DBS-backed social enterprise fund raises $20m in first close

Photo credit: Deyoadutrys / Wikimedia Commons

DBS Bank and Singapore-based investment platform Heritas Capital have raised US$20 million in the first close of the Asia Impact First Fund (AIFF), which aims to support social enterprises across Asia.

Of the capital raised, DBS committed US$10 million, with the rest coming from IMC Group, Ishk Tolaram Foundation, Tsao Family Office, ANF Family Office, and other investors.

The fund aims to raise US$50 million and back 10 to 15 Asian social and environmental enterprises. It will be managed by Heritas Capital, which is targeting an internal rate of return of 5% to 10%.

AIFF will also be overseen by a panel that includes DBS group chief sustainability officer Helge Muenkel and B Lab Singapore director Caroline Seow, among others.

Since being established in 2014, DBS has supported over 100 social enterprises in Asia through its foundation. It has disbursed a total of S$13 million (US$9.7 million) in grant funding and preferential banking packages, and it has also provided mentorship and networking opportunities.

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Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.