Annual Impact Results

Impact Investment at Record Scale


At this time of pandemic uncertainty, we all need practical hope and inspiration. Where can we find the resources for resilience and recovery – within ourselves, our economies and our societies?

At LeapFrog, we are inspired by purpose-driven businesses. They deliberately take on tough challenges, to bring security and prosperity to millions of vulnerable people. They invent commercial solutions that are swift and scalable. Never has their work been more needed nor their insights more relevant.

It is in this spirit of practical hope that we share LeapFrog companies’ extraordinary results from 2019. Today, LeapFrog’s businesses reach 205 million people with essential healthcare and financial tools. In the pages that follow, we share various dimensions of this achievement. 

Absorbing these results and lessons, it becomes utterly clear: now is the time for Profit with Purpose.

Founder & CEO

LeapFrog started the year by closing on the largest-ever private equity fund raised by a dedicated impact investment firm.


Target $600m
Target $600m

LeapFrog’s New Impact PE Fund Raises $700 Million

Andy Kuper, CEO of LeapFrog Investments, an impact-only private equity fund manager, discusses investing in emerging markets and their new $700 million fund.

LeapFrog hauls in $700m for third fund

The impact investor’s third fund is 75% larger than its predecessor and has already made five investments.

LeapFrog raises $700m for record-breaking third emerging markets fund.

We now manage $1.5 billion, with 24 Portfolio companies, operating across 35 countries.

A Decade of Growth

Each year between 2009 and 2019, LeapFrog companies grew on average


HIGHLIGHT: LeapFrog has seen several companies grow revenue at over 50%, particularly those in the insurance sector. For instance, ARM Life in Nigeria grew revenue 58% over the year in 2019, prior to LeapFrog’s successful exit at the beginning of 2020.

At our launch, we set out to reach 25 million people by the end of the decade.

At the end of 2019, LeapFrog companies reached 205.5 million people with essential services, including healthcare and financial tools.


Goal 1 Goal 3 Goal 5 Goal 8 Goal 10
200m 150m 100m 50m 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


164 million of those people are lower income consumers whom LeapFrog companies reached with essential services that enable them to change their own lives

Goal 1 Goal 3 Goal 5 Goal 8 Goal 10

Financial Tools

Leapfrog companies offer a wide range of financial products including insurance, credit, pensions and remittances.

Goal 1 Goal 8 Goal 10


Our health portfolio companies delivered:

Goal 1 Goal 3 Goal 8 Goal 10


Pharmaceutical products


Medical products


Healthcare services

HIGHLIGHT: Ascent Meditech, a LeapFrog company, offers a range of over 300 high-quality orthopaedic goods, wound care, mobility, and pain relief products to help the 1 in 3 people who live with painful musculoskeletal conditions.

In 2019, Ascent reached 8.5 million emerging consumers in India and around the world.

In the past year, Ascent grew their emerging consumer base by 25.6%, launched 15 new products, and entered 5 new global markets, enabling millions of consumers to better manage their own health.

Goal 1 Goal 8 Goal 10

Through our portfolio companies we’ve continued to create jobs and shape livelihoods.

Jobs and livelihoods supported

127, 847

And we’ve continued to drive a focus on empowering women and girls.

Goal 1 Goal 5 Goal 8


Women reached

In September, we became the first ever impact investor globally to announce an independent audit against the IFC-led industry standards, the Operating Principles for Impact Management.

Learn more about LeapFrog’s Impact Measurement and Management here.

“Exemplification of industry best practice… across the board for all nine of the Principles.”

Tideline – Independent Audit

And, we welcomed 3 new members to our Global Leadership Council.

Together, let’s seize the historic opportunity to serve billions of emerging consumers and producers worldwide.

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Learn more about LeapFrog at leapfroginvest.com

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