AIA Group and US insurer Prudential Financial. Over half the money raised came from Asia, LeapFrog says in a statement recently.
Regular investors in the fund include Japan’s Sumitomo Mitsui Trust Bank and US healthcare company Eli Lilly and Co.
“What LeapFrog’s team has achieved in this fundraising cycle is phenomenal, attracting world-class institutional investors,” according to Andy Kuper, the firm’s founder and chief executive officer.
The fund invests in high-growth financial services, healthcare and climate solutions companies in emerging markets in Africa and Asia.
It has invested in at least five companies: three from India, including Redcliffe Labs, a firm that provides low-cost health diagnostics services; Sun King, an off-grid solar financier in Kenya; and Bolttech, a Singapore insurtech company that offers low-cost insurance policies.
“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,” Kuper says.
