This is a tough environment for raising private capital, but LeapFrog Investments is not deterred. The long-time impact firm announced this week that it will close its latest flagship fund, Emerging Consumer Fund IV, in February 2024. It has raised a “significant share” of the fund’s $1 billion target, the firm said. The fundraising started in April 2022, according to our data.
American pharma business Eli Lilly and Company has invested in the fund, as have development finance institutions International Finance Corporation and the European Investment Bank. Dutch asset management business Van Lanschot Kempen and philanthropic organisation the Ford Foundation have also committed. Temasek, the Singaporean investment giant which is also a strategic investor in LeapFrog, and Prudential Financial, a repeat LP in LeapFrog funds, have both committed.
“This fundraise has shown us that impact investing as a strategy has reached the boardrooms of the world’s largest asset allocators and managers in diverse industries, creating a groundswell of momentum that will deliver huge positive outcomes across emerging economies, benefiting us all,” said Andy Kuper, founder and CEO of LeapFrog.