Felicity Global Capital Aims to Raise $50 Million for Sustainable Impact Fund in Mid-Stage Ventures

Singapore, August 2025 , Felicity Global Capital (FGC) (affiliated with Daiwa Securities), is raising as much as $50 million for its first impact-dedicated venture capital platform, Felicity Sustainable Impact Fund. The new vehicle will focus on mid-stage companies (Series B–C) across Southeast Asia, Japan, and Korea, targeting businesses with proven products, scalable models, and clear commercialisation roadmaps.

With a track record of 1.9x DPI and 35%+ IRR across its completed funds, Felicity Global Capital continues to strengthen its position as a leader in sustainable growth investing across Asia.

Unlike many impact funds that invest in early-stage ventures with uncertain financial outcomes, FGC’s latest strategy seeks to minimise the inherent risks of impact investing by backing companies that are already demonstrating measurable traction and revenue visibility. This approach combines the rigor of private equity discipline with the mission of sustainable transformation.

Globally, late-stage impact investments have outperformed earlier-stage peers in both stability and realized returns. According to the Global Impact Investing Network (GIIN), almost 60% of total AUM in the impact space is now allocated to growth and mature private companies¹, reflecting investor confidence in the scalability of established ESG-driven models.

“Our focus is clear,” said Jung Kyu Kim, Fund Manager, Felicity Sustainable Impact Fund. “We invest in companies that not only have a viable product but also a tested path to scale and profitability. This allows us to deliver measurable impact without compromising on returns.”

FGC has already built a ready-to-invest pipeline exceeding USD 25 million, supported by co-investment relationships with more than 25 leading PE and VC funds in the region. Target sectors include cleantech, sustainable agriculture, food innovation, and resource efficiency, areas positioned for both strong climate impact and long-term value creation.

1.      GIIN – State of the Market Report 2024