Singapore-based financial services group DBS and Heritas Capital have announced the first close of its newly launched Asia Impact First Fund (AIFF) at over US$20 million.
The anchor investor DBS committed US$10 million, with participation from several like-minded impact-focused family offices, foundations, and corporates. Several high-net-worth individuals, including Tsao Family Office, IMC Group, Ishk Tolaram Foundation, ANF Family Office, Pang Sze Khai (Chairman of Octava Foundation and Octava Pte Ltd), also invested.
The Asia Impact First Fund, launched in August 2022, seeks to support innovative and high-growth social enterprises in Asia.
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The AIFF has a target fund size of US$50 million and expects to provide catalytic growth capital to ten to 15 social enterprises in Asia. These social enterprises would have demonstrated social and/or environmental impact in the fund’s impact themes – improving lives and livelihoods and protecting the environment — as well as viable business growth plans to scale their double bottom line of impact and profitability.
The AIFF is managed by Singapore-based impact investment platform Heritas Capital, and is availed to accredited investors. It aims to achieve capital preservation and/or appreciation with a target internal rate of return of five to ten per cent.
DBS Foundation serves as Asia Impact First Fund’s knowledge partner, providing in-depth expertise, a strong track record, and deep networks in its capacity as a leading champion in Asia’s social entrepreneurship scene.
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia.
Heritas Capital is a private equity and venture capital investment firm building a multi-fund impact investment platform that invests in companies across the healthcare, education, environment, and technology sectors.
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