SINGAPORE - ABC World Asia, a private equity fund for impact investing established in May by Temasek Trust, has closed its inaugural fund at $385 million.

Temasek Trust, the philanthropic arm of Singapore's investment firm Temasek, is an independent trustee of philanthropic endowments and gifts. Its purpose is to ensure sustainable funding for the long-term well-being and security of communities.

ABC World Asia's inaugural fund saw the participation of investors including Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings and Sembcorp Industries.

The Asia-focused fund will explore investments in China, South-east Asia and South Asia. It will look for companies which commit to generate positive, measurable social or environmental impact, alongside a compelling risk-adjusted return.

Themes ABC World Asia will focus on are financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.

ABC World Asia chief executive David Heng said the investors in the fund "bring deep and complementary experience spanning various markets and sectors".

"With their support, we believe we are well-positioned to identify and invest in good companies that seek to deliver positive impact alongside sustainable financial return," he added.