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LeapFrog invests in Ghanaian pension provider Petra Trust

15 Jan 2014

African and Asia-focused financial services investor LeapFrog has taken a stake in Petra Trust,one of Ghana’s largest pension trustee companies.

Africa’s pensions industry is one of the fastest growing in the world, and Ghana’s retirement industry is set to expand by up to 400 percent in the next four years following liberalisation of the pensions market.

Doug Lacey, the partner who leads LeapFrog’s Ghanaian investments, said, “Petra Trust is a dynamic and fast-growing company, with a uniquely experienced leadership team. They have a strong set of existing clients, and plans to serve a local market of 20 million consumers in the informal and semi-formal sectors, which account for some 90 per cent of Ghanaian employees. We look forward to providing support both on the board and operationally to further accelerate Petra’s growth, profitability and impact.”

Following the introduction of new pension regulations in 2008 the company has grown to be one of Ghana’s largest pension trustees.

Petra managing director Kofi Fynn, said, “With this injection of capital and expertise, Petra will be able to invest in expanding infrastructure to better serve existing clients and grow our market reach, while boosting Ghana’s pension industry. Pension reform was introduced to ensure that the previously unserved would also have a chance to invest for their future, and that is exactly the service we have been called to provide. We see the pensions industry growing fast in Africa and are very excited about the growth of the micro pension sector.”

LeapFrog Investments is a specialist investor in emerging markets financial services, with a portfolio that provides insurance, savings and pensions products to over 18 million people in countries such as India, Indonesia, Sri Lanka, Ghana, Nigeria, Kenya and South Africa.

In September 2013 the group announced it had raised over $200m for the first close of its most recent private equity fund, from LPs including MetLife, Prudential, JP Morgan Chase, TIAA-CREF and CDC.

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