January 17, 2024

ABC Impact Secures First Close Of Fund II With Support From New Investors

  • ABC Impact Fund II launched in August 2023 with support from new investors that include a Southeast Asian sovereign wealth fund, and existing partners
  • Fund II AUM now exceeds US$550 million, with final close expected in 2024
  • Fund I launched in 2019 and has invested in 11 portfolio companies to build a robust track record with measurable and evidence-based outcomes

SINGAPORE, 17 January 2024 — ABC Impact, Asia’s leading impact private equity firm, is pleased to announce the successful first closing of its second impact fund, ABC Impact Fund II. Launched in August 2023, ABC Impact Fund II has garnered support from new investors, notably a Southeast Asian sovereign wealth fund. Bolstered by the track record of its inaugural fund, ABC Impact has also received significant backing from existing partners, including Temasek Trust, Temasek, SeaTown Holdings, and Mapletree Investments. Fund II Assets Under Management (AUM) now exceeds US$550 million, with the final close expected in 2024.

“We are pleased to achieve the first closing of ABC Impact Fund II with strong support from both our new and existing partners. The robust interest in Fund II is a validation of the strategy embedded in our inaugural fund. With a steadfast commitment to disciplined and evidence-based impact investing, we are particularly encouraged by the enthusiasm of new investors joining our mission. As we continue to drive meaningful change through our portfolio of purposeful companies, we look forward to more like-minded partners joining us,” said David Heng, CEO of ABC Impact.

Established in 2019, ABC Impact’s core mission is to generate positive and measurable social or environmental outcomes in Asia while delivering compelling risk-adjusted returns for investors. The firm’s inaugural US$300 million fund has been strategically deployed across various sectors, including financial and digital inclusion, better health and education, climate and water solutions, and sustainable food and agriculture. The positive outcomes generated since inception have played a pivotal role in attracting investors keen on contributing to impactful and sustainable investment initiatives.

ABC Impact Fund I Has Delivered Robust Track Record and Evidence-based Outcomes

Since its inception, ABC Impact Fund I has invested in 11 portfolio companies and is nearing full deployment. The portfolio showcases impact-driven companies addressing environmental and societal challenges through innovative solutions. In 2022, the fund achieved a successful exit from Sunseap, a Singapore-based solar company. 

In its latest impact report released in March 2023, the Fund disclosed the following impact outcomes:

  • 20.26M people supplied with essential services 
  • 2.04M patients provided access to healthcare services
  • 7.78M students provided access to quality education content digitally 
  • 31,747 stakeholders benefited from autism therapy services 
  • 2.64M individuals & micro-enterprises gained access to financial services 
  • 7.76M farmers globally gained access to customised farming advice and information 
  • 1.68M metric tonnes of CO2 emissions avoided 
  • 42.6B litres of water saved through avoidance of livestock agriculture 


Committing To Impact Standards  

As a leading impact investor driving outcomes for Asia, ABC Impact actively participates in globally recognized impact industry initiatives. In 2022, the firm became a signatory to the Operating Principles for Impact Management (“Impact Principles”), committing to a global standard for impact investing. ABC Impact also engaged BlueMark, a Tideline company, for an independent verification of its impact management practices aligned with the Impact Principles. ABC Impact is also a signatory of the United Nations-backed Principles for Responsible Investments.

In 2023, ABC Impact achieved B Corp™ Certification, affirming its commitment to responsible practices. The firm has also joined 2X Global, supporting gender equality and diversity at the fund and portfolio levels, with ABC Impact Fund I aligned with 2X criteria. Additionally, ABC Impact is part of the ESG Data Convergence Initiative, contributing to the creation of a standardized set of ESG metrics and a mechanism for comparative reporting among private companies.

Anticipated Fund Closure

ABC Impact Fund II is expected to hold its final close in 2024, marking a significant milestone for ABC Impact as it continues to advance sustainable solutions and drive positive transformations in Asia. The fund is poised to further expand its impact-driven initiatives across the region.

ABC Impact remains steadfast in its dedication to advancing its mission, leveraging the collective expertise and resources of its partners to make a lasting and positive impact on communities and the environment.

END

For queries:

Jeffrey Fang

jfang@eleven.com.sg

About ABC Impact

ABC Impact is a Singapore-headquartered and 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. Our investment themes include financial and digital inclusion, better health and education, climate and water solutions, and sustainable food and agricultures.

We believe that investing with an impact lens demonstrates the positive power of private capital and can help to foster more innovative and resilient companies that deliver societal and environmental benefits. We are a disciplined investor with a rigorous and evidence-based impact assessment approach that aims to generate positive and measurable social or environmental outcomes, alongside a compelling risk-adjusted return for our investors.

Established in 2019, we are a division of Temasek Trust Asset Management Pte Ltd, a Singapore-based global asset management firm. Our founding investors are Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, SP Group, and Sembcorp Industries.

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

ABC Impact became B Corp™ Certified in 2023 by meeting high standards of social & environmental performance, transparency & accountability.

Our annual impact report, “Shaping the Climate for Impact”, is available at www.abcimpact.com.sg/impactreport2022

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.