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LeapFrog Investments
LeapFrog Investments, founded by Andrew Kuper in 2007, runs growth-equity strategies in African and Asian financial services and healthcare.
LeapFrog Investments
LeapFrog Investments is an SEC-registered investment adviser founded in 2008, with a presence in Ebène, Mauritius since 2014.
General information
Firm type
Private Equity
Year founded
2007
AUM
Undisclosed
Location
Region
Africa
Country
South Africa
City
Johannesburg
Corporate office
Johannesburg, South Africa
Additional offices
Singapore · London · Nairobi · New York
Principals
Andrew Kuper
Founder and CEO
Sector focus
Frequently asked questions
How does LeapFrog measure impact, and is it audited?
LeapFrog uses a proprietary registered framework called FIIRM (Financial, Impact, Innovation, and Risk Management) to score every investment. The metrics are integrated into deal underwriting and annual portfolio reviews, not treated as a separate ESG exercise. The firm publishes an annual impact report audited by independent assurance providers, giving allocators a consistent year-over-year view of outcomes.
What is the typical equity check size for a LeapFrog direct investment?
The firm typically writes equity checks between $20 million and $70 million for significant minority or control positions. This applies to its flagship fund series, which targets financial services and healthcare companies in markets across Sub-Saharan Africa and South and Southeast Asia.
Does LeapFrog invest in funds or only directly in companies?
LeapFrog operates both a direct investment strategy and a specialized fund-of-funds program. The fund-of-funds vehicle is designed to back emerging private equity managers in Africa, a model that expands the firm's reach into smaller-stage opportunities while building local GP capacity.
Who anchors LeapFrog's limited partner base?
LeapFrog's LP base is anchored by global insurers and development finance institutions. Named backers include Prudential Financial, AIA Group, and the International Finance Corporation (IFC). In 2024, Temasek made a strategic commitment to anchor the firm's fourth flagship fund.
Where does LeapFrog maintain permanent offices?
The firm operates from five offices: two headquarters in Johannesburg, South Africa, and Singapore, with additional offices in London, Nairobi, and New York. This distributed footprint places investment teams in proximity to both portfolio markets and institutional capital hubs.
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