Armstrong South East Asia Clean Energy Fund


Last updated 12 May 2020, by Impactyield.

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The investment objective of the Armstrong South East Asia Clean Energy Fund is to make equity and equity-like investments with a focus on small-scale renewable energy generation and resource efficiency projects in Southeast Asia. The Fund achieved a final close of US$164 million.

The Fund Company will invest in two sectors:

•Small-scale renewable energy generation: The fund will invest in projects which generate power from hybrid renewable energy resources, including solar, wind and hydro (<30 MW), providing power to end-users which are either not connected to the grid or which suffer from a lack of reliable power as a result of poor grid infrastructure. The Fund Company will also invest in projects that use sustainable biomass residues from agricultural, municipal and industrial waste streams that can be used to generate energy. The Manager will invest at least 67% of the Funds gross assets in the small scale renewable energy generation sector.

•Resource efficiency: Resource efficiency ensures that natural resources are produced, processed and consumed in a more environmentally sustainable way. This results in producing more with less and generating less waste and pollution. Resource efficiency can include better usage of water, waste materials and power.

Financial description


12 years

of track record


the year funded



Asset manager

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Substantially reduce waste generation

Implement the un framework convention on climate change

Safe and affordable drinking water

Universal access to modern energy

Increase global percentage of renewable energy

Double the improvement in energy efficiency

Expand and upgrade energy services for developing countries

Key performance indicators

Fund overview

Asset manager: Armstrong Asset Management

Product track record: Fund has 12 years of track record

Target IRR: 20%

Committed Capital: 164,000,000 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: , , ,

Inception year: 2011

Vintage year: n.a.

Target region: , , ,

Target close date: n.a.

Product term: 10 year term

Assets under management: n.a.

Investment size: Min: 5,000,000; Max: 15,000,000; Avg: 0

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 4

Fund investments to date exited or repaid: 0

Management fee: 2%

Carried interest: 20%

Hurdle rate: 8%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: DEG,FMO,GEEREF (European Investment Bank),IFC, IFC AMC, Obviam, Proparco, Unigestion

Limited Partner / Investor Type: Development Finance Institution (DFI), Family Office




Phone number: +65 69229790

If you wish to have your details removed from this database please email

Andrew Affleck

Managing Partner

Sabine Chalopin

Investment Manager - ESG Officer

Impact Performance


Impact thesis

The Manager believes integrating sustainable, environmentally friendly practices in our activities delivers tangible benefits, creates additional opportunities, benefits society and reduces risk. We believe that such an ethical approach leads to follow-on opportunities and improved financial returns especially when the true costs of increasingly scarce natural resources are considered.
The Manager will be investing in companies operating in a Region with an estimated 20% of all known plant and animal species with approximately 17% of the land designated as a protected area. This rich biodiversity is at threat as a result of deforestation from unsustainable forestry practices. The Manager through its Portfolio Companies will seek to promote the sustainable management and use of natural resources through the adoption of practices that integrate conservation needs and other ESG practices such as certification from the Forest Stewardship Council.
Impact opportunites include:
- Local community education on energy use
- Fossil fuel substitution
- Pollution/emission reduction and corresponding health improvements
- Biodiversity maintenance and improvement
- Forestry management and certification
- Increased employment
- Improved health and safety standards

Impact Management


Financial benchmark

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