Leading Asia’s Private Infrastructure Fund 2 (LEAP 2)
Last updated: 30/10/2026Program Overview
Program description and objectives:
Leading Asia’s Private Infrastructure Fund 2 (LEAP 2) is an infrastructure cofinancing fund that the Asian Development Bank (ADB) manages. LEAP 2 is a single-partner trust fund. The Japan International Cooperation Agency (JICA) contributes up to USD 1.5 billion. LEAP 2 was launched on 8 December 2023 and succeeds LEAP, which ran from March 2016 to August 2023. LEAP 2 follows the same mandate and governance as LEAP.
LEAP 2 has two programs:
- Commercial (parallel) program: cofinances larger projects on the same market-based terms as ADB.
- Concessional (non-parallel) program: provides fund-sourced financing on terms that differ from ADB’s, covered by this entry.
The non-parallel program’s terms may differ from ADB’s in credit terms, pricing, seniority, tenor or share class. For highly developmental transactions, it helps fill financing gaps. LEAP 2 initially allocates USD 200 million to non-parallel debt or equity, and this program is capped at USD 200 million.
LEAP 2 cofinances nonsovereign infrastructure projects at different stages of development. It provides loans, equity investments and mezzanine finance for project finance (nonrecourse or limited recourse) and corporate finance. It supports public-private partnerships, joint ventures, private finance initiative projects, privatisations and conventional project finance. It finances companies, projects and financial intermediaries with a link to infrastructure. Private equity funds are excluded.
Other issuing providers (optional):
Japan Bank for International Cooperation / Japan International Cooperation Agency (JBIC / JICA)
Instrument types offered:
Concessional and catalytic debt, Catalytic equity
Institutions this program is normally offered to:
Corporates (including SMEs), Other (financial intermediaries (e.g., holding companies and local currency vehicles) where there is a link to Infrastructure (with the exclusion of private equity funds)), Multilateral Development Banks (capital made available to private sector via an MDB)
Eligible regions:
AsiaOceania
Eligible sectors:
EnergyHealthInfrastructure (Non - Energy)AgricultureOther
Eligible subsectors (optional):
information and communication technology
Program status:
Open
Formal application process:
No
Program webpage (optional):
Primary point of contact for this program:
Phil Patersonpsodbf@adb.org
Disclaimer
All information on catalytic capital providers and programs was submitted to GCBC by third party capital providers. The Catalytic Capital repository is an open-access online tool that lists information provided by catalytic capital providers in central location for public use.
