Co-head of East Asia and director of investments at Leapfrog Investments, David Steel, has left the firm after two years, a source with direct knowledge of the matter revealed to Private Equity International.
Steel, who was previously managing director of strategic planning at AIG, left his post in December and is now pursuing other interests, which may include setting up his own fund, the source said.
He joined Leapfrog in December 2011, according to his LinkedIn profile, which confirms his last month at the firm was November last year, although does not list a new position.
Steel did not respond to requests for comment by press time.
In October, Tahira Dosani, Leapfrog’s director of global engagement and strategic projects, left the firm. Dosani is now director of portfolio engagement at Venture Lab, an early stage impact investing fund owned by Accion International.
Leapfrog made a first close on its second private equity vehicle at $204 million,PEI reported earlier. The firm focuses on financial services investing in eight markets across sub-Saharan Africa and Asia, including India, Indonesia, and Sri Lanka.
The fund has a target of $400 million and has received commitments from a number of insurance companies including MetLife, Prudential Financial and Swiss Reinsurance Company, as well as banks and asset managers including JPMorgan and TIAA-CREF, according to an earlier company statement.
LeapFrog’s first fund launched in 2009 and closed on $135 million. In December, the firm realised its debut exit in Africa, selling Ghanaian life insurer Express Life to Prudential, PEI reported earlier.