LeapFrog Investments has taken a stake in Petra Trust. The business is a pension trustee company based in Ghana.
LeapFrog Investments, the specialist investor in financial services in Africa and Asia, has taken a stake in one of Ghana’s largest pension trustee companies, Petra Trust. Africa’s pensions industry is one of the fastest growing in the world, and Ghana’s retirement industry is set to expand by up to 400% in the next four years , following liberalization of the pensions market. Much of this growth is likely to be propelled by the rapid expansion of Africa’s emerging consumer sector, as more households begin to rise into the middle class.
Doug Lacey, the partner who leads LeapFrog’s Ghanaian investments, said, “Petra Trust is a dynamic and fast-growing company, with a uniquely experienced leadership team. They have a strong set of existing clients, and plans to serve a local market of 20 million consumers in the informal and semi-formal sectors, which account for some 90% of Ghanaian employees. We look forward to providing support both on the board and operationally to further accelerate Petra’s growth, profitability and impact.”
Petra Co-Founders Kofi Fynn and Chris Hammond as well as Head of Operations Helena Poku returned to Ghana from the United States to participate in the country’s dramatic growth opportunities. Following the introduction of new pension regulations in 2008 the team has rapidly built one of Ghana’s largest pension trustees.
Managing Director Kofi Fynn, said, “We are delighted to have LeapFrog as an investor. Their team offers strong pensions experience, decades of knowledge of our market and others in Africa, and a global perspective. With this injection of capital and expertise, Petra will be able to invest in expanding infrastructure to better serve existing clients and grow our market reach, while boosting Ghana’s pension industry. Pension reform was introduced to ensure that the previously unserved would also have a chance to invest for their future, and that is exactly the service we have been called to provide. We see the pensions industry growing fast in Africa and are very excited about the growth of the micro pension sector.”
Doug Lacey added, “LeapFrog’s focus is on the emerging consumer: investing in companies that profitably provide financial safety nets and springboards to people who until now have had no or little access to these products. Petra’s pensions offerings will bring peace of mind and financial security to many people in Ghana, and serve as an inspiration to leaders in other swiftly growing markets in Africa.”
About LeapFrog Investments
LeapFrog Investments is a specialist investor in emerging markets financial services, seizing the growth opportunity presented by two billion emerging consumers in Africa and Asia. LeapFrog’s portfolio companies currently provide insurance, savings and pensions products to over 18 million people in countries such as India, Indonesia, Sri Lanka, Ghana, Nigeria, Kenya and South Africa. A pioneer in profit-with-purpose investment, the LeapFrog team draws on decades of operational experience to identify and help build extraordinary companies that deliver top-tier financial and social returns. LeapFrog’s distinctive investment strategy has attracted several of the world’s leading institutional investors. In September 2013 the group announced it had raised over $200m for the first close of its most recent private equity fund.
About Petra Trust
Petra Trust is one of the top three trustees in the pensions industry by assets in trust and the most recognised independent trustee company in Ghana. The company is led by investment practitioners with decades of asset management and finance experience in the US and West Africa. Petra offers a full suite of pension trustee services to Ghanaian employers and individuals under the Pension Act 2008. By applying world-class expertise in the areas of investments and fund administration, Petra Trust offers its scheme members the best opportunity to achieve a financially secure future. Petra has developed a strategy to target the informal and semi-formal sectors through expanded sales force and channels, automation, and innovative product development.
James Batting – +44 (0) 20 7404 5959
Helena Poku – +233 (0) 302 74 096314