to Asia and Africa-focused Leapfrog Investments, in the single biggest commitment to an impact fund manager.
"I think that in five years from now, every single big private equity firm would have their own impact vehicle."Leapfrog invests in financial services and healthcare in emerging markets. Two years ago, Temasek's philanthropic arm set up ABC World Asia, a private equity fund for such investments.Temasek, which also plans to take a stake in Leapfrog, is in talks to commit money to other fund investors to boost its presence.
Early entrants showed it was possible to generate"risk-adjusted PE-like returns, not necessarily 25 per cent and above, but mid-teens to 20s-plus type returns", said Valentin.
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