South- and Southeast Asia-focused impact fund advisory firm Aavishkaar has reached a first close for Aavishkaar Frontier Fund with US$45 million in capital commitments. The fund has a target of US$75 million and seeks to invest in socially beneficial and commercially viable companies in Indonesia, Bangladesh, Sri Lanka and Pakistan. The fund is anchored by German development bank KfW and German development finance institution DEG. Other investors include development finance institutions FMO and Proparco and the Dutch Good Growth Fund (DGGF), a development-oriented fund established by the Dutch government.