The IFC’s Board of Directors is expected to meet in the middle of May to consider a potential capital commitment of $25 million to LeapFrog Emerging Consumer Fund III, a 10-year closed-end fund that will look to back mid-market growth capital opportunities in Africa as well as South and South East Asia.
The fund, which is targeting $800 million at final close, will be managed by LeapFrog Investments, the emerging markets private equity investor whose mantra of “profit with a purpose” looks for investments that generate returns but also positively impact many lives. LeapFrog’s founder, Andrew Kuper, will chair the fund’s investment committee, which also includes Jim Roth his co-founder and fellow LeapFrog Partner.
Approximately 30% of the fund will be allocated to healthcare investments, with the balance being reserved for opportunities in the financial services sector. The firm’s investment team will look to make equity and quasi-equity opportunities averaging $25 million to $30 million in size. It’s expected that the growth of the fund’s portfolio companies will significantly strengthen job creation in the areas in which they operate and boost the development of the private sector of by encouraging the companies to expand domestically and across their regional borders.