LeapFrog Investments, a prominent global impact investor, has closed its fourth fund (Fund IV) at $1.15 billion, exceeding its initial $1 billion target and marking the largest fundraise in its 15-year history. The fund will focus on healthcare, financial services, and climate solutions in high-growth markets, particularly Africa and Asia.

The $808 million in primary commitments, along with $210 million in co-investments, reflect strong backing from institutional investors, including Temasek, Prudential Financial, and the European Investment Bank. For the first time, LeapFrog also attracted investors from new regions such as Japan, Singapore, and China, signaling growing global confidence in its mission of delivering both financial returns and measurable social impact.

“Our ability to raise this fund in one of the most challenging fundraising environments in years underscores the strength of our ‘Profit with Purpose’ model,” said Andy Kuper, Founder and CEO of LeapFrog Investments.

LeapFrog ’s deepening presence in Africa is exemplified by its investment in Sun King, a leader in off-grid solar energy solutions. Sun King has reached 118 million people across Africa and Asia, providing access to affordable solar power and significantly reducing household energy costs. It has also played a pivotal role in decreasing reliance on environmentally harmful energy sources such as kerosene and diesel.

The firm’s partnership with Prudential Financial further highlights its commitment to the continent. As part of this collaboration, LeapFrog has allocated funds to African financial services leader Alexander Forbes, aiming to expand access to financial products in underserved markets.

Fund IV has already made significant investments in companies with scalable, high-impact business models:

• Redcliffe Labs: A diagnostics provider in India that has conducted over 20 million tests, leveraging a vast network of labs and collection centers.
• bolttech: An insurtech innovator offering embedded insurance solutions in over 35 markets, including Indonesia and the Philippines.
• Electronica Finance: A financial services firm enabling India’s MSMEs to grow through loans for machinery, solar projects, and other critical investments.
• Auxilo Finserve: A South Asia-focused higher education lender, supporting the aspirations of a young population through accessible financing.

These investments collectively embody LeapFrog’s dual mandate of delivering robust financial returns while addressing pressing social and environmental challenges.

A Growing Legacy in Africa

LeapFrog has a strong history of investing in Africa, with past investments in companies such as JUMO and Interswitch. The firm’s latest efforts reflect its broader ambition to empower emerging consumers and producers through targeted, high-impact investments.

Dominic Barton, Chairman of LeapFrog and Ugandan-born Canadian business executive, author, and diplomat, emphasized the firm’s commitment to building resilient economies in underserved regions. “This fund is not just about financial growth; it’s about scaling businesses that transform lives,” he said.

With Fund IV, LeapFrog aims to reach 100 million emerging consumers, adding to the 537 million people already served by its portfolio companies in 37 countries. The firm also continues to explore climate-focused opportunities, addressing the urgent need for sustainable solutions in emerging markets.

As global demand for socially responsible investing grows, LeapFrog’s ability to align capital with impact sets it apart. By delivering on its promise of “Profit with Purpose,” the firm remains at the forefront of the impact investment movement, driving change where it is needed most.

LeapFrog’s $1.15 billion Fund IV solidifies its leadership in the impact investing space, combining financial acumen with a mission to foster inclusive growth. Through investments like Sun King and other transformative enterprises, LeapFrog is poised to create long-lasting economic and social value in Africa and beyond.