Singapore-based Heritas Capital has secured the first close of its Asia Impact First Fund (AIFF) at $20 million, according to a statement on Wednesday.
DBS Foundation, part of the Singapore-listed financial services firm DBS, was the anchor investor with a $10 million commitment. Other limited partners that joined the fund include Tsao Family Office, IMC Group, the Ishk Tolaram Foundation, ANF Family Office, and Mr Pang Sze Khai who is the chairman of Octava Foundation and Octava Pte Ltd.
The AIFF, which was launched in August last year, has a target of $50 million. At the time, Heritas had said it planned to achieve a first close in end-2022. The AIFF is seeking to back 10-15 innovative and high-growth social enterprises across Southeast Asia and India.
The impact fund follows the launch of Heritas Venture Fund II and Heritas Growth Fund III in 2021.
Heritas Capital has backed companies in the healthcare, food and education sectors across Asia including Alchemy Foodtech, BHL Education, JioHealth, MFine, Hummingbird Bioscience, Cakap and ConveGenius.