The financial services impact investor last year raised the $350 million LeapFrog Strategic African Investments fund, primarily from Prudential Financial.
Its first investment commits more than half of that to Ghana’s largest and first publicly-listed insurer, Enterprise Group.
In Africa, less than 25% of households have access to financial services. Life insurance is in particular demand in Ghana, where only 5% of adults have insurance.
LeapFrog is already invested in the Ghanaian insurance market. The Enterprise Group deal is LeapFrog’s largest to date and represents a big jump for for the private equity firm, which typically does deals in the tens of millions of dollars.
LeapFrog Investments backs financial services and healthcare companies that profitably reach low-income consumers in emerging markets.
Those companies reach 91 million people and support more than 100,000 jobs, LeapFrog reports.