In Impact Investing First, LeapFrog Announces Audit on Impact Principles, Achieving Top Rating
LeapFrog Investments today became the first impact investor globally to announce the results of an independent audit of its impact against the Operating Principles for Impact Management, new industry standards developed by the IFC in consultation with leading impact investors and other stakeholders. Launched in April, the Principles provide common disciplines for management of investments for impact, helping to ensure authenticity and high standards of measurement. In the independent audit by Tideline, a leading US impact advisory consultancy, LeapFrog was assessed as an “Exemplification of industry best practice,” with its Impact Measurement and Management (IMM) system achieving “an advanced level of alignment across the board for all nine of the Principles.” Tideline concluded that “LeapFrog’s IMM comprehensively addresses and exceeds the implementation guidance provided by the IFC and has been refined and strengthened over the course of several funds.”
“The impact investing industry needs authenticity and accountability now more than ever. So we have again taken the first leap, publicly, hoping others swiftly will join us,” said Dr Andrew Kuper, Founder and CEO of LeapFrog Investments. “Since our founding in 2007, LeapFrog has worked hard to be a field-defining leader in impact measurement and management. It hasn’t always been easy, requiring inventiveness and discipline in our investment process from beginning to end. We are pleased to have those efforts independently validated today. Ultimately, it has allowed us to demonstrate that businesses can achieve strong profits thanks to social impact, in turn rendering that impact more scalable and sustainable.”
Today, LeapFrog’s 26 companies reach 188 million people with healthcare or financial services, across 35 countries. 155 million of those individuals are emerging consumers in Africa and Asia, living on less than $10 per day per person in the household. At the same time, LeapFrog’s Profit with Purpose investment strategy has seen its companies grow on average by 35 per cent per year since investment, enabling a host of profitable exits to strategic buyers. Global investors have committed over US $1.5 billion to the firm.
Tideline, the consulting firm that conducted the audit, was selected based on its market-leading experience in developing impact measurement and management systems for prominent investors. “We reviewed thousands of pages of investment policies, tools, memoranda, data inputs and impact performance reporting. LeapFrog sets a high bar,” said Ben Thornley, Managing Partner of Tideline. Tideline assessed both the extent of alignment with the IFC's guidance for the Principles and the degree to which the group components of the system are implemented authentically in practice. LeapFrog was assessed as having an “Advanced” practice of impact management for each of the nine Principles, which is Tideline’s top rating.
LeapFrog played a key consultative role on the development of the Operating Principles, which are now endorsed by many of the world’s largest and leading asset managers.
“LeapFrog’s passion for mobilising capital in order to both unlock value and drive better social outcomes through impact investing is something we deeply share,“ said Gary Brader, Group Chief Investment Officer of global insurer QBE, a repeat LeapFrog investor. “LeapFrog’s leadership in both contributing to the development of the Principles and being the first to announce an audit against them demonstrates the group’s continued dedication to accountability, authenticity and field leadership.”
LeapFrog shared with the IFC and the industry a decade of measurement experience based on the development of FIIRM, LeapFrog’s proprietary measurement framework which encompasses financial, impact, innovation and risk management factors. Across the private equity investment cycle, FIIRM incorporates key performance indicators, both financial and operational, as well as governance indices, which are benchmarked to global best practice. The results of the audit highlight the firm’s strength in integrating impact considerations consistently throughout the investment process including clear protocols and standardized reporting.
LeapFrog is actively leveraging Tideline’s insights to strengthen further the Profit with Purpose strategy. Asked where LeapFrog could improve, Tideline identified the further institutionalization of the firm’s Responsible Exits Framework, itself an innovation that advanced the industry. This framework leads to consideration of customers and employees as well as shareholders prior to a company being sold.
LeapFrog will be publishing a formal public disclosure statement and share its learnings from the audit process with the wider industry. The firm will use also its role as an Advisory Board member to work with the Secretariat on implementation and evolution of the Principles.
LeapFrog’s third fund recently surged past its $600 million target to reach a final close of $743 million. Investors in the new fund included leading insurers such as Prudential Financial, AXA XL, QBE, and Zurich; pensions and asset managers such as TIAA-Nuveen and Partners Group Impact; development finance institutions such as DEG, EIB, IFC, Proparco and OPIC; and family offices and foundations including the Ford Foundation and Rockefeller Foundation.
LeapFrog has also publicly announced its aim to deliver essential services to 1 billion people by 2030. “With so many people lamenting the failures of narrow forms of capitalism, the evidence is here for a better norm: Profit with Purpose,” concluded Dr Kuper. “It’s time to trust investors who say they are contributing to such a brighter future – but also to verify.”
