DBS And Heritas Capital Collectively Raise USD 20M To Provide Capital For Asian Enterprises

By: Asia Business Outlook Team | Wednesday, 15 March 2023

DBS and Heritas Capital have announced the first close of the Asia Impact First Fund (AIFF), which will provide capital to Asian social enterprises.

The fund raised more than $20 million, with DBS contributing $10 million and other investors including IMC Group, the Tsao Family Office, and the ANF Family Office.

The AIFF aims to assist 10-15 high-growth social enterprises with clear social and environmental impact and viable business plans in scaling their dual impact and profitability goals.

The fund has a target size of $50 million and prioritises long-term impact outcomes over short-term profit. The AIFF, according to the bank, is a way for its private banking clients to participate actively in philanthropy by investing.

The AIFF is managed by Heritas Capital, a Singapore-based impact investment platform, and is open to accredited investors.

DBS Bank Limited, abbreviated DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in Singapore's Marina Bay district. The bank was previously known as The Development Bank of Singapore Limited, from which the abbreviation "DBS" was derived, before adopting the current abbreviated name on 21 July 2003 to reflect its role as a global bank. It is one of Singapore's "Big Three" banks, along with OCBC Bank and the United Overseas Bank (UOB).