Anchored by Temasek
and Temasek Trust
Part of the Temasek and Temasek Trust ecosystem, with access to institutional deal flow, co-investment capacity, and a network of mission-aligned partners.
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Rigorous, independently
verified impact practice
A proprietary Impact Measurement and Management framework integrated across the full investment lifecycle, independently verified by BlueMark against the Operating Principles for Impact Management — giving LPs confidence that impact claims are rigorous and not just marketing.
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Regional expertise,
local presence
Our team combines regional breadth with on-the-ground presence across Asia's principal markets. We focus on the mid-market growth stage, where impact-oriented capital remains scarce and where local relationships and sector expertise translate into a consistent sourcing and value-creation advantage.
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Milestones

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2019
2020
2022
Launched first fund with Temasek Trust and Temasek as anchor investors. Built proprietary IMM system adopting IMP's 5-dimensions approach.
Fund I final close at US$300M, the largest inaugural Asia-focused impact fund. Made 5 investments through COVID disruptions.
First exit (Sunseap sale to a trade major, 2.0x MOIC / 39% IRR); one of the first Asia-based OPIM signatories with BlueMark-verified IMM; became a PRI signatory.

Investment Themes

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We invest across thematic areas where addressing Asia's most pressing environmental and social challenges creates durable growth opportunities.

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Portfolio

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AYE Financial Chongho Bridge Vistaar Finance
Polymateria DeepWay Iceotope Tekoma Energy Sunseap
Cropin Winnow v2food Akshayakalpa Organic Innovafeed
Dami & Xiaomi AC Health Nha Khoa Kim DCDC Kidney Care Vedantu HistoSonics HiRO NeuroGen HCAH

Impact Highlights

Impact is measured from the point of investment, tracked throughout the holding period, and reported nnually. The figures below reflect cumulative outcomes across the ABC Impact portfolio.

CLIMATE
2,278,792
tonnes of emissions avoided
CLIMATE
SOCIAL
48,304,863
total individuals reached
SOCIAL
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See our latest review

Our Funds

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ABC Impact Fund I (2019) ABC Impact Fund II (2024)

People

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Insights & Newsroom

all news & reports
News

ABC Impact Releases 2025 Impact Review

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News

ABC Impact, DBS and UOB partner on sustainability-linked subscription loan facility

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News

ABC Impact Closes Fund II at Over USD 600 Million, Doubling Fund Size with Commitments from Asian Development Bank, Temasek Trust, Temasek, and Other Leading Institutional Investors 

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Investor Portal

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    Yeo Zuo Yi

    Director
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    Ryan Liew Bing En

    Director
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    Aditya Misra

    Director
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    Silky Raheja

    Director
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    Tan Ming Xian

    Vice President
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    Yap Xue Qi

    Vice President
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    Jason Xu

    Vice President
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    Ngan Ye Ring

    Vice President
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    Hiew Wen Ji

    Assistant VP
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    Tran Khanh Linh

    Assistant VP
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    Rachel Fong

    Assistant VP
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    Jirada Jongjakapun

    Assistant VP
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    Lim Shang Yi

    Associate
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    Boey Kai Jie

    Analyst
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    Liew Bing En

    Analyst
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    Chin Keen Tat

    Analyst
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    Goh Yew Lin

    Goh Yew Lin

    Chairman and Non-Executive Director

    Mr Goh Yew Lin is Chief Executive Officer of G. K. Goh Holdings Pte Ltd, an investment company with substantial assets in aged care in Australia and Singapore, alongside venture capital and private equity. He is Chairman of Xora Innovation, a Temasek-owned venture builder, and a Director of Temasek Trust. He was Chairman of Seviora Holdings, Temasek’s asset management arm, until September 2025, and served as a non-executive Director of Temasek Holdings from 2005 to 2018.

    Mr Goh is also a board member of A*STAR (the Agency for Science, Technology and Research) and Chairman of the Governing Board of Duke-NUS Medical School. He holds a degree from the Wharton School, University of Pennsylvania.

