DBS, Heritas Capital Raises Over US$20 Million for First Close of Asia Impact First Fundby Fintech News Singapore March 16, 2023
DBS and Singapore-based investment company Heritas Capital announced the first close of the Asia Impact First Fund (AIFF) with over US$20 million raised to support innovative and high-growth social enterprises in the region.
The fund was led by anchor investor DBS, which committed US$ 10 million, and joined by impact-focused family offices, foundations, corporates and high-net-worth individuals including Tsao Family Office, IMC Group, Ishk Tolaram Foundation, ANF Family Office, Pang Sze Khai (Chairman of Octava Foundation and Octava), and others.
Launched last August through DBS Foundation’s partnership with Heritas Capital, the AIFF has a target fund size of US$ 50 million and expects to provide growth capital to 10 to 15 social enterprises in Asia.
Since the DBS Foundation’s establishment in 2014, the foundation has provided support to more than 100 high-potential social enterprises in the region.
This includes disbursing more than SG$ 13 million in grant funding to date, providing preferential banking packages, and availing access to a suite of non-financial support measures including capacity-building, mentorship, and networking opportunities.
Karen Ngui, Strategic Marketing and Communications at DBS and Board Member of DBS Foundation said,
“There’s a heightened need to cultivate a strong ecosystem to support their growth – and through the AIFF, we hope to bring together like-minded partners who share our desire to empower more of these innovative and meaningful businesses, and enable them to thrive, scale, and go on to create greater positive impact.”
Chik Wai Chiew, CEO and Executive Director at Heritas Capital said,
“Heritas Capital is pleased to launch and deploy the AIFF, amongst the first of its kind within the impact investment space.
We are grateful to like-minded investors such as DBS and the other founding members of the AIFF, who seek to co-create a new impact investment category which prioritises impact over profit.”