In brief: Temasek-backed impact firm raises $550m

ABC Impact, a manager founded by Temasek Trust – the philanthropic arm of Singapore’s state-backed investor – has reached a first close on Fund II of more than $550 million, according to a statement.

Fund II launched last year and has received commitments from new investors, including a Southeast Asian sovereign wealth fund, as well as existing LPs Temasek Trust, Temasek, SeaTown Holdings and Mapletree Investments.

A final close is expected this year, though the fundraising target was not disclosed. ABC Impact declined to comment beyond the press release when contacted by New Private Markets.

ABC Impact was founded in 2019 to make mission-driven investments in Asia. The firm raised $300 million for its first fund, which closed in 2019.