LeapFrog Investments collected USD 204 million for its second fund in just eight months. Insurance companies, global banks and development financial institutions around the world participated in the initial funding round.
Insurance companies that committed capital to the fund included MetLife Inc., Prudential (USA), XL Group, Achmea, PartnerRe and Swiss Re. Meanwhile, JPMorgan Chase & Co., Christian Super, TIAA-CREF also supported LeapFrog's second fund. The CDC, DEG, European Investment Bank, FMO, and Oikocredit also gave the second fund of the emerging markets fund manager their support.
Fund II would invest in firms that provide insurance, savings, pension services and investment products to African, South Asian and Southeast Asian clients.
LeapFrog Investments President and Founder Dr. Andrew Kuper said the support of the investors highlighted the attraction of the emerging consumer segment. "There are 1.9 billion emerging consumers in LeapFrog's target regions, and their spending power is forecast to rise from $2 trillion today to $5 trillion in the coming decade. Financial services are crucial springboards for households and businesses, but access is very limited. LeapFrog backs the best companies to serve this vast and untapped market," he added.
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