Mumbai: Global private equity fund Leapfrog Investments on Tuesday said it will invest 600 crore in financial services companies in the country.

The company will raise $400 million or 2,400 crore fund raised for investments in Asia and Africa, and a portion of this ( 600 crore) would be for India, which is identified as a priority market.

“Global investors are recognising India’s active steps to welcome foreign investment, its entrepreneurial business community, and the extraordinary rise of so many people towards the middle class," its co-founder Jim Roth said.

The fund has already announced its maiden investment in the Chennai-based non banking financial company IFMR Capital, but did not disclose the amount invested. Earlier investee companies for Leapfrog included Mahindra Insurance Brokers and Shriram Credit Capital.

The new fund will invest up to 300 crore in a single company and will look at established businesses that deliver insurance, savings, pensions, investments, credit, remittances or payments, it said in a statement.

Investors in the newly raised 400 million fund include six of the world’s leading insurers, three of the world’s leading re-insurers, as well as major development financiers, pension funds and asset managers, it added.