Harry Breidahl

Summer Housing

Background & Investment Thesis

We partnered with Summer Housing on behalf of capital partner the Paul Ramsay Foundation and alongside The Impact Fund (“TIF”) managed by Conscious Investment Management (“CIM) to purchase 82 specialist disability accommodation (“SDA”) apartments in 8 properties. Since July 2020, our capital partner has committed $19m (of total $54m) in capital.

Supply of new housing to meet demand for disability accommodation continues to grow since the creation of SDA and its associated contracted payments under the NDIS in 2016. However, despite these incentives, the residual SDA supply shortfall at ~12,000 places remains significant. 

Some operators entering the market are focused on maximising profit by meeting bare minimum standards to receive the SDA income stream. As a mission-driven not-for-profit, Summer’s developments are of the highest quality which we believe will drive ongoing strong demand and lower than industry average vacancy rates. We believe that this focus on quality will enhance, not detract from financial returns as a result.

Investment Summary

Focus Sector
Disability (Disability Accommodation)
First Investment Date
July 2020
None (investment prior to Fund I)
Investing Instrument
Subordinated Debt (into not-for-profit)
Invested Capital
$15.2m (at July 2021)

The Problem in Numbers


New SDA developments required to meet needs of estimated SDA eligible tenants and replace legacy stock


Young people with disability living in aged care as at mid-2020


Long stay NDIS participants are stuck in Australian hospitals at a cost of $860m per annum


Of people with disability in Australia live near or below the poverty line

Social Impact Theory of Change


…access to safe, secure and affordable housing is a fundamental human right that should be available to all people…

we believe...

…Australians living with a disability should have access to appropriate housing that enables them to live a quality life connected to family & community…

so we provide...

…customised specialist disability accommodation of the highest quality in great locations with great amenity…

that leads to...

...a healthy connection with the community, a feeling of safety and security, and a greater level of independence and freedom for tenants…

and results in...

…tenants empowered through choice and control over their lives and ultimately a better quality of life for them and their families.

Advocacy & Influence
Financial Sustainability
Great People
  • Raise the quality of accommodation available to people living with Disability
  • Provide fit-for-purpose disability accommodation with amenity that enables people living with disability to live a fulfilling life connected to their loved ones and the community
  • Advocate for the significant benefit to society of SDA provided under the NDIS to ensure its continued Government support
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Further Case Studies

Catalyst Education

Catalyst Education is a leading private provider of vocational education and training (“VET”) with a focus on key social sector skills including early childhood education and care, aged care and disability care, and although predominantly Victorian-based, has a growing presence in New South Wales.

We invested in Catalyst Education with a view to building a transformative leader in VET with a focus on key social sectors. With its impressive reputation, strong values-aligned management team and market-leading position in Victorian early childhood training, we saw Catalyst Education as the perfect entry point to build from. It was core to our belief that structuring Catalyst Education as a not-for-profit would provide us with opportunities to create deep mutually beneficial partnerships with values-aligned not-for-profit care providers. Our discussions with these providers as part of our diligence gave us high conviction that the significant current and future workforce needs presented a large opportunity in training. Regulatory changes are an ever-present risk in VET, however the outlook is positive and Catalyst Education is well placed with a demonstrated track record of quality.

Explore Case Study
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Invest with Us

Our Social Impact Fund I will open to new investors shortly, following a successful first close of $67m in December 2021.

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Target Fund Size
$150 million
Fund Structure
Closed-end Unit Trust
Fund Term
10 Years
Return Target (Post Fees)
9-10% p.a.
Real Asset Allocation
Management Fee
1.5% p.a.