LeapFrog raises $700m Emerging Markets Fund III

This marks an increase on the volume of its predecessor fund LeapFrog Emerging Markets Fund II, which raised $400m in 2014. The firm's debut fund closed on $135m in 2009.

LeapFrog has invested in 26 businesses since its inception. Its latest fundraise will take the firm to $1.6bn in total commitments.

Cebile Capital acted as placement agent to the fundraise.

Investors
Prudential Financial, Overseas Private Investment Corporation and IFC acted as lead investors. The fund drew insurance companies, pension funds, asset managers, development financiers, corporations and foundations as LPs.

Insurance companies investing in the fund included Admiral, AIG, Axa XL, Everest Re, Hannover Re, Prudential Financial, QBE and Zurich.

Pensions and asset managers such as US-based Ascension Capital, Pinebridge and TIAA-Nuveen, European investors Kempen, Partners Group Impact, Stiftung Abendrot and SBZ, and Australia-based Christian Super and Hesta also invested.

Germany-based DEG, IFC and France-based Proparco are some of the development financiers invested in the fund.

Merck & Co, as well as foundations including PactWorld, the Ford Foundation and the Rockefeller Foundation, also invested.

Investments
LeapFrog Emerging Markets III invests in healthcare and financial services companies in emerging markets such as Africa and Asia. The firm typically writes equity tickets of $10-50m.

The new fund has already made investments in five companies: UK-based remittances provider WorldRemit, unsecured credit provider NeoGrowth, healthcare provider Goodlife Pharmacy, medical products distributor Pyramid Pharma and orthopaedic products producer Ascent Meditech.

Previously, LeapFrog has invested in Sweden-based life insurance provider Bima and UK-based software company Striva.

People
LeapFrog Investments – Andrew Kuper (founder, CEO); Nick Moon (partner, head, investor relations).
Prudential Financial – Charles Lowrey (chairman, chief executive officer).
Overseas Private Investment Corporation – David Bohigian (acting president, CEO).
IFC – Philippe Le Houérou (CEO).

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