Emerging markets financial services investor LeapFrog Investments has closed its second fund with US$400 million in capital commitments. Investors in the final close, which was oversubscribed, included AIG, Alliance Trust, AXA, HESTA, RGA Reinsurance and Zurich Insurance Group. The new fund will make equity investments of US$10 million to US$50 million in Ghana, Kenya, Nigeria, South Africa, India, Indonesia, the Philippines and Sri Lanka. The fund has already made its first investment of US$29 million in India-based non-banking financial services company IFMR Capital.