LeapFrog’s third fund is one of the largest ever raised by a dedicated impact fund manager, and pushes the firm’s commitments to $1.6 billion. The firm is targeting emerging consumers in Africa and Asia, defined as those living on less than $10 a day.
LeapFrog’s Andrew Kuper called the fund “a decisive demonstration that meeting the real needs of under-served people is great business.”
The fund already has made five investments, including remittances provider WorldRemit, Indian small-business lender NeoGrowth and Goodlife Pharmacy in East Africa.
Lead investors included Prudential Financial, Overseas Private Investment Corp., and International Finance Corp. The Ford Foundation made a commitment to LeapFrog as part of its $1 billion mission-related investment initiative.