LeapFrog Closes Flagship Fourth Fund with $1.02B Raised

London’s LeapFrog Investments announced that it has surpassed its initial $1B target for its fourth social impact fund, closing with $1.02B in aggregate capital and co-investment commitments and marking the firm’s largest ever fundraise.

Fund IV was oversubscribed by both new and existing investors – more than half from Asia – with cornerstone investors including Temasek, AIA, Prudential Financial, the European Investment Bank, and the US International Development Finance Corporation. The commitments consist of $808M for the primary fund and another $210M through its co-investment feature. LeapFrog said it has also partnered with Prudential Financial, which will invest in African financial services firm Alexander Forbes, bringing total raised capital for its healthcare and financial services platform to $1.15B after the fourth fund’s close.

So far, Fund IV has deployed investments in five portfolio companies: Indian diagnostics company Redcliffe Labs; off-grid solar financier Sun King; insurance tech platform bolttech; Indian MSME lender Electronica Finance; and Indian student loan provider Auxilo Finserve. The impact fund said it has supported 24 million “emerging consumers and producers” through its five initial investments, against a total target reach of 100 million consumers.

Source:

https://leapfroginvest.com/press-release/leapfrog-raises-over-1bn-in-fourth-fundraising-cycle/