March 27, 2025

ABC Impact Unveils 2024 Impact Review, Transforming Tomorrow: Investing in Real-World Solutions

  • Portfolio companies have provided access to essential services for over 37.8 million people and mitigated over 1.9 million metric tons of CO₂ emissions 

Singapore, 27 March 2025 – ABC Impact, the Singapore-headquartered Asia-focused impact investment firm, is pleased to announce the release of its latest annual Impact Review, Transforming Tomorrow, available at www.abcimpact.com.sg.

This publication offers a thoughtful reflection on the fund’s progress, challenges, and strategic direction in fostering meaningful change across Asia. It underscores ABC Impact’s ongoing commitment to investing in businesses that deliver strong financial performance alongside measurable, positive social and environmental impact.

Key Impact Metrics Achieved in 2024

Collectively, the portfolio’s 2024 outcomes include:

  • 37,891,000 people gained access to essential services
  • 1,999,000 metric tonnes of CO₂ emissions avoided

More specifically: 

  • 3,467,000 patients accessed healthcare services
  • 75 clinical trials conducted to advance healthcare innovation
  • 68,000 stakeholders benefited from autism therapy services
  • 17,470,000 students accessed digitally-enabled, quality education
  • 11,194,000 farmers received customized farming insights
  • 5,692,000 individuals & micro-enterprises accessed financial services
  • 57.7 billion litres of water conserved through avoidance of livestock agriculture
  • 22,842 metric tonnes of food waste reduced
  • 6,790 metric tonnes of wild-catch fishing avoided
  • 2,800 metric tonnes of plastic pollution prevented

Navigating a Transforming Global Landscape

The past year has been marked by profound shifts—from accelerating climate change and resource scarcity to geopolitical tensions and economic volatility. These global forces are reshaping industries and reinforcing the urgent need for innovative, scalable, and market-driven solutions. 

“In today’s rapidly evolving environment, private capital has a crucial role to play in addressing systemic challenges,” said David Heng, CEO, ABC Impact. “Governments alone cannot solve these issues at the necessary scale. Our mission is to direct capital toward businesses that are not only resilient and commercially viable but also capable of creating meaningful and lasting impact.”

Scaling Impact: A Year of Growth and Strategic Investments

The latest Impact Review highlights ABC Impact’s continued growth and strategic focus across sectors vital to Asia’s sustainable development—from advancing climate resilience through investments in clean energy, decarbonisation, and water solutions, to enabling inclusive growth by expanding access to financial services and digital tools. The report also showcases efforts to transform health and learning with scalable innovations that improve healthcare and education access, as well as drive more sustainable food systems through solutions that reduce waste and support climate-smart agriculture. 

“Asia is at the heart of the global impact story—offering immense opportunities for scalable solutions while facing some of the world’s most urgent challenges,” said Sugandhi Matta, Chief Impact Officer, ABC Impact, “Asia’s economic transformation and climate risks call for a new approach—one that aligns impact with financial resilience. At ABC Impact, we back scalable solutions in inclusive finance, clean energy, and healthcare, reaffirming our belief that impact and profitability go hand in hand.”

Looking Ahead: A Measured, Market-Driven Approach to Impact Investing

As ABC Impact enters its next phase of growth, the firm remains committed to deploying capital into structurally relevant, commercially scalable, and resilient businesses—those capable of weathering uncertainty while delivering long-term impact. 

“Impact investing is not about making compromises—it’s about unlocking value where markets and societies need solutions the most,” added David. “Asia, in particular, represents a critical frontier for impact investments, given its rapid development, demographic shifts, and increasing demand for sustainable solutions.”

As the impact investing landscape evolves, measurement frameworks must adapt to go beyond traditional outputs. Effective impact assessment now hinges on tracking real-world, intermediate outcomes—such as awareness, affordability, availability, and quality—as leading indicators of sustainable change.

Transforming Tomorrow, alongside Voices from the Portfolio—a November 2024 study conducted by ABC Impact and Dalberg—presents a holistic view of impact outcomes in Asia, reaffirming the need for outcome-driven, evidence-based investment approaches.

Together, these insights reflect ABC Impact’s commitment to embedding impact deeply within business models—ensuring that capital not only funds solutions but also enhances their accessibility, affordability, and long-term viability.

A Shared Commitment to Sustainable Growth

ABC Impact extends its gratitude to its Limited Partners, portfolio companies, and the broader impact investment community for their continued trust and collaboration. The firm remains focused on a disciplined, data-driven approach—channeling capital toward practical, scalable solutions that address real-world challenges. 

“As we move forward, our goal is to scale impact with discipline and intent,” David concluded. “We are not just funding businesses; we are shaping industries, strengthening communities, and contributing to a more sustainable and inclusive future.”

END

For queries, please contact media@abcimpact.com.sg

About ABC Impact

ABC Impact is a Pan-Asia impact investment firm focused on driving sustainable growth and delivering measurable social and environmental impact. With over USD 900 million in assets under management across two funds, the firm employs a disciplined, thematic investment strategy to identify and scale high-potential businesses addressing Asia’s most pressing environmental and social challenges.

Its investment themes span climate and water, financial and digital inclusion, healthcare and education, and sustainable food and agriculture.

Backed by Temasek Trust, Temasek, the Asian Development Bank (ADB), and other leading institutional investors, ABC Impact partners with mission-driven management teams to create long-term value through scalable, impact-driven solutions. The firm applies a rigorous impact measurement and management framework and is a signatory to both the Principles for Responsible Investment (PRI) and the Operating Principles for Impact Management (OPIM).

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

 X 

Yeo Zuo Yi

Director
 X 

Ryan Liew Bing En

Director
 X 

Aditya Misra

Director
 X 

Silky Raheja

Director
 X 

Tan Ming Xian

Vice President
 X 

Yap Xue Qi

Vice President
 X 

Jason Xu

Vice President
 X 

Ngan Ye Ring

Vice President
 X 

Hiew Wen Ji

Assistant VP
 X 

Tran Khanh Linh

Assistant VP
 X 

Rachel Fong

Assistant VP
 X 

Jirada Jongjakapun

Assistant VP
 X 

Lim Shang Yi

Associate
 X 

Boey Kai Jie

Analyst
 X 

Liew Bing En

Analyst
 X 

Chin Keen Tat

Analyst
 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 
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.

 X 

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.
 X 

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.
 X 

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.
 X 

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.