We are pleased to have partnered with Summer Housing as part of a consortium of impact investors that have injected $48m into 60 specialist disability accommodation (SDA) apartments.
Summer Housing has an innovative approach, acquiring 10 apartments within high amenity, larger, and well-located apartment developments and modifying these to enable a high level of accessibility to tenants. An eleventh apartment is acquired and used as a hub to provide 24/7 concierge support to residents. The model supports people with very high support needs to successfully live independently as part of the community with access to education and employment opportunities and most importantly, an ordinary life.
For Purpose Investment Partners Executive Director, Chris Yoo said: "Summer Housing is a uniquely placed provider in a high growth sector, with a strong and scalable model. We believe we have found a partner in Summer Housing that aligns with our culture and values, and we are excited about the opportunity to team up with The Paul Ramsay Foundation and Conscious Investment Management to provide the required capital to catalyse growth in this space."
Download a copy of the Summer Housing - August 2020 Press Release: Download
We applaud the UN Principles for Responsible Investment, the Global Sustainable Investment Alliance and the CFA Institute's jointly released definitions on 1 November 2023, particularly the clarity on impact investing. They say that impact investing “requires a ‘theory of change’ – that is, a credible explanation of the investor’s contributory and/or catalytic role, as distinct from the investee’s impact”.
As this Investment Magazine article suggests, it is not enough to just allocate capital to investees that have a net positive impact, and true impact investment should clearly be able to demonstrate its additionality.
At For Purpose Investment Partners, every investment we make requires a robust theory of change and clear demonstration of the additionality of our capital. With our FY23 Impact Report, we sought to set a benchmark for transparency among Australian impact investment managers, and are pleased to see our work referenced in this article.
Check out our FY23 Impact Report to find out more.
For Purpose Aged Care Australia Chair Toby Hall sat down with Vidit Agarwal on The High Flyers Podcast, to talk about his childhood and school experiences in the UK and South Africa that taught him to question everything, his early career in accounting and investment banking at the Salomon Brothers, his leadership training in New Zealand and transition to CEO and Board roles in Australia.
He discusses his leadership principles, how to have an impact in new sectors, the power of listening and storytelling and helping people thrive.
For Purpose Investment Partners (FPIP) is delighted to announce that it has committed $4.0m in debt financing for the first project in Beacon Hill, NSW, which will fund the construction of three specialist disability accommodation (SDA) houses for 8 NDIS participants, on land owned by the Anglican Church Growth Corporation (ACGC). This transaction has been undertaken in partnership with the Sustainable Development Group (SDG), a mission driven development and advisory organisation established to redevelop the excess land of faith-based organisations.
Construction of the houses has begun and is expected to be completed by early 2024, which will provide disability accommodation in an area of high need, with easy access to public transport, and with shopping precincts and healthcare facilities located close by.
For Purpose Investment Partners Executive Director Tim Shaw said “we are very excited to partner with SDG and the Anglican Church in funding this SDA development. Given high land values in Sydney’s northern beaches, very limited SDA dwellings have been constructed to meet the high demand in this area. We are very pleased to be able to overcome this significant barrier to entry by partnering with mission aligned groups like the landowner ACGC and SDG.“
SDG Chief Commercial Officer Jai Sharma commented “we are delighted that the FPIP team were able to move quickly to fund this development. Working with a values-aligned partner was key in overcoming the complexities of the transaction.”
ACGC CEO Ross Jones added “we think the Anglican Church’s Sydney Diocese has an important offering in the SDA sector where much of the supply of housing stock has occurred on the metropolitan urban fringes because of the high cost of land. We have land right across the Diocese, enabling us to provide SDA in areas relatively close to family support. We have more of these and other social infrastructure projects planned for integration on church land. We look forward to further partnerships with FPIP on those.”
Casa Capace is the SDA Provider, and will source the eight tenants for their state of the art designed homes. Fighting Chance are the supported independent living (SIL) provider for the development.
About Sustainable Development Group
Sustainable Development Group is a mission-driven not-for-profit real estate development and advisory organisation, established to redevelop the excess land of faith-based organisations.
SDG catalyse and bring together aligned consortiums of landowners, commercial investors/funders and long-term tenants to activate sites and drive outcomes that are sustainable for the long-term.
About Anglican Church Growth Corporation
Anglican Church Growth Corporation is an entity within the Anglican Diocese of Sydney whose purpose is to develop strategy and assist in the provision of resources for ministry initiatives involving the acquisition or development of property in greenfield and existing urban areas.
About 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.
For Purpose Investment Partners acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander people.
We believe that diversity, equity and inclusion at For Purpose Investment Partners are critical in our efforts to create significant social impact. Diversity in the team allows us to better represent the diversity of thought and experiences of the communities that we are aiming to serve, promotes a healthy and thriving working environment, and delivers innovative and sustainable outcomes for our communities, our people, our investors and our partners.
