Emerging markets fund manager LeapFrog Investments has announced the first close of its second fund at US$204 million. LeapFrog Fund II will target equity investments of up to US$60 million in companies that provide financial services to emerging consumers and will continue to focus on LeapFrog’s priority markets of Indonesia, the Philippines, India, Sri Lanka, Kenya, South Africa, Nigeria and Ghana. Investors in the first close include insurance groups, global banks, asset managers and development finance institutions. Many participants are repeat investors from LeapFrog’s first fund, which closed in May 2010 at US$135 million.