The company will raise USD 400 million or Rs 2,400 crore funds for investments in Asia and Africa, and a portion of this (Rs 600 crore) would be for India, which is identified as a 'priority' market.

"Global investors are recognizing India's active steps to welcome foreign investment, its entrepreneurial business community, and the extraordinary rise of so many people towards the middle class," its co-founder Jim Roth said.

The fund has already announced its maiden investment in the Chennai-based non banking financial company IFMR Capital, but did not disclose the amount invested.

Earlier investee companies for Leapfrog included Mahindra Insurance Brokers and Shriram Credit Capital.

The new fund will invest up to Rs 300 crore in a single company and will look at established businesses that deliver insurance, savings, pensions, investments, credit, remittances or payments, it said in a statement.

Investors in the newly raised USD 400 million funds include six of the world's leading insurers, three of the world's leading re-insurers, as well as major development financiers, pension funds and asset managers, it added.

Latest News  from Business News Desk