24 April, 2024 - Leading Australian impact investment fund manager For Purpose Investment Partners (“For Purpose”) has announced a $75 million commitment from Qantas Superannuation Limited (“Qantas Super”) 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. Australia’s leading 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. Luson Aged Care, a wholly owned subsidiary of FP Aged Care Australia, will remain as the operator and approved provider of the facilities.
In addition to Qantas Super’s $75 million commitment, which is being led by Qantas Super’s Chief Investment Officer Andrew Spence, For Purpose manages almost $100 million committed from family offices, foundations, and high net worth individuals. It has just under $80 million is in its Social Impact Fund, which aims to drive institutionally appropriate risk weighted returns with measurable social purpose.
Alongside its existing $20 million investment in FP Aged Care Australia, For Purpose also manages investments in vocational education and training, specialist disability accommodation, and disability food services.
Mr Traill described the Qantas Super investment as a breakthrough for the aged care platform.
“The commitment of Qantas Super will enable us to significantly grow our platform in aged care, and hopefully together we can achieve our ambition of transforming the aged care sector. Andrew and his team backed our practical belief that the right way to drive attractive long term financial returns is to be very explicit about quality and measurable social impact,” he said.
“We have been very patient in building the right aged care team and platform led by Executive Chair Toby Hall, who has been key in driving this work and finding the right assets. Toby brings a depth of experience from his prior roles as CEO at Mission Australia and St Vincent's Health Australia, as well as being a founding colleague on the first board of Goodstart. That combination of accessing capital and operating critical human service sectors at ethical scale is vital.”
Mr Spence said that the commitment to For Purpose aligns with Qantas Super’s approach of partnering with best-in-class investment managers.
“We’re very open to backing early stage or first-time fund managers which has been a consistent source of value add for Qantas Super’s members. Our focus is on identifying a manager’s sustainable competitive advantage in terms of people, capability, alignment of interest, and a strong track record. Michael has assembled an outstanding team who share the twin passions of delivering attractive financial returns, which is our first priority, and a strong ethical focus. I can’t think of a more important combination in aged care.
“For us, it’s always about partnering with the right talent. With our team having worked very closely with the For Purpose team, we are confident our investment partnership is in good hands.”
Australian Ethical’s Chief Investment Officer Ludovic Theau said “we are delighted to partner with For Purpose to grow its aged care platform, delivering high quality services to residents, and offer appropriate risk-adjusted returns for investors.”
“We’re growing our investment in impact investing more broadly; we see strong alignment between For Purpose’s values and culture and Australian Ethical’s Investment Charter.”
The partnership through its focus on social impact reflects Qantas Super’s commitment to investing in environmental, social, and governance (ESG) themes, which is further supported by both partners in Qantas Super and For Purpose being not-for-profit fund managers.
“At Qantas Super, we believe ESG factors increasingly impact investment returns and risks and contribute to us delivering sustainable growth to our members,” Mr Spence said.
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Media contact
Enquiries@fpinvest.com.au | 0405 306 414
About For Purpose
For Purpose was founded in 2018 by leading impact investor Michael Traill and philanthropist and entrepreneur Mark Carnegie to focus on large-scale impact investing. Its approach is modelled on the precedent established by Goodstart Early Learning, which Mr Traill launched in 2010 and became one of the country’s most successful large scale social enterprises, and the largest provider of early learning and care. For more information, visit www.fpinvest.com.au
About Qantas Super
Qantas Super is one of Australia’s largest corporate super funds. It exists for people who are working for, or have worked for, the Qantas Group and their spouses. Qantas Super has been working for its members since 1939 and has over 26,000 members and approximately $8.5 billion in assets under management. For more information, visit www.qantassuper.com.au
About Australian Ethical
Australian Ethical is Australia’s leading ethical investment manager. Since 1986, Australian Ethical has provided investors with investment management products that align with their values and provide long-term risk adjusted returns. Investments are guided by the Australian Ethical charter which shapes its ethical approach and underpins both its culture and vision. Australian Ethical have over $9.0 billion in funds under management across managed funds and superannuation. For more information, visit www.australianethical.com.au
The 2026–27 Federal Budget delivered the largest savings package on record ($63.8 billion) alongside a major tax reform package. We have completed an initial review of what this means for For Purpose Investment Partners and the sectors where we invest.
Our overall view - this is a net positive Budget. Our existing portfolio is well positioned. Our pipeline benefits from record housing investment and supply-side reform. The reform agenda creates clear openings for advocacy on issues that matter to our investors and our sectors, and ultimately the people we are creating impact for.
Implications for our portfolio
•Aged care — positive. New capital subsidies of $30 per supported resident per day for newly built homes (payable up to 25 years) directly improve returns on greenfield and expansion stock. A further $1.1 billion sits in Contingency Reserve to implement recommendations from the Aged Care Accommodation Pricing Review.
