Prudential Financial, a financial services company with more than $1trn of assets under management, and LeapFrog Investments have launched a $350m investment partnership to access high-growth markets in Africa.

Managed by LeapFrog, the new investment vehicle will target investments in life insurance companies in leading economies on the continent, including Ghana, Kenya and Nigeria, to be made over a three- to five-year period.

Dr. Andrew Kuper, Founder and CEO of LeapFrog Investments, said: "Alongside Prudential Financial, we will seek out and grow some of Africa’s best insurance companies — businesses that could, one day, become part of PFI's successful global business. We will be bringing to bear both LeapFrog’s and PFI’s experience in high growth markets around the world, serving emerging consumers."

"Together, we will provide access to flexible capital and operational expertise to help management teams massively expand their businesses. Millions more people will have the financial tools to prosper and to protect their families," he said.

Prudential is an investor in LeapFrog’s most recent private equity fund, and also a member of the LeapFrog Insurance Innovation Circle, a knowledge-sharing and innovation initiative that convenes many of the world’s leading insurers and reinsurers.

Charles Lowrey, Executive Vice President and Chief Operating Officer of Prudential’s International Businesses, said: “This investment expands Prudential’s footprint into Africa, a continent that we believe offers tremendous potential for growth over the long term."

"We are delighted to partner with LeapFrog Investments, given their deep experience in Africa, and their impressive record of success as insurance investors focused on emerging consumers,” he added.

The partnership is the first alternative investment vehicle for LeapFrog, buying larger and more established companies than their private equity funds, with a longer time horizon in view.

"But it will not be the last. There are so many ways to invest in and benefit from the rise of Africa," said Kuper.

Kuper added that Africa is home to over a billion people, and by 2050 will be home to 2 billion, nearly 20% of the world’s population: "While market cycles come and go, demographics is destiny. That is why this partnership was created, to invest in this extraordinary long-term growth opportunity."