Leading Australian social impact investment fund manager For Purpose Investment Partners (FPIP) Has recently announced a number of wins including its first major institutional commitment for its Aged Care platform from Qantas Super. 

The not-for-profit social impact investment fund manager is bringing private sector capital and capabilities into sizeable businesses and projects to create significant social impact. Along with Aged Care, the group has a focus on Social and Affordable Housing, Disability, Mental Health and Education. 

Aged Care Investment

For Purpose last month announced a $75 million commitment from Qantas Superannuation to its aged care platform. The funds from Qantas Super — one of Australia’s largest not-for-profit corporate super funds — represent the first major institutional commitment to For Purpose. Ethical investment fund manager, Australian Ethical Investment (AEF), has also made an initial $10 million commitment to the For Purpose aged care platform, with the potential for that to grow.  

These commitments will enable the anticipated completion of a large-scale aged care acquisition. The acquisition will take the number of facilities owned by For Purpose’s not-for-profit aged care platform FP Aged Care Australia from four to nineteen, including development sites. 

Speaking to OnImpact, FPIP Managing Director Victoria Adams explained For Purpose’s objective in Aged Care, “what we’re trying to do is bring together the best of not for profit thinking together with private equity rigour. Aged care has traditionally been provided by large religious groups and community groups and private equity  started coming into the market but they have quite short term thinking of 3 to 5 years. 

“For Purpose is investing for the longer term and we are investing through a not for profit. Our focus is very much on quality of care and looking after the residents which should lead to better occupancy, better reputation, with occupancy also driving better financial outcomes as well. 

“We are longer term capital, so not intending a short term flip. And we do have the benefits of being a not for profit, that includes financial benefits for staff, which again provides better outcomes for occupancy and for residents. 

“Being impact capital, we expect that our investment will be repaid without selling the homes, so we are effectively creating a social enterprise in perpetuity to continue to provide quality aged care in areas that it is needed.”

Tender Loving Cuisine

FPIP has also announced its acquisition of national meal delivery business Tender Loving Cuisine (TLC) through FP Ability Pty Ltd, its Disability Services platform. 

Primarily serving aged care customers accessing funding through Home Care Packages and the Commonwealth Home Support Programme, TLC complements FP Ability’s existing portfolio company Able Foods. 

The strategic acquisition bolsters FP Ability’s presence in a growth market with quality products that support customer health and wellbeing. 

The acquisition “represents an opportunity to grow the offering and impact of our meal platform with complementary companies that are focused on improving health outcomes and increasing choice for customers,” said Adams.

“With established operations and serving a customer base that includes seniors and people with disabilities, TLC is a highly valued-aligned company that will continue to deliver strong outcomes into the future.” 

TLC was founded in 1995 in Sydney and has expanded to national operations. It offers home-style, high-quality healthy meals delivered directly to customers and has steadily built a strong reputation and brand recognition.

For Purpose Investment Partners

For Purpose Investment Partners is a not-for-profit social impact investment manager, created to pursue an important mission; bringing private sector capital and capabilities into sizeable businesses and projects to create significant social impact. Established in 2018 by pioneering impact investor Michael Traill AM, FPIP have grown to have $185m of funds under management.

FPIP is now out in the market looking for further co-investment into the aged care platform and is thinking about further real estate assets and capital raising for those. Anyone who would like to speak further about these opportunities can contact FPIP at enquiries@fpinvest.com.au


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