April 29, 2026

ABC Impact Releases 2025 Impact Review

SINGAPORE, April 29, 2026 – ABC Impact, the Singapore-based Asia-focused impact investment firm, has published its 2025 Impact Review, available at www.abcimpact.com.sg. The review covers the firm’s investment and impact activity across its two funds over the course of 2025, with a focus on portfolio performance, sector developments, and the firm’s approach to value creation and impact measurement.

Key Portfolio and Impact Metrics

Across the portfolio as at 31 December 2025:

  • Total assets under management: approximately USD 900 million
  • Capital deployed across Funds I and II: ~USD 500 million across 20 investments
  • Five new investments made in 2025
  • 2,278,792 tonnes of emissions avoided, 5,420,388 patients reached, and 7,849,842 individuals and MSMEs impacted

A Year That Required Careful Navigation

Through a demanding 2025, ABC Impact deployed deliberately — focused on fundamentals over cyclical noise. “Shifting trade dynamics, the disruptive effects of AI on economies and labour markets, and sustained geopolitical uncertainty made 2025 a year that required careful navigation,” said David Heng, CEO of ABC Impact. “The businesses we back are addressing structural demand in energy transition, financial access, and healthcare, and that gives us confidence in their resilience over time. Impact is not a separate consideration – it is part of what makes these businesses sound investments.”

Goh Yew Lin, Chairman of ABC Impact, noted the longer-term logic underpinning the strategy: “Over the long run, the most durable investment opportunities tend to be those where financial returns and social outcomes point in the same direction. Asia sits at the centre of this – this region is where the energy transition is most urgent, where financial access can unlock the most productivity, and where healthcare innovation can reach the most people. Businesses that are genuinely needed tend to be more resilient, and the impact they generate tends to be more lasting.”

Asia: Structural Demand, Long-Term Opportunity

The 2025 review includes an updated assessment of ABC Impact’s geographic and sector priorities. Asia continues to present a distinctive combination of structural demand, demographic scale, and fragmented delivery. These are conditions that favour private capital that can operate across markets and support businesses over the longer term. The review examines how these dynamics play out differently across China, India and Southeast Asia, and how the firm’s portfolio is positioned across healthcare, financial inclusion, and climate solutions in each context.

Healthcare: A Deepening Focus

The 2025 review gives particular attention to ABC Impact’s healthcare strategy, which has expanded in scope across Funds I and II. The portfolio spans integrated provider platforms, dialysis networks, Central Nervous System (CNS) pharmaceuticals, and medical technology – reflecting a deliberate effort to build exposure across different parts of the care continuum.

In the Philippines, AC Health, an integrated platform spanning hospitals, clinics, retail pharmacies and pharmaceutical distribution, continued to scale its national footprint. Full-year revenue growth of 36% reflects both network expansion and rising utilisation across its provider and pharma segments, as private healthcare demand in the Philippines continues to outpace public system capacity.

In India, DCDC Kidney Care operates one of the country’s largest dialysis networks, conducting over 110,000 sessions monthly across more than 250 centres in 13 states. Its model is anchored in public-private partnerships with government hospitals and enables subsidised access for patients covered under public insurance schemes, while a parallel standalone centre network serves a broader patient base.

NeuroGen, an independent CNS pharmaceutical platform in China, combines an established portfolio of neurological therapies with an active in-licensing pipeline. With approximately one in three people in China affected by a CNS condition, the platform addresses both access and continuity of treatment – areas where domestic pharmaceutical capability remains critical.

In financial inclusion, Vistaar Finance disbursed approximately INR 17 billion (~USD 190 million) in CY2025 and manages a loan book of over INR 50 billion (~USD 600 million), serving micro, small and medium enterprises across rural and semi-urban India through a secured, branch-led lending model. Approximately 35% of its customer base is drawn from rural areas – a reflection of both the depth of its distribution and the commercial viability of serving borrowers outside the formal banking mainstream.

Value Creation and Governance

The review also sets out ABC Impact’s approach to active minority ownership – covering board engagement, ESG and impact action planning, operational support, and capital strategy. The firm deploys a dedicated technical assistance budget, funded from management fees, to support portfolio companies in strengthening impact measurement and reporting capabilities. A governance section covers the firm’s board structure, investment process, and approach to transparency in LP reporting.

About ABC Impact

ABC Impact is a Pan-Asia impact investment firm managing over USD 900 million in assets across two funds. The firm invests in businesses addressing structural challenges in climate and energy transition, healthcare, financial and digital inclusion, and sustainable food and agriculture, with a focus on Asia. Backed by Temasek Trust, Temasek, the Asian Development Bank, and other institutional investors, ABC Impact is a signatory to the Principles for Responsible Investment (PRI) and the Operating Principles for Impact Management (OPIM).

Visit www.abcimpact.com.sg for more information.

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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.