LeapFrog Investments raised $1.2 billion in its fourth fundraising cycle through primary commitments and co-investments from institutional investors such as Temasek, AIA and Everest Global, and a partnership with Prudential Financial.
The fund invests in high-impact healthcare and financial services companies globally, the firm said in a statement on Nov. 26. Over the past year, it has made five impact investments including Indian diagnostics business Redcliffe Labs, off-grid solar financier Sun King, and higher-education lender Auxilo Finserve.
The fund drew $1.02 billion in commitments and co-investments from investors including Singapore state investment firm Temasek, with S$389 billion ($289.5 billion), International Finance Corp., reinsurer Everest Global, Sumitomo Mitsui Trust Bank, and Hong Kong-headquatered insurer AIA. Temasek had in 2021 committed $500 million to a strategic partnership with LeapFrog Investments.
Prudential Financial, which managed $1.4 trillion as of Dec. 31, as part of the fundraising round, also signed a partnership with LeapFrog to invest in African financial services firm Alexander Forbes, bringing the total funds raised to $1.15 billion.
“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,” Andy Kuper, LeapFrog founder and CEO, said in the statement. “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.”
