Private equity investor LeapFrog Investments Pty. Ltd. invested an undisclosed amount in ARM Pension Managers (PFA) Ltd., a Nigerian pension fund manager.
LeapFrog, which is based in Sydney and has interests in healthcare and financial-services businesses across 149 Asian and African markets, said it intends to tap into rising demand for retirement products in Nigeria. It noted that 89% of working class Nigerians do not have pensions.
ARM Pensions has nearly $1.8 billion in funds under management reaching 700,000 people. It operates 57 offices across all 36 Nigerian states.
LeapFrog in 2012 co-invested with ARM Group into what is now ARM Life PLC.