Impact Framework

LeapFrog is proud to be a defining industry leader in impact measurement and management.

The central premises of LeapFrog’s approach is the synergy between Profit and Purpose: Social purpose can drive stronger long-term financial returns, as well as reduce and diversify risk. Growth and profitability in turn can drive wider and deeper impact.

Hear from partner, Karima Ola on the future of Profit with Purpose

To measure and manage our impact, for more than a decade LeapFrog has pioneered a proprietary measurement framework tool – FIIRM (Financial, Impact, Innovation and Risk Management).

We use FIIRM, which incorporates financial and operational KPIs and governance indices, to drive
and benchmark performance, both within our own business and across our partner companies.

FIIRM incorporates measurement of financial and operational Key Performance Indicators as well as governance indices, which are benchmarked to global best practice standards such as GIIRS, IRIS+, and PRI.

In recognition of our market-leading approach to impact measurement and management, LeapFrog was asked to play an instrumental role in the creation of the market standard for Impact Investing: the World Bank Group’s Operating Principles for Impact Management, which were co-launched by our CEO Andy Kuper.

Our FIIRM Framework


Set and measure financial KPIs for a company and across the organisation using external industry benchmarks for reference.


Develop, set and measure non-financial KPIs measuring success metrics for impact, across scale, quality, output and outcomes alongside external industry benchmarks.


Develop, set and measure non-financial KPIs that drive consumer-focused, solution oriented developments, like product design and delivery.


Set and measure extra-financial indices, ensuring quality governance and appropriate risk management.

Operating Principles for
Impact Management

LeapFrog’s decade of experience in impact measurement led to the co-creation of and support for the Operating Principles for Impact Management issued by the IFC and World Bank Group. The nine principles were created to set a basic market standard for impact investing. They will serve as a guide to deployment of capital by institutional investors – including pension and sovereign funds, insurers and banks, endowments and family offices. The impact investment market stands at $715 billion today, a five-fold increase from the 2016 launch of the UN Sustainable Development Goals. 

“LeapFrog has integrated impact considerations in a consistent manner throughout its investment process, supported by clear decision-making protocols and standardized documentation. The process has been refined and strengthened over the course of several funds.”

Tideline – Independent Auditors

The Operating Principles for Impact Management arose from the need to have common disciplines for management of investments for impact, helping to ensure authenticity and high standards of measurement by creating guidelines against which impact management systems of funds and institutions are assessed.

LeapFrog was one of the external members of the consultation group that designed the Principles and became a founding signatory to the Principles in April 2019. An independent impact verification was completed by Tideline, a leading impact investing consultancy, in September 2019. Tideline concluded: “LeapFrog’s IM system demonstrates an advanced level of alignment across all of the Impact Principles.”

Globally, LeapFrog’s was the first independent impact audit ever completed and announced against these agreed principles. The audit applies across every LeapFrog fund, rather than to one or another fund in a larger suite of funds not dedicated to impact investing.

Leapfrog’s Annual Disclosure to the Operating Principles of Impact Management:
Tideline’s INDEPENDENT verification summary and statement:

IFC Report

The report, by the IFC, is the most comprehensive assessment so far of the potential global market for impact investing. It estimates that as much as $26 trillion of the financial assets held by institutions and households across the world is potentially available for investment. The report includes a comprehensive overview of LeapFrog’s proprietary measurement framework, FIIRM, developed and refined over a decade of investing in some of the most innovative emerging markets businesses, and measuring commercial and social impact outcomes.

LeapFrog’s Responsible Investment Code

Our Responsible Investment Code sets out the overarching policy, standards and guidelines that enable LeapFrog and our portfolio companies to deliver both financial and social results by incorporating best practices across environmental, social, governance and impact management.

We assist and support our portfolio companies to adopt the Code for the effective and on-going management of the risks and opportunities they face. In recognition that best practice evolves over time, the Code is regularly updated.

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