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Johannesburg – LeapFrog Investments announced on Thursday the leaders of a global team to spearhead the firm’s expansion into healthcare investments.
LeapFrog’s companies so far serve 52 million people across 21 markets with financial services, and the firm intends to achieve similar large-scale results in healthcare, it said in a statement. This announcement follows Opic’s recent announcement of a commitment to LeapFrog of up to $200m for investments in healthcare and financial services.
African healthcare investments will be led by Dr Felix Olale, who joins LeapFrog as a partner. Before joining LeapFrog, Olale was previously the chair of the Excelsior Group, a US and Kenyan-based adviser and developer of healthcare systems. He also co-founded Wellness Group, a specialty consultation and medical diagnostics company. He has experience with private equity and healthcare spans across Africa, Asia, Europe and North America.
Asian healthcare investments will be led by LeapFrog partner and co-head of Asia, Michael Fernandes. Prior to joining LeapFrog, Fernandes managed Khazanah Nasional Berhad’s healthcare portfolio, consolidated under IHH Healthcare and listed in Singapore for a $7bn valuation. He also led the $250m global custom manufacturing business for the Piramal Healthcare Group, focusing on global acquisitions, business development, supply chain management and talent. He too has served on diverse boards including for the likes of IDFC and Apollo Hospitals.
Healthcare in emerging markets remains both a pressing social need, and a major market opportunity, according to LeapFrog.
The World Bank estimates that over 4 billion people worldwide are earning under $10 per day Purchasing Power Parity (PPP). This population is rising toward the middle class, but lacks access to essential services like healthcare.
