Singapore family office shares impact investment approach

Established in 2022, Togs Capital is a single-family office (SFO) based in Singapore that focuses on alternative investments in high-growth emerging markets, particularly those that focus on sustainability and on creating a positive impact on society.
Singapore family office shares impact investment approach

Singapore family office Togs Capital is using impact investing as a means to purposefully generate measurable social or environmental benefits alongside financial returns.

Impact investing in particular has gained traction in 2023, with Invesco’s Global Sovereign Asset Management Study 2022 seeing over 70% of both central banks and sovereign wealth funds increasing their use of impact investing in the past twelve months. This is driven partly by the goal to deliver greater positive outcomes for society in the investment process while minimising the risks of greenwashing.

For family offices in particular, it goes beyond financial outcomes and allows family offices to direct their money towards positive transformation.

“Thematic areas and impact objectives that encapsulate the key priorities and values of the SFO guide our impact investment decisions”, Veronika Linardi the Chief Executive Officer of Togs Capital told AsianInvestor in an exclusive interview. 

According to asset manager Vontobel’s latest study in September 2023, as many as 92% of Asian investors plan to allocate to impact investing via private markets, while 72% will do the same via public markets.

Togs Capital looks at four guiding principles when making impact investments. These include sustainable innovation, social equity and inclusion, environmental sustainability, and resilient infrastructure.

"We prioritize investments that drive innovation in sustainable technologies and practices and seek opportunities to promote social equity and inclusion within the industries we invest in," noted Linardi. Linardi was speaking to AsianInvestor on the sidelines of the Connect Group’s LPxAsia summit in Singapore.

Going into specific sectors of interest Linardi elaborated, “These include companies developing renewable energy solutions, eco-friendly transportation systems, and efficient supply chain management tools.

Togs Capital also focuses on “projects and companies that enhance the resilience and reliability of critical infrastructure systems, including transportation networks, supply chains, and digital infrastructure.”


According to the Milken Institute, currently, most impact investing takes place in private markets, making it a niche activity. To mobilise private capital at scale and finance an annual SDG gap of $4.5 trillion, impact investing must become more mainstream and available through public capital markets. This is particularly critical for emerging market countries, which are more vulnerable to climate and social challenges.

“Private market investments are more hands-on, early stage, enabling the potential for deeper impact due to direct engagement with investee companies, hence more malleable to the values of the SFO,” noted Linardi. 

However, public market impact investments provide scalability and liquidity.

“So being invested in both private and public investments provides us access to a broader range of opportunities,” added Linardi.

“While we are focused on impact investments, my responsibility also lies in making sure that there are sustainable sources of revenue backing each investment made.”


Lack of data, incoherent metrics, and costly due diligence processes have become a problem for investors who struggle to measure the impact of their investments. When it comes to due diligence, it is said that the same level of rigor applied to financial aspects should be maintained. This involves adhering to standards concerning risk characteristics while incorporating an additional layer specifically focusing on impact.

Thorough due diligence projects is extremely important for Togs Capital which identifies the most pressing global issues in need of attention, seeks out companies with scalable and cost-effective solutions, and assembles teams driven by authentic intent to effect meaningful, substantial change.

“Wherever possible, we utilise quantitative metrics to measure tangible outcomes,” said Linardi.

Stating an example of tangible outcomes, she mentioned Volta Indonesia, a two-wheeler EV in Indonesia which Togs Capital invested in. Volta EVs have travelled nearly 250 million km in last 2 years causing over 25,000 tons reduction in carbon emission.

However Linardi also cautioned that it is not always straightforward to measure impact.

Togs Capital works with over one million small and medium-sized enterprises in Indonesia through an initiative that involves leasing space for solar-powered battery charging/swapping infrastructure, roughly the size of an ATM machine, providing SMEs with additional revenue streams. Moreover, SMEs receive commissions for every battery swap. Additionally, they offer educational support on selling digital vouchers for services such as bus and train tickets, as well as mobile phone top-ups.

“While quantitative metrics offer valuable insights, they often fall short in capturing the full essence of impact, in cases like these,” noted Linardi.


Renewable Energy and Clean Tech, Agri Tech and Food Security, Health Tech and Telemedicine, and Fintech for Financial Inclusion are the areas of innovation that the SFO finds promising for the future.

“By actively leveraging emerging technologies and focusing on areas of innovation with high potential for social and environmental impact, we aim to drive positive change and create lasting value for communities and ecosystems around the world”, concluded Linardi.

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