About LeapFrog Investments
LeapFrog invests in extraordinary businesses in Africa and Asia, partnering with their leaders to achieve leaps of growth, profitability and impact. Founded in 2007, LeapFrog’s companies now reach 188 million people across 35 countries with healthcare or financial services. 155 million of those individuals are emerging consumers, and most are accessing quality insurance, savings, pensions, credit or healthcare for the first time. LeapFrog companies have grown on average by 35 per cent per year since investment. They now provide jobs and livelihoods to over 128,000 people. By 2017, LeapFrog was ranked by Fortune as one of the top five Companies to Change the World, alongside Apple and Novartis, becoming the first private investment firm ever listed. www.leapfroginvest.com
Chief Marketing Officer
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
British Firm BitePRO Claim Mental Health Care Professionals Are At Risk Of Being Bitten26.2.2020 17:12:00 CET | Press release
According to British firm BitePRO, mental health care and special educational needs professionals are at increased risk of being bitten by patients or pupils. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200226005697/en/ Healthcare nurse wearing BitePRO® Bite Resistant Clothing (Photo: Business Wire) Many nurses, care workers and teachers retire on medical grounds. They walk away from the profession they were once extremely passionate about, partly because medical experts have been able to identify that they suffer from real trauma and severe stress. Others, like Minnesota based Special Education Assistant Erin Gonzales are keen to continue and state: “I work at a school where human bites are a daily occurrence, but I work with kids with special needs. But honestly, I wouldn’t trade it for the world.” Oklahoma based Psychiatric Nurse Practitioner Miranda Hagan shares her desire and refuses to give up: “I have permanent sca
BIOCORP: Marketing Partnership on Mallya with iSage Rx in the Field of Digital Diabetes19.2.2020 17:00:00 CET | Press release
Regulatory News: BIOCORP (Paris:ALCOR) (FR0012788065 - ALCOR / Eligible PEA PME), a French company specialized in the development and manufacturing of medical devices and smart drug delivery systems, today announced an alliance with US-based iSage Rx, LLC., a digital therapeutics company, focused on insulin dose optimization. In detail, the two companies are committed to integrating their respective technologies to simplify insulin dose capture and optimization. The integration of Mallya (a CE-marked connected device dedicated to insulin pens) into the iSage app (a clinically validated insulin titration platform cleared by the FDA) should enable patients with type 2 diabetes to simplify their insulin management. This will allow patients with diabetes to seamlessly capture, record, and store information about their insulin injections and while receiving automated guidance on how to adjust their insulin dose overtime ("titration"). Ryan Sysko, President and CEO of Amalgam Rx, Inc, said:
New Phase 3b Interim Data from STARDUST Study Show Two-Thirds of Patients with Moderately to Severely Active Crohn’s Disease Achieved Clinical Remission After Two Doses of STELARA® (ustekinumab)14.2.2020 07:00:00 CET | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson today announced interim data from the Phase 3b STARDUST study. At week 16, 79 percent of patients with moderately to severely active Crohn’s disease (CD) achieved clinical responsea and 67 percent were in clinical remissionb after receiving one ~6 mg/kg intravenous (IV) dose followed by one 90 mg subcutaneous (SC) dose of STELARA® (ustekinumab), open label.1 Intestinal ultrasound (IUS) responses were assessed and were detected as early as week 4.2 Week 16 data (digital oral presentation or DOP 13) and IUS response data (DOP 10) from STARDUST are being presented as part of a digital oral presentation at the 15th Congress of the European Crohn’s & Colitis Organisation (ECCO).1,2 The primary endpoint of the 48-week STARDUST study is comparative endoscopic responsec among adult patients with CD receiving ustekinumab maintenance therapy.3 At week 16, patients who achieved a ≥70 point decrease in Crohn’s Disease Activity Index scored
Edwards Launches New Compact Dry Vacuum Pump With the Highest Pumping Density on the Market13.2.2020 13:07:00 CET | Press release
Edwards launch the new nXRi high performance compact dry pump, with lower input power and zero maintenance, bringing real performance improvements and cost benefits across a range of applications. Initial variants will provide pumping speeds of either 60 and 90 m3h-1 , four times more pumping speed than a similar sized dry pump. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200213005447/en/ Edward nXRi Compact Dry Vacuum Pump (Photo: Business Wire) Designed with size in mind, the compact footprint and height allow the Edwards nXRi dry pump to fit easily under a benchtop saving valuable space in the laboratory; and at under 30kg offers a highly mobile vacuum pump for changing work flows and environments. The pump is maintenance free for up to five years, with no tip-seal or oil change, for maximum uptime and reduced maintenance costs. The nXRi's 40% smaller footprint, compared to alternative dry pumps, assures seamless integ
Interactive Brokers Launches Bond Scanner to Help Investors Find the Best Pricing on Wide Range of Fixed Income Products12.2.2020 15:00:00 CET | Press release
Interactive Brokers Group, Inc. (Nasdaq: IBKR) today announced it has created a Bond Scanner to help make finding the best prices on bonds easier and more transparent for clients and non-clients alike. “We believe we offer the lowest bond prices available. Investors should visit our Bond Scanner at ibkr.com/bonds, filter for bonds of interest, and then call their broker to compare,” said Steven Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Clients benefit from our aggregation of price quotes from multiple electronic venues and institutional dealers,” he added. “We do not widen spreads nor are there hidden fees or markups. While some companies charge a large, hidden markup, we charge extremely low, transparent commissions. IBKR clients may provide liquidity to bond markets and improve pricing by entering their own pending orders into the book.” In addition to ultra-low, transparent pricing, the company offers a huge selection of fixed income products, includ
ADVA tackles GNSS jamming and spoofing with market’s first intelligent assurance solution11.2.2020 08:00:00 CET | Press release
ADVA (FSE: ADV) today launched the industry’s first centralized GNSS monitoring and assurance tool. Using artificial intelligence (AI) and machine learning (ML) for comprehensive predictive maintenance, it addresses the key concerns of GNSS users around the globe. The new customer-owned tool enables users to collect and analyze huge amounts of information from across the network to remotely identify issues and protect networks from GNSS vulnerabilities, including jamming and spoofing attacks. It also helps to identify GNSS obstruction issues, detect blind/poor spots that appear over time and enable optimal antenna positioning. Built into ADVA’s Ensemble Controller network management suite with Sync Director, the solution enables customers to detect potential problems in advance, maintain the highest quality of network synchronization and significantly reduce opex. By complementing today’s limited distributed approach to GNSS assurance with a centralized-global system, it offers a major