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    David Heng

    David Heng

    Chief Executive Officer and Executive Director

    As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

    With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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    Desmond Kuek

    Desmond Kuek

    Non-Executive Director

    Mr Desmond Kuek is Executive Director and Chief Executive Officer of Temasek Trust, the philanthropic arm of Temasek, a role he has held since January 2023. He was previously Divisional Vice Chairman, Global Wealth Management at UBS AG (2019 to 2022), where he headed Sustainable Finance for Asia Pacific, and President and Group CEO of SMRT Corporation (2012 to 2018). Earlier in his career he served nearly three decades in the Singapore public service and Singapore Armed Forces, including as Permanent Secretary of the Ministry of the Environment and Water Resources, Chief of Defence Force, and Chief of Army.

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    Chan Wai Ching

    Chan Wai Ching

    Non-Executive Director

    Ms Chan Wai Ching is Chief Corporate Officer of Temasek International and a member of its Strategy, Portfolio and Risk Committee and Senior Management Committee. She heads Temasek’s Organisation & People function and is a Director of Temasek Trust. She joined the board of Seviora Holdings, Temasek’s asset management group, in September 2025. Ms Chan joined Temasek in June 2006, following an extensive human resources career at Fullerton Financial Holdings, Citibank, Singapore Technologies, United Overseas Bank and Overseas Union Bank. She holds a Bachelor of Business Administration from the National University of Singapore and completed the Advanced Management Programme at Harvard Business School in 2012.

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    Margaret Lui

    Margaret Lui

    Non-Executive Director

    Ms Margaret Lui is an experienced investment professional in direct investments, asset management and private equity. She was Chief Executive Officer of Azalea Investment Management, a wholly owned subsidiary of Temasek, from its founding in 2015 until her retirement on 31 March 2025; under her leadership, Azalea grew to manage around US$11 billion in assets and developed its two flagship platforms, the Astrea Private Equity Bonds and the Altrium PE Funds. She remains an Adviser to Azalea and sits on the Investment Committees of its Altrium funds.

    Ms Lui spent 40 years with the Temasek group from 1985, including as Senior Managing Director and, prior to Azalea, as Chief Operating Officer of two of Temasek’s affiliate investment management companies. She also serves on the Board of Trustees of the Singapore Institute of Technology, as an independent non-executive director of Lendlease, as Chair of PSA International’s Marine Services Supervisory Committee, and as a member of the Singapore Exchange’s Listing Advisory Committee.

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    David Heng

    David Heng

    Chief Executive Officer

    As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

    With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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    Tan Shao Ming

    Tan Shao Ming

    Chief Investment Officer

    Mr Tan Shao Ming leads a diverse team of impact-oriented investment professionals in building a portfolio that generates impact alongside compelling, market-rate risk-adjusted returns across Asia.

    He brings over 20 years of institutional investing experience across a range of styles and strategies. At Temasek, he worked on acquiring controlling and minority positions in Asian banks in the aftermath of the 1997 Asian financial crisis. He later focused on special situations and structured credit at Citadel Investment Group in Hong Kong, covering China, Taiwan and Southeast Asia, and led Southeast Asian mid-market investing at Citi Private Equity.

    Mr Tan is a Chartered Financial Analyst. He holds a Bachelor of Engineering (Chemical), First Class Honours, and a Master of Engineering (Chemical) from the National University of Singapore.

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    Sugandhi Matta

    Sugandhi Matta

    Chief Impact Officer

    As Chief Impact Officer, Ms Sugandhi Matta leads ABC Impact’s approach to assessing, measuring and driving impact outcomes across its portfolio, and also invests for the firm across South and Southeast Asia. She brings over 20 years of investing experience in the region, having previously been Director of Investment at LeapFrog Investments, a billion-dollar impact fund focused on financial inclusion, and before that focused on Southeast Asian mid-market private equity at Actis. She began her investing career as a member of Temasek Holdings’ Financial Services team.

