PRIVATE equity firm ABC Impact, backed by Temasek, finished the first closing of its second impact fund, ABC Impact Fund II, with more than US$550 million in assets under management.

Launched last August, the fund has received support from new investors, “notably a South-east Asian sovereign wealth fund”, as well as existing investors including Temasek Trust, Temasek, SeaTown and Mapletree Investments, said ABC Impact on Wednesday (Jan 17).

The Asia-focused impact investor expects to hold the final close of ABC Impact Fund II this year, which is set to enhance sustainable solutions in the region.

“As we continue to drive meaningful change through our portfolio of purposeful companies, we look forward to more like-minded partners joining us,” said David Heng, chief executive of ABC Impact.

The firm’s inaugural US$300 million fund, ABC Impact Fund I, has been deployed to 11 portfolio companies across sectors such as financial and digital inclusion, healthcare, and climate solutions.

According to its latest impact report released last March, the fund supplied 20.3 million people with essential services and avoided 1.7 million tonnes of carbon dioxide emissions.

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Established in 2019, ABC Impact aims to generate measurable social and environmental outcomes in Asia while delivering risk-adjusted returns for investors.