LeapFrog Investments Ltd. wants to raise $800 million for a fund that will invest in stakes in African insurers, lenders and payment companies that target the continent's low-income consumers, Bloomberg News reported Dec. 13.

The private equity firm reportedly targets such investments because there are more than four times as many emerging consumers in Africa than members of the middle class, while new rules requiring insurers in Kenya to hold more cash will result in a greater number of M&A targets.