Profit for Purpose Investor Receives $500M
27 January 2016 at 10:15 pm
Australian profit for purpose investor, LeapFrog Investments, has received US$350 million (A$500 million) from Fortune 500 insurance company, Prudential Financial, to expand its operations in Africa.
Managed by LeapFrog, the new impact investment fund will target investments in life insurance companies in countries including Ghana, Kenya and Nigeria over a three-five year period, assisting emerging markets in accessing insurance, savings, pensions or credit for the first time.
Andrew Kuper, founder and CEO of LeapFrog Investments, which was established in Sydney in 2008, said the investment would help to close the protection gap for millions of people in emerging markets.
“This partnership will help address that need, while tapping some of the world’s highest growth markets,” Kuper said.
“We are delighted to broaden our relationship with Prudential, a values-driven partner whom we know well and greatly respect for its global leadership in life insurance, retirement and asset management.
“By enabling LeapFrog to pursue larger and more established assets than via our private equity funds, this partnership also diversifies our capabilities as an alternative investment group.”
Prudential is also a member of the LeapFrog Insurance Innovation Circle.
“This investment expands Prudential’s footprint into Africa, a continent that we believe offers tremendous potential for growth over the long term,” chief operating officer of Prudential’s international businesses, Charles Lowrey, said
“We are delighted to partner with LeapFrog Investments, given their deep experience in Africa, and their impressive record of success as insurance investors focused on emerging consumers.”