    Ms Matta sits on the boards of several portfolio companies across India and the UK, and has also held board directorships in Thailand and Indonesia. She holds an MBA from the Indian Institute of Management, Bangalore, and a Bachelor of Engineering from Maharaja Sayaji Rao University, Baroda.

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    Eugene Huang

    Eugene Huang

    Chief Strategy Officer

    Mr Eugene Huang was previously Managing Director, Investments at Temasek, where over a 12-year tenure based in Singapore, Beijing and Shenzhen he invested and exited over US$5 billion of capital globally across industries such as software, e-commerce, social media, education and consumer. He was most recently responsible for Temasek’s technology and consumer investments in China and head of its Shenzhen office.

    Mr Huang began his career as an investment banker with Merrill Lynch & Co. (now Bank of America) in New York and Hong Kong. He graduated summa cum laude from New York University’s Stern School of Business.

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    Charina Chan

    Charina Chan

    Chief People Officer

    Ms Charina Chan is Chief People Officer of ABC Impact, a role she holds concurrently with Chief People Officer of Temasek Foundation Ltd and Head of Organisation, Human Resources and Administration at Temasek Trust Ltd. She was previously part of Temasek International’s Organisation & People team, where she led the Non-Executive Talent portfolio, covering board governance and the management of an extended talent network for Temasek and its portfolio companies. Earlier in her career she worked at Fullerton Financial Holdings, a wholly owned subsidiary of Temasek Holdings.

    Ms Chan holds an MBA from Imperial College London and a Bachelor of Science from the National University of Singapore.

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    Koh Boon San

    Koh Boon San

    Managing Director, Operations (Non-Investment)

    Mr Koh Boon San is responsible for finance, risk, compliance and operations at ABC Impact. He brings more than 20 years of experience across fund management, finance and the corporate sector.

    Before joining ABC Impact, Mr Koh headed the business management team at HSBC Securities Services, covering trustee, fund administration and custody services, and spent 10 years at Fullerton Fund Management heading various finance, risk and compliance functions. He began his career at Pricewaterhouse before joining Temasek Holdings’ finance department.

    Mr Koh holds a Bachelor in Accounting (Second Class Honours, Upper Division) from Nanyang Technological University and is a member of the Institute of Singapore Chartered Accountants.

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    Jeffrey Fang

    Jeffrey Fang

    Head of Investor Relations and Communications

    Mr Jeffrey Fang leads Investor Relations at ABC Impact, responsible for capital raising, investor engagement and external communications across global markets.

    Earlier in his career, Mr Fang held roles across corporate development, operations and financial communications. He was Director of Strategic and Public Affairs at Temasek, managing global M&A communications, media relations, and crisis and issues management. He subsequently built a portfolio as an angel investor and venture operator, alongside his own advisory practice, before joining Temasek Trust Asset Management.

    Mr Fang serves on the boards of Kim Dental, the Home Nursing Foundation, and several venture-backed companies. He holds an MA in International Relations and Affairs from the Fletcher School of Law and Diplomacy at Tufts University and a BA in Mass Communication from RMIT University.

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    Climate
    & Water Solutions

    We invest in businesses strengthening energy security and accelerating the energy transition across Asia, alongside companies improving water resilience and access — from renewable energy infrastructure and energy efficiency to water treatment and resource management.
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    Sustainable Food
    & Agriculture

    We back companies improving the productivity, sustainability, and resilience of Asia's food systems — including precision agriculture, alternative proteins, and solutions that reduce waste across the supply chain.
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    Financial
    & Digital Inclusion

    We invest in technology-enabled businesses expanding access to financial services for underserved individuals and micro-enterprises across Asia, including digital lending, insurance, and payments infrastructure.
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    Better Healthcare
    & Education

    We back businesses improving access to quality healthcare and education across Asia — from tech-enabled diagnostics and elder care to digital learning platforms serving students at scale.