•Specialist Disability Accommodation (SDA) — neutral. The 160,000 participant reduction is targeted at lower-support-needs cohorts redirected to Thriving Kids and Foundational Supports. Our SDA assets focus on the highest-needs cohorts and are not expected to be materially affected.
•Disability services — mixed. National Disability Insurance Scheme (NDIS) reform is expected to reduce the number of participants by 160,000 to deliver $37.8 billion in savings, and we expect modest near-term volume risk for service providers during the transition. Mandatory registration of high-risk providers and continuation of the Fraud Fusion Taskforce favour quality, registered, scaled operators, providing a structural tailwind for our investment thesis over time.
•Skills education — neutral. No material new measures affecting current operations.
Implications for our pipeline
•Social and affordable housing — positive. Housing investment lifts to a record $47 billion. The negative gearing and capital gains tax (CGT) reform package redirects investor demand from established property to new builds. Build-to-rent developments and private capital supporting government housing programs are explicitly exempt. The new $2 billion Local Infrastructure Fund supports unlocking new supply.
•Broader disability services — positive structural tilt. The same registered-provider and integrity reforms favour quality scaled operators, directly aligned with the FPIP thesis. The $7 billion Foundational Supports and Thriving Kids programs open new state-delivered markets outside the NDIS.
•Early childhood education and care — neutral with marginal upside. Thriving Kids in early childhood settings ($139.7 million over 5 years) may open adjacent revenue stream. The Inclusion Support top-up ($54.8 million in 2026–27) adds modest margin for services supporting children with additional needs. Government funding for the Worker Retention Payment expires on 30 November 2026, with no clarity provided in the budget on whether that will be extended. This could leave a cost gap for providers to manage.
Our advocacy focus going forward
The Budget opens several areas where we will engage constructively with government and industry on behalf of our portfolio and the sectors we invest in.
•Super performance test design. Engaging with the public consultation to support a test that enables industry-fund allocation to productive social infrastructure.
•Aged Care Accommodation Pricing Review. Engaging on the final settings for the Accommodation Supplement uplift and capital subsidies currently held in Contingency Reserve.
•NDIS reform implementation. Supporting smooth transition for participants and providers ahead of the January 2028 eligibility changes, and engagement on Foundational Supports and Thriving Kids design.
•Affordable housing co-investment frameworks. Building on the build-to-rent and government housing program carve-outs to support institutional capital flows into social infrastructure.
For Purpose Aged Care Australia (FPACA) has acquired a new 89-bed residential aged care home in Wallan, Victoria. The home, which is newly built and currently unoccupied, will open to residents in early September 2026.
Wallan sits within one of Victoria’s fastest-growing regions. The acquisition brings 89 high-quality residential aged care places into service in the corridor and will create local aged care jobs through FPACA’s recruitment in the months ahead. It will be the first residential aged care home located in the town of Wallan.
FPACA will use the four months between exchange and opening to complete commissioning, recruit and induct staff, establish clinical governance, and engage with the local community so that the home is ready to deliver care from day one.
“This is a high-quality home in a growing community, and our focus now is on getting it ready to deliver the standard of care that residents and families deserve,” said Matthew Filocamo, Group CEO of For Purpose Aged Care Australia. “Aged care is at its best when it keeps people connected to their families and their community. Over the next four months we will be recruiting locally, engaging with the Wallan community, and making sure that on opening day this home reflects FPACA’s values and model of care.”
Demand for residential aged care in Australia continues to rise as the population ages. KPMG’s 2025 Aged Care Market Analysis reports that the number of people in residential aged care grew to 196,848 at 30 June 2024, with occupancy lifting to 88% as supply tightens.
The Wallan acquisition is the latest step in FPACA’s growth strategy, established by For Purpose Investment Partners (FPIP), the social impact investment manager behind FPACA. New bed development across the sector has slowed in recent years, and acquisitions of this kind play an important role in expanding quality capacity for older Australians.
“This is exactly the outcome the sector needs more of: a high-quality, purpose-built home coming into service for older Australians who need it, backed by an operator with the capability to run it well for the long term,” said Victoria Adams, Managing Director of For Purpose Investment Partners. “New beds are hard to bring into the Australian aged care system, and we are proud to be playing our part. Wallan is a clear example of what happens when patient capital and a strong operator come together with a shared social mission. 89 older Australians and their families will benefit, and the community gains a permanent piece of care infrastructure.”
About 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, FPACA reinvests in its people, places, and programs to ensure older Australians receive the respect and support they deserve. The organisation operates more than 2,150 residential aged care beds across Victoria, New South Wales, Queensland, and Western Australia, with a further 600 currently in development.
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 2024, 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."
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.
