The vehicle was closed with total commitments of $200m earlier this month. It will target companies in Africa, South Asia and South East Asia that offer insurance, savings, pensions and other investment products.
Other investors that have backed the fund include MetLife, Prudential, JP Morgan Chase and TIAA-CREF.
CDC’s microfinance investment manager Maria Largey said, “CDC’s investment in the LeapFrog Fund II demonstrates our commitment to financial inclusion in developing countries.
“By broadening the range of financial services available to poor consumers Leapfrog is playing an important role in poverty reduction and economic development.
“LeapFrog’s investment will mean that companies in Africa and Asia will be able to reach millions of people with the type of insurance and savings products that enable them to plan for the future and overcome uncertainty and difficult economic times. In most developed economies we take these financial services for granted – people in Africa and Asia should be able to do so too.”
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