Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

Skylink Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides purchasing, insurance, financing, workshop servicing and repairs, as well as customized engineering solutions for commercial vehicles. Skylink Holdings serves customers in Singapore.

<ul><li>Skylink provides financing and fleet solutions centered on commercial vehicles, ride-hailing cars, and related after-sales services.</li><li>The model combines principal loan book generation, vehicle ownership and remarketing, and workshop support.</li><li>Revenue is recognized on transfer of control for vehicle sales and over time for service elements where contracted.</li></ul>

Skylink provides financing and fleet solutions centered on commercial vehicles, ride-hailing cars, and related after-sales services.The model combines principal loan book generation, vehicle ownership and remarketing, and workshop support.Revenue is recognized on transfer of control for vehicle sales and over time for service elements where contracted.

Skylink Holdings Limited Initiating Coverage

AvePoint, Inc. operates as a software company. The Company develops SaaS solutions to migrate, manage, and protect data and IT infrastructure. AvePoint serves customers worldwide.

<ul><li>AvePoint is a global subscription software company that helps organizations manage, protect and govern collaboration data sitting in cloud platforms such as Microsoft 365 and other SaaS tools.</li><li>Its platform combines backup, data protection, governance and modernization so that customers can keep using these tools and newer AI features without losing control of security or compliance.</li><li>In 2024 it generated US$330m of revenue, up 22% from 2023, with SaaS contributing roughly 70% of the total and recurring revenue 87%.</li></ul>

AvePoint is a global subscription software company that helps organizations manage, protect and govern collaboration data sitting in cloud platforms such as Microsoft 365 and other SaaS tools.Its platform combines backup, data protection, governance and modernization so that customers can keep using these tools and newer AI features without losing control of security or compliance.In 2024 it generated US$330m of revenue, up 22% from 2023, with SaaS contributing roughly 70% of the total and recurring revenue 87%.

Lum Chang Creations Limited operates as a property management, interior designing, and construction firm. The Firm provides infrastructure development, building, construction management, and restoration services of properties for conversation. Lum Chang Creations serves civil, commercial, hospital, hotels, leisure, industrial, and residential sectors worldwide.

<ul>
<li>Lum Chang Creations Limited (LCC) is a niche urban - revitalization specialist, that covers complex conservation and restoration of heritage assets, flagship interior fit -outs for retail/hospitality/healthcare, and A&amp;A (Additions and Alterations) works that upgrade brownfield buildings.</li>
<li>The company’s service include aftercare for retail programs and selective in-house joinery to control quality on signature elements.</li>
<li>The operating model is asset -light, with a focus on specialist know -how, repeatable delivery processes, and disciplined subcontractor management.</li>
</ul>


Lum Chang Creations Limited (LCC) is a niche urban - revitalization specialist, that covers complex conservation and restoration of heritage assets, flagship interior fit -outs for retail/hospitality/healthcare, and A&amp;A (Additions and Alterations) works that upgrade brownfield buildings.
The company’s service include aftercare for retail programs and selective in-house joinery to control quality on signature elements.
The operating model is asset -light, with a focus on specialist know -how, repeatable delivery processes, and disciplined subcontractor management.


Lum Chang Creations Limited: Initiating Coverage

NTT DC REIT is a real estate investment trust. The Company invests in a diversified portfolio of stabilized income-producing real estate assets located globally which are used primarily for data center purposes, as well as assets necessary to support the digital economy. NTT DC REIT serves clients worldwide.

<ul><li>NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.</li><li>It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.</li><li>The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.</li></ul>

NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

Metaoptics Ltd operates as a holding company. The Company, through its subsidiaries, designs and manufactures optics lenses, camera modules, and IoT devices. Metaoptics serves customers worldwide.

<ul><li>Losses persist as operating expense runs ahead of scale and financing inflows fund burn.</li><li>Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.</li><li>Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.</li></ul>

Losses persist as operating expense runs ahead of scale and financing inflows fund burn.Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.