ImpactAlpha Podcasts Tsao Family Office builds a theory to go with its practice of impact investing
Mar 11, 2026
Bryan Goh, leader of the Tsao Family Office's social impact arm, translates a family charter into an impact-driven multi-asset strategy. He discusses building impact capabilities from scratch, a theory for when to use impact capital, portfolio categorization including a deep impact bucket, and an Innovation Lab for early moonshot bets. He also covers Singapore's role as a solutions scout.
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Translate Family Values Into Practical Impact Mandates
- Impact capital should fund things non-impact capital won't fund.
- Bryan Goh translated a family charter into exclusions and impact rules, initially copying Norges Bank then building internal ESG resources for multi-asset investing.
Impact Capital Should Target What Others Avoid
- Impact capital exists because non-impact capital won't fund certain things, like public goods or risky uncertain trajectories.
- Tsao Family Office therefore prefers to move up the risk spectrum and provide concessional capital where it de-risks opportunities.
Avoid Displacing Commercial Capital With Impact Funding
- Do avoid crowding out purely financial capital when deploying impact funds.
- Bryan Goh looks for investments where capital is additional and the market is 'a little bit shy' to ensure efficient use of scarce impact capital.