LeapFrog Investments, a private equity and alternative investments manager with a portfolio in insurance and financial services, and Prudential Financial, Inc., a global asset management company with $US1 trillion on its books, have announced a $500 million AUD/$350 million USD investment partnership to access high-growth insurance markets in Africa.

Managed by LeapFrog, the new investment vehicle will target life insurance companies in leading economies on the continent, including Ghana, Kenya and Nigeria.

Charles Lowrey, executive vice president and chief operating officer of Prudential’s International Businesses, said “This investment expands Prudential’s footprint into Africa, a continent that we believe offers tremendous potential for growth over the long term. 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.”

Dr. Andrew Kuper, Founder and CEO of LeapFrog Investments, said, “The global insurance industry is looking for ways 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”.

This announcement follows OPIC’s recent approval on an up to $200 million USD commitment to LeapFrog for investments in both financial services and healthcare. LeapFrog has raised considerable amounts in the past, with $535 million USD raised across two funds focused on investing in high-growth companies that provide affordable insurance, savings, pensions and payment products for emerging consumers in Asia and Africa (you can read our case study about the second $400 million USD fund here).

Learn more about LeapFrog.

Learn more about Prudential Financial, Inc.