LeapFrog in $204m first close on emerging markets microfinance fund
Specialist microfinance investor LeapFrog Investments has reached a first close of $204 million for its second fund after just eight months in the market. The vehicle, which has a full target of $400 million, will back companies in South Asia, Southeast Asia and Africa.
Backers include insurers such as MetLife, Prudential, XL Group, Achmea, PartnerRe and Swiss Re. JPMorgan Chase, Christian Super and TIAA-CREF have also committed capital, as well as development finance institutions CDC Group, DEG, the European Investment Bank, FMO, and Oikocredit.
The fund will make equity investments of up to $60 million in companies that provide financial services such as insurance, savings, pensions and investment products to the low-income demographic.
LeapFrog's priority markets are Indonesia, the Philippines, India, Sri Lanka, Kenya, South Africa, Nigeria and Ghana. Financial services growth in these countries in 2012 averaged 17.4%, more than four times nominal global GDP growth.
Its portfolio currently includes Mahindra Insurance Brokers and Shriram CCL in India.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.