Executive Director Andrew Thorburn spoke to John Treadgold at On Impact about our hope to accelerate the social impact investing market in Australia.
Of the opportunity, Andrew said “We feel there’s no dedicated social impact fund or business like ours that exists, certainly not one that’s driving for such scale, where we can really bring private capital to bear to make a real difference to these material issues. And, aiming to make decent returns along the way, there’s no trade-off."
Full article via On Impact
https://onimpact.com.au/andrew-thorburn-for-purpose-social-impact-fund/
Highlights
· Established by For Purpose Investment Partners (FPIP), For Purpose Aged Care Australia (FPACA) is a not-for-profit aged care platform focused on achieving excellent health and wellbeing outcomes for residents and attracting and retaining quality staff.
· The acquisition will bring together aged care providers Luson and Signature Care under FPACA, led by Group CEO Matthew Filocamo.
· Backed by $85m commitment from institutional investors, FPACA will become a top-15 national aged care provider with this acquisition.
24 April 2024 - For Purpose Aged Care Australia (FPACA), owner of a leading not-for-profit aged care provider Luson, proudly announces the strategic acquisition of Signature Care, a provider of residential aged care services across Australia. This acquisition will see FPACA become a top-15 aged care provider in Australia with an initial 1,394 residential aged care places and increasing to over 2,500 places within two years across 18 sites in New South Wales, Victoria, Queensland, and Western Australia. Alongside this significant portfolio growth, FPACA is delighted to announce the appointment of Matthew Filocamo as Group CEO, commencing a new leadership era.
The FPACA Chair, Toby Hall, expressed enthusiastic support for both the acquisition and Matthew Filocamo's appointment, stating, "This is a transformative moment for FPACA and the broader aged care community in Australia. The acquisition of Signature Care is a strategic step that aligns with our mission to deliver exceptional care services to Australians from all backgrounds. We have demonstrated new and innovative ways of growing the sector to have a broader social impact that is customer centric. Matt and I have worked closely together with For Purpose Investment Partners for almost two years. Matt's experience and leadership in aged care make him the ideal leader to guide FPACA through this exciting next chapter."
With a mission to develop a model of aged care that achieves excellent health and wellbeing outcomes for residents of all socioeconomic backgrounds, FPACA's approach attracts top staff and enables residents to age in place with dignity and choice. This pivotal move, scheduled for completion on 1 June 2024, signifies a major advancement in FPACA's goal to improve aged care services nationally. FPACA currently own and operate Luson, a Victorian based aged care provider with three operational homes with 305 places and a further development site that would yield 136 places.
The acquisition of Signature Care merges the strengths and capabilities of both organisations, promising to enhance the care and services provided to older Australians and provide great benefits and conditions to staff. This partnership reflects a shared commitment to excellence and innovation in aged care.
FPACA was established by social impact investment manager FPIP. FPIP Founder and Executive Director Michael Traill AM said “We are very excited to reach an agreement to acquire Signature Care. We believe investors like FPIP have an important role to play as stewards of these crucial social assets going forward, ensuring residents get a great experience at an affordable price while also making sure that the business is run in a manner that delivers appropriate risk-adjusted returns for investors and attracts further capital to a sector which badly needs it. The business is in great hands led by Matt and supported by Toby as Chair, and we will look to support them to continue to grow the business."
Matthew Filocamo said "I am honoured and excited to lead FPACA into this new era. The partnership with Signature Care underscores our shared dedication to enhancing aged care in Australia. I look forward to driving our collective vision forward, fostering innovation, and making a meaningful impact on the lives of those we serve."
Signature Care Director, Amal Witnish, said “It has been a privilege over the past 3 years to develop the business to this point and make Signature Care what it is today, a leader in the provision of high-quality care and accommodation, with embedded IT, enabling person-centred care. FPACA and Luson, as not-for-profits, will provide additional incentives to attract and retain staff through salary packaging and other employment benefits and will ensure residents receive quality care by retaining and further advancing Signature Care’s innovation and investment in the sector.”
There will be no disruption to residents or employees of Signature Care’s and Luson’s businesses during the transition of ownership, and the businesses will continue to operate under their individual brands for the foreseeable future overseen by the Group CEO and Board.
The transaction is contingent on receiving the necessary approvals from the Department of Health and Aged Care. The parties were introduced by Amicum Pty Limited, FPIP were advised by Gilbert +Tobin and PwC, and Signature Care were advised by Amicum.
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About For Purpose Investment Partners (FPIP)
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.
Media contact
For interviews or background information please contact
Enquiries@fpinvest.com.au| 0405 306 414
Congratulations to our co-founder and Executive Director Michael Traill AM, who was awarded one of the Individual Outstanding Achievement Awards by Social Impact Hub this year for his contributions to the sector.
A true pioneer of social impact investing in Australia, his leadership at For Purpose Investment Partners and advocacy with the Government's Social Impact Investing Taskforce is invaluable, remarkable and inspirational.
Congratulations to all the other winners.
For more information about the awards, please see article here.
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 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.
