LeapFrog Investments, the leading global impact investor in companies that deliver financial services and healthcare for emerging consumers, announced its investment in ARM Pension Managers (PFA) Limited. The investment in ARM Pensions will tap a rapidly growing pensions market, with a particular focus on deepening reach into the vast group of emerging consumers in Nigeria. This is a continuation of LeapFrog’s success in bringing pensions and financial services to the millions of people in the region who are rising toward the middle class.
ARM Pensions is a high growth company that is one of the largest pensions fund administrator in Nigeria with $1.8bn in funds under management. Clients are served through 57 locations across all 36 states of Nigeria. The company has mobile offices that reach consumers on the go as well as innovative digital channels ensuring swift access to accounts and assistance. ARM Pensions is well positioned to expand in Nigeria’s underpenetrated pensions market.
Michael Joyce, Investment Director at LeapFrog Investments, commented: “ARM Pensions is a well-established first-class pension fund administrator with an impressive track-record of both profitability and growth. Our team brings significant operational skills to bear on the development of ARM Pensions’ market presence. We have identified valuable opportunities to support the company’s digital strategy, to facilitate partnerships and to increase the firm’s brand awareness in ways that further strengthen customer retention and acquisition.”
In partnership with LeapFrog, ARM Pensions’ management team will drive the firm’s growth in Nigeria’s most attractive financial services market. This investment is a continuation of LeapFrog’s success in the West African pensions market, following its successful exit from Petra Trust in February 2018. LeapFrog worked closely with the Petra Trust team to enhance the business to become the largest independent pensions provider in Ghana, seeing 76% average compound annual revenue growth over the period of LeapFrog’s investment. The financial terms of the new transaction are not disclosed.
About LeapFrog Investments
LeapFrog invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 149 markets reaching 130 million people with financial services and healthcare. Over 110 million of those are emerging consumers, often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to 120,000 people. These companies have grown on average by nearly 40 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, alongside Apple and Novartis, becoming the first private equity firm ever to be listed.