Private equity firm LeapFrog Investments exited its investment in Ghanaian independent pensions trustee Petra Trust Co.
LeapFrog said in a news release Tuesday it had sold its full stake in the firm to an African Capital Alliance fund, Capital Alliance Private Equity IV. The size of the stake could not be learned by press time.
LeapFrog took a stake in Petra in 2014. Petra has more than 1.4 billion Ghanaian cedi ($311 million) in assets under management.
LeapFrog said its investment was predicated on Ghana's shifting financial services market, including the introduction of a retirement industry due to government reforms between 2008 and 2010.
"In partnership with LeapFrog, we have made key changes to the business, including introducing a world-class governance structure, diversifying our product offering, and opening up access to high-quality, affordable savings for Ghanaians," said Kofi Fynn, managing director at Petra Trust, in the release. "Our work together has set the foundations for the provision of financial security for millions of emerging consumers in Ghana."
The exit is LeapFrog's seventh since November 2016.
A representative for LeapFrog was not immediately available to comment; spokesmen for African Capital Alliance and Petra Trust could not be reached.