In this episode of The Carnegie Project, Mark Carnegie puts capitalism under the microscope looking at where it came from, when it worked, how it worked and when it hasn't. He then turns his head to the future of capitalism through the lens of impact investing; looking at what contemporary society is attempting to do to bring it back on track after a period where it ran out of control.
Environmental, Social and Governance (ESG) considerations are increasingly important to be able to identify companies that are well prepared for the future. This is largely because companies that recognise the importance of adapting to changing socio-economic and environmental conditions are better able to identify strategic opportunities and meet competitive challenges.
M. H. Carnegie & Co. is proud to be the Co-Founder of For Purpose Investment Partners (FPIP), which is addressing a significant opportunity to respond to social infrastructure investment needs in partnership with the superannuation and social sectors. FPIP will originate, fund and facilitate large scale investment opportunities in Australia that provide compelling risk adjusted economic returns and meaningful social returns. This is CAPITALISM 2.0.
Join the conversation alongside Mark Carnegie, Andrew Thorburn and Michael Traill in part two of the podcast - the future of capitalism. Together they explore a pivot to thoughtful capitalism, how a profit motive and a purpose motive can go hand in hand; giving your investors a good return and society a good outcome.
Listen via: mhcarnegie.com/the-carnegie-project/2020/3/13/episode-2-part-2-capitalism-20
Spencer Ratliff will step down as Group CEO of Able Foods and Tender Loving Cuisine (TLC), effective from 5 June 2026.
Spencer co-founded Able Foods in 2020 with a clear purpose: provide access to safe and healthy food, reduce food insecurity, and promote greater independence and choice and control around meal times for National Disability Insurance Scheme (NDIS) participants and older Australians. Under his leadership, Able Foods built a reputation for quality, inclusion, and social impact, becoming a certified B Corporation.
Following FPIP's acquisition of Able Foods in 2022, Spencer led the business through a period of growth and product expansion. In 2025, his remit extended to Tender Loving Cuisine (TLC) as Group CEO across the FP Ability platform.
Rob Blackwell, Executive Chair of FP Ability, will assume the role of Interim Group CEO while a search for Spencer's successor is conducted. Rob will work closely with the leadership teams at both Able Foods and TLC to ensure continuity for customers, staff, and partners through the transition.
Quote from Rob Blackwell, Executive Chair, FP Ability
“Spencer's contribution to Able Foods and TLC has been significant. He co-founded a business with purpose at its core, and he has built something the sector genuinely values. We are grateful for his leadership and for the teams he has shaped. As Interim Group CEO, my focus will be on supporting both businesses through a seamless transition while we identify the right long-term leader to take them forward. We wish Spencer every success in what comes next.”
Quote from Spencer Ratliff
"Co-founding Able Foods and leading both Able Foods and Tender Loving Cuisine has been one of the most fulfilling chapters of my career. Knowing that the work we do genuinely improves quality of life for some of Australia's most vulnerable people made every moment of it worth it. With both businesses well-positioned and strong leadership teams in place, this feels like the right moment to step back. I'm grateful to the teams, our customers, and FPIP for their trust and support."
When Catholic Healthcare announced the closure of St Francis Aged Care in Grafton - a home that, due to the age of the building and the layout of its rooms and facilities, was no longer suited to providing the standard of contemporary aged care residents deserve - residents faced an abrupt and deeply personal loss. Many had lived there for years.
For Coleen, who spent eight and a half years at St Francis, the news came without warning. 'We only found out three weeks before,' she recalls. 'We didn't know we were going, and we didn't know it was being closed.'
What made the difference was how South Grafton Community Aged Care responded. For Purpose Aged Care's newest 144-bed facility opened on 1 December 2025. On that first day, 40 St Francis residents arrived - along with approximately 30 familiar staff members. Ngaere was the first resident welcomed through the doors. She keeps the photo the staff printed to mark the moment. 'That's me,' she says, pointing to herself at the entrance. 'First one through.'
The decision to absorb such a large cohort in a single day was bold, and Residential Manager Toni didn't underestimate it. 'I knew I was getting 40 people on one day,' she says. 'I've done this for years and it is not how you'd usually plan it.' But the day itself surprised her. 'It was amazing. It went off really well.' Her team approached the challenge with care and compassion - many of them having made the move from St Francis themselves, and understanding exactly what residents were going through.
The continuity of care staff provided proved critical. For Bryson, a lifelong Grafton local, familiar faces eased the transition considerably. 'That made it easier for me,' he says. 'More relaxed, you know?' For Alwyn and Jill - a couple who had volunteered at St Francis for 14 years before becoming residents themselves - the staff who came across were an anchor point during the adjustment. 'They came with us,' Alwyn says simply. 'That was good.'
Three months on, residents are settling in. Coleen notes the first month was hard, but adds: 'This last month has been better. It's a big change.' She praises the staff warmly: 'They're wonderful.' Alwyn is more direct: 'The facility is A-plus. They're not wrong on a thing.' Ngaere puts it simply: 'We're beautifully looked after.'
Toni credits her team's commitment for the smoother-than-expected transition, and is candid about the scale of the undertaking; the home had welcomed more than 80 residents and was around 50% full within barely two months of opening. 'It's been an experience,' she says. 'Lots of hard work, long hours but we've been given this beautiful home.'
The move was hard. Grafton is a small regional community, and the loss of St Francis was felt widely. But in welcoming 40 residents and 30 staff on a single day, For Purpose Aged Care gave something back: continuity, connection, and a new place to call home.
'It's their home,' says Toni. 'We're just working here.'
