LeapFrog gets $200m as OPIC commits to emerging markets GPs
The Overseas Private Investment Corporation (OPIC) has committed $200 million to LeapFrog Investments as part of a $1 billion financing drive for development-oriented funds in emerging markets.
A total of nine funds have won OPIC backing, five of which are wholly or partially focused on Asia. It follows an appeal by the US development finance institution earlier this year for fundraising proposals from emerging markets GPs.
In addition to LeapFrog, Apis Partners will receive $75 million for financial services investments in South Asia and Africa, the Abraaj Group will get $150 million for its South Asia and Sub-Saharan Africa markets healthcare fund, and 57 Stars has won $150 million for an emerging markets fund-of-funds.
A further $200 million will go to ISQ Asia Aggregator, a fund managed by I Squared Capital that makes infrastructure investments in South and Southeast Asia. I Squared, which closed its debut global fund at $3 billion earlier this year, also has a dedicated investment vehicle with the International Finance Corporation.
"Spanning four continents and investing capital into key sectors like healthcare, financial access, energy and infrastructure, these investment funds present sound strategies for financial returns that bring with them social and development returns," Elizabeth Littlefield, OPIC's president and CEO, said in a statement.
The $200 million allocation to LeapFrog takes the impact investment group's total commitments to more than $1 billion. LPs in its existing funds include AIG, Alliance Trust, AXA, HESTA, RGA Reinsurance, Zurich Insurance Group, MetLife, Prudential, XL Group, Achmea, PartnerRe, Swiss Re, CDC Group, DEG, the European Investment Bank, and FMO.
Last year, LeapFrog reached a final close of $400 million on its second fund targeting financial services in emerging Asia and Africa. The vehicle is three times the size of its 2009 vintage predecessor.
In 2015, the group has backed the likes of Indian non-banking finance company (NBFC) Magma Fincorp, Thailand's Syn Mun Kong Insurance, Indonesia's Reliance Capital Management, and IFMR Holdings, another Indian NBFC.
"OPIC's vision and capital are a magnet for other leading institutions, revealing how to invest in companies that reach billions of underserved consumers. The greatest financial and social opportunity of our era is to serve these real needs, tapping vast new markets, and achieving profit with purpose," said Andrew Kuper, founder and CEO of LeapFrog, in a statement.
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