DBS announced the first close of an impact fund with itself as the anchor investor alongside other family offices, foundations, corporates and high net worth individuals.
The Asia Impact First Fund (AIFF) has concluded its first close and raised over $20 million with a $10 million commitment from DBS as the anchor investor, according to a statement.
AIFF also saw interest from other family offices, foundations, corporates and high net worth individuals including Tsao Family Office, IMC Group, Ishk Tolaram Foundation, ANF Family Office, Octava chairman Pang Sze Khai and more.
«With more of DBS Private Bank’s clients expressing interest in being a force for good in society and a willingness to engage in venture philanthropy, the bank also sees the AIFF as a means through which they can contribute impact capital and take an active role in shaping the direction of their giving,» the statement said.
Regional Social Enterprises
Launched in August 2022, AIFF was designed through a partnership between DBS Foundation and Heritas Capital, a Singapore-based private equity and venture capital firm.
The fund has an investment mandate to «support innovative and high-growth social enterprises» in Asia with a social and environmental focus alongside «viable business growth plans to scale their double bottom-line of impact and profitability».
It has a proposed size of $50 million to invest in 10 to 15 social enterprises in the region with a target internal rate of return of 5 to 10 percent. The rest of the fund is expected to fully close in the next 18 months.
