Temsek-backed private equity impact fund manager ABC Impact has raised more than $600 million for its second vehicle, it said in a statement.
Fund II, which is double the size of the firm’s inaugural fund, has garnered commitments from the Asian Development Bank (ADB), a Southeast Asia sovereign wealth fund, a US family office, as well as Temasek, Temasek Trust, SeaTown Holdings, Mapletree Investments, and ultra high net worth individuals. In a statement, ADB said it invested $20 million into the vehicle.
The firm held a first close of over $550 million in January 2024.
ABC Impact noted in its statement that the diverse group of limited partners—with development finance and private capital players— “reflects a growing recognition that impact investing can address systemic issues through market-based approaches.”
According to an ADB report in November 2024, ABC Impact was targeting as much as $700 million for Fund II, as the manager expanded its stable of LPs to outside of the Singapore state-backed Temasek group of investors and institutions.
Fund II will focus on investments in clean energy, decarbonisation technologies, and sustainable infrastructure, in addition to healthcare and financial inclusion.
The manager has been investing out of Fund II, deploying into Japanese solar company Tekoma Energy; Aye Finance, a micro-finance lender, DCDC Kidney Care, one of the largest dialysis networks in India; and Winnow, a UK-based food waste reduction business.
The first vehicle, which was launched in 2019 and secured $300 million, was focused on businesses enabling renewable energy, healthcare access, and financial inclusion in the region. Among its successful exits were Singapore-based solar company Sunseap.
