LeapFrog Investment’s latest fund, LeapFrog Fund IV, which is raising USD 1bn has earmarked its final close in February 2024. Fund IV is an Article 9 EU SFDR compliant fund and is a signatory to the 2X Challenge.
The fund has been backed by Temasek, Asia AIA, Prudential Financial. Eli Lilly and DFIs that include the IFC, the European Investment Bank, Van Lanschot Kempen and endowments and philanthropies that include the Ford Foundation.
The equity fund invests in financial services and healthcare businesses has already completed three investments, which include Sun King—the world’s largest off-grid solar energy company that has so far offset 44 million tonnes of CO2.
In 2021, Temasek committed USD 500mn to the impact investor while, this year, AIA made an allocation to support the fund and future investments. Prudential Financial has increased its commitment and has now committed over USD 500mn to the firm. Meanwhile, the IFC and EIB have committed USD 50mn and USD 60mn, respectively.
LeapFrog is still vetting qualified investors to finalise the composition of the fund’s investor base.