March 28, 2024

ABC Impact Launches 2023 Impact Review: Building Bridges Of Impact To Empower Over 26 Million People in Asia

  • Since its inception in 2019, ABC Impact has made significant strides, empowering over 26.9 million people with essential services and reducing CO2 emissions by 1.71 million metric tonnes. 

  • Opportunities abound in combating climate change through technology and innovation; in 2023 ABC Impact invested into solutions that tackle global plastic pollution as well as food waste. 

  • The firm continues to uphold and advocate industry standards in impact investing in 2023, obtaining the B Corp certification and participating in initiatives such as the 2X Global gender initiative and the ESG Data Convergence Initiative. 

SINGAPORE, 28 March 2024 — ABC Impact, the leading impact private equity firm in Asia, today unveils the fourth edition of our Impact Review – sharing highlights from 2023. This review illustrates our journey in connecting regions, knowledge, and technologies to forge sustainable and impactful changes across the Asia continent.

Tow Heng Tan, chairman of ABC Impact, reflects on the firm’s journey: “At ABC Impact, we are driven by the vision of a better tomorrow and the resolve to turn it into reality. Our mission goes beyond mere investments; it’s about igniting a movement for lasting impact. As we enter our fifth year of investing, we are embracing the challenges ahead with courage and conviction, recognising that our purpose-driven actions today will shape tomorrow’s landscape.”

Tracking Our Measurable Impact

From our inaugural fund in 2019, ABC Impact invested in 13 companies across Asia and Europe, and achieved one successful exit. Our portfolio companies across four investment themes – financial and digital inclusion, better health and education, climate and water solutions, and sustainable food and agriculture – have collectively delivered the following impact outcomes for stakeholders: 

  • 26.9M people supplied with essential services  
  • 2.90M patients provided access to healthcare services 
  • 11.96M students provided access to quality education content digitally  
  • 47,100 stakeholders benefited from autism therapy services  
  • 4.08M individuals & micro-enterprises gained access to financial services  
  • 7.92M farmers globally gained access to customised farming advice and information (of which 5.13M are smallholder farmers)
  • 1.71M metric tonnes of CO2 emissions avoided  
  • 57.6B litres of water saved through avoidance of livestock agriculture  

Building on the success of our inaugural fund, ABC Impact launched Fund II in August 2023, securing over US$550 million in our first closing. This achievement reflects trust and support from new investors that include a Southeast Asian sovereign wealth fund, as well from existing partners such as Temasek Trust and Temasek. This endorsement also underscores a growing confidence in impact investing returns and in our disciplined and evidence-based investment strategy. 

David Heng, CEO of ABC Impact, said, “Our approach goes beyond investment – it’s about collaboration, innovation, and resilience. I am privileged to lead a team dedicated to driving positive change across Asia. Together, we navigate the complex landscape of impact investing, leveraging our collective expertise to unlock opportunities and address pressing challenges. With unwavering commitment, we stand ready to forge ahead, building bridges and shaping a brighter, more inclusive future for all.” 

Combating Climate Change Through Innovation

Our 2023 Impact Review underscores ABC Impact’s focus utilising technology to address environmental challenges like plastic pollution and food waste. Our approach involves partnering with companies that offer innovative solutions in these areas.

In the year, we have supported Polymateria, a British firm developing biotransformation technology to help reduce plastic pollution. This technology aims to break down plastics in a way that lessens their environmental impact, providing a potential solution to the ongoing issue of plastic waste.

We also invested in Winnow, which uses AI to manage food waste more effectively. Winnow’s system helps commercial kitchens cut down on unnecessary waste by providing insights into their food usage, which can lead to significant reductions in their environmental footprint.

Through these investments, ABC Impact seeks to contribute positively to environmental sustainability by supporting scalable and practical solutions to combat climate waste.

Upholding Standards in Impact Investing

ABC Impact navigates the dynamic landscape of impact investing with a steadfast commitment to transparency and robust impact measurement. Our approach is rooted in a comprehensive system that not only underscores our dedication to sustainable and responsible investing but also steers our decision-making processes.

In 2023, we enhanced our commitment by aligning our impact metrics with international standards and securing B Corp certification, reflecting our ongoing dedication to social and environmental stewardship.

Outlook: Steering Towards a Sustainable Future

ABC Impact is keenly aware of the key trends influencing the impact investing landscape, including the development of sustainable food systems, enhanced biodiversity conservation, efforts to counter greenwashing, the rising significance of private investments in emerging markets, and the increasing trust in the profitability of impact investments. 

Our ongoing initiatives, underpinned by these market insights, aim to drive substantial and positive change across the region, aligning with our mission to foster a sustainable and equitable future.

Following the successful launch of ABC Impact Fund II, we are renewed in our commitment to seek solutions from around the world and bring them to Asia to help address the pressing social and environmental issues in this diverse continent. Our goal remains to contribute to a sustainable future by investing in initiatives that can make a significant positive impact in the region.

Follow us on this impactful journey at www.abcimpact.com.sg/impactreview2023.

END

For queries: jfang@eleven.com.sg

About ABC Impact

ABC Impact is an Asia-focused private equity fund dedicated to impact investing. We invest in companies that drive positive change by addressing the world’s most pressing challenges such as climate change, resource scarcity, and deepening inequality. 

A division of Singapore-based global asset management firm Temasek Trust Asset Management Pte Ltd., ABC Impact’s founding investors are Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, SP Group, and Sembcorp Industries. 

We are a signatory of the Operating Principles for Impact Management and the United Nations-supported Principles for Responsible Investment. 

For more information, please visit www.abcimpact.com.sg. 

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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.