DBS and Heritas Capital have announced the the first close of the Asia Impact First Fund (AIFF), which will provide financing for social enterprises in Asia.

The fund raised more than $20 million, led by DBS, which pledged $10 million, and other investors such as IMC Group, the Tsao Family Office and ANF Family Office.

The AIFF aims to help 10-15 high-growth social enterprises that have shown clear social and environmental impact and have viable business plans to scale their dual objectives of impact and profitability.

The fund has a target size of $50m and prioritises long-term impact outcomes rather than short-term profitability. The bank sees the AIFF as a way for its private banking clients to take an active role in philanthropy by investing in social enterprises.

The AIFF is managed by Singapore-based impact investment platform Heritas Capital and is open to accredited investors. – BusinessNewsAsia.com