For Purpose Investment Partners (FPIP) and For Purpose Aged Care Australia (FPACA) have secured a Social Loan with Bank Australia, Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) as Joint Sustainability Coordinators.
This is the first senior debt Social Loan for FPIP. The financing aligns with the Asia Pacific Loan Markets Association (APLMA) Social Loan Principles, an international standard for social impact lending. Sustainalytics, an independent third party, has assessed the FPIP Sustainable Finance Framework to verify it meets these standards.
The funds will support FPACA to build and operate quality residential aged care homes across Australia, with a focus on regional communities. The partnership with Bank Australia, CBA and NAB reflects a shared commitment to improving outcomes for older Australians in areas that need it most.
Victoria Adams, Managing Director of For Purpose Investment Partners, said: "This is our first senior debt Social Loan. It cements our position as a leader in impact investing in Australia, with the backing of three banks who share our commitment to older Australians and regional communities.
“Our Sustainable Finance Framework has been independently assessed by Sustainalytics against international standards. We publish annual impact reports, are signatories to the Operating Principles for Impact Management, and have BlueMark independently assess our work. This Social Loan adds another layer of accountability for our investors. It also shows the confidence we have in FPACA to deliver high standards of care for older Australians."
Tim Von Ess, Head of Impact Lending, said: “At Bank Australia, we believe everyone is entitled to live in an affordable home that meets their needs, and this includes access to safe and dignified aged-care. As a customer-owned bank, we know that our customers want to use their money as a force for good. That’s why we partnered with FPIP and FPACA on this loan, to help deliver positive outcomes for residents, families and staff. Supporting the development of high-quality aged care in regional Australia strongly aligns with our affordable and accessible housing impact area and we’re proud to stand alongside our partners in supporting a model of care that puts older Australians and their wellbeing at the centre. "
Craig McQuillen, General Manager, Major Client Group, CBA, said: “CBA are pleased to play a role in supporting FPIP and FPACA as a Sustainability Coordinator on the Social Loan. The Loan is an important milestone and recognition of their commitment to improving outcomes for older Australians, particularly in regional communities where there is heightened need for quality aged care. By supporting our clients with sustainable finance, we’re helping FPIP and FPACA in expanding initiatives that deliver equitable access to aged care for the communities they serve.”
Dale Pattison, State Director, Corporate Health, said: “Access to safe, high‑quality, and affordable housing is fundamental to the wellbeing of every Australian. NAB is proud to support this Social Loan, which will help deliver more care‑focused homes in the communities that need them most. Collaborations like this demonstrate how finance can play a meaningful role in addressing Australia’s housing and aged‑care challenges, while improving outcomes for older people across regional Australia.”
Matthew Filocamo, CEO of For Purpose Aged Care Australia, said: "This partnership with NAB, CBA, and Bank Australia supports our work to deliver quality aged care in regional communities across Australia. Their commitment to older Australians aligns with our purpose to ‘deliver exceptional care and meaningful ageing’.
"Thank you to our banking partners, investors, and care teams who make it possible to build communities where older Australians receive the care they deserve."
Media contact | michelle.moore@fpinvest.com.au
For Purpose Investment Partners
For Purpose Investment Partners are a not-for-profit social impact investment fund 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 and philanthropist and entrepreneur Mark Carnegie to focus on large-scale impact investing, For Purpose has ~$200m of funds under management.
Bank Australia
Bank Australia Ltd believes banking can be a force for good and together we can have a positive impact on our customers, communities and the planet. Following its merger with Qudos Mutual Ltd on 1 July 2025, Bank Australia Ltd continues to operate the Bank Australia and Qudos Bank retail brands. We are 100% customer-owned and aim to build on our position as Australia’s leading purpose-driven bank. We exist to inspire and empower our customers to use their money to create a world where people and the planet thrive. We support almost 320,000 customers and we’re custodians of more than $20 billion in assets.
Commonwealth Bank of Australia
The Commonwealth Bank of Australia (CBA) is one of the leading banks in Australia, serving more than 17 million personal, business and institutional customers. We are guided by our purpose – building a brighter future for all. Our strategy, to build tomorrow's bank today for our customers, reflects our commitment to use the strength of CBA to support our customers, invest in our communities and provide strength and stability for the broader economy. As at 30 June 2025, we have provided $64.4 billion in cumulative funding towards our Sustainability Funding Target (SFT) of $70 billion by 2030. Contribution to the SFT includes sustainable finance to support clients with Environmental & Social initiatives, as well as funding for renewable energy projects and green buildings.
National Australia Bank
At NAB, we're here to be the most customer-centric company in Australia and New Zealand. NAB's workforce is made up of more than 38,000 colleagues globally, supporting more than eight and a half million customers in Australia and overseas. Our scale and connectivity help us to tackle some of the biggest challenges facing our business and community. We're focusing on taking climate action, supporting affordable and specialist housing, and backing Indigenous businesses.
Our NAB Health team have been providing financial solutions to the healthcare sector for over 20 years with dedicated business bankers who have in-depth industry knowledge.
For Purpose Aged Care Australia
For Purpose Aged Care Australia is a national aged care provider with a clear social mission: to deliver high-quality care while creating meaningful social impact. Backed by ethical investors, we reinvest in our people, places and programs to ensure older Australians receive the respect and support they deserve. Since our formation, we’ve grown rapidly through the strategic acquisitions of Luson and Signature Care, and now operate over 2,000 residential aged care beds nationwide.
For Purpose Investment Partners acknowledges and pays respect to the past and present 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.
