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.
-ENDS-
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
Catalyst Education Pty Ltd and For Purpose Investment Partners (FPIP) are proud to announce the acquisition of ARC Training, a NSW-based Registered Training Organisation (RTO) with a strong track record in aged care, disability care, and business training. This acquisition strengthens Catalyst’s ability to deliver high-quality, learner-focused education and ensure a well-trained workforce for Australia’s most vital care sectors.
"At Catalyst Education, we believe that education has the power to change lives. By welcoming ARC Training into our group, we are expanding our ability to support more learners, empower more communities, and provide greater opportunities for those pursuing careers in the care sector," said David Barnett, Chair of Catalyst Education. "This acquisition enhances our capacity to deliver high-quality, accessible training that equips people with the skills they need to make a real difference."
With this expansion, Catalyst Education is better positioned to support the increasing demand for skilled workers in the care industry. “I am grateful that Catalyst Education will be the new owner and steward [of ARC Training]. Our organisations have very similar vision and values, and I can see the group growing stronger together into the future”, said Cameron Ryan, previous CEO of ARC Training.
By integrating ARC Training’s expertise and reach with Catalyst’s existing RTOs - Selmar Institute of Education and Practical Outcomes, more learners will have access to nationally recognised, industry-aligned education that leads to meaningful employment.
"This acquisition is not just about growth - it’s about impact. The care sector relies on passionate, well-trained professionals, and we are committed to equipping learners with the knowledge, skills, and confidence to succeed in these critical roles," David added.
Executive Director of FPIP, Michael Traill said “Skills education is vital to the social sectors where we seek to make a difference through impact investment, including aged care and early childhood education and care. We are building impact at scale with a platform of aligned businesses and the combined strength of ARC Training and Catalyst Education means we will reach more learners and employers in the vital markets of NSW, SA and the ACT while generating long-term value for investors.”
This acquisition represents a shared commitment to ensuring that the care and education sectors continue to thrive and evolve. As part of Catalyst Education, ARC Training will continue to combine purpose with action, working to drive workforce development, strengthen communities, and create lasting impact. We are excited for the future and look forward to what lies ahead as we work together to create a stronger, more connected Australia.
For Purpose Investment Partners (FPIP) are delighted to announce the appointment of Robert Blackwell as Executive Chair of FP Ability, an investment platform comprising of specialised meal delivery businesses Able Foods and Tender Loving Cuisine (TLC).
Mr Blackwell brings to the businesses an extensive background of successful leadership with world-class corporations, including in the fast moving consumer goods sector. More recently, he has been particularly focused on roles working in partnership with executive teams to transform and grow organisations to their potential.
“We have been especially impressed with Rob’s alignment with the For Purpose Investment Partners mission of social impact by applying business disciplines for social purpose” said Michael Traill, Executive Director of FPIP. “Rob will be working closely with CEO Spencer Ratliff and the Able Foods and TLC management teams through a pivotal time of growth and transformation. We welcome Rob to the FPIP portfolio and we are looking forward to working together as Able Foods and TLC grow their mission of providing high quality, nutritious food across the aged care and disability sectors.”
Mr Traill continued “We also wish to thank and recognise the inaugural Chair Paul Robertson AO for his significant contribution to the establishment and strategic growth of the FP Ability platform, and his invaluable experience in steering the board. Paul has been part of the succession planning to welcome Rob, ensuring future success for FP Ability – a mark of his enduring leadership and character.”
The FP Ability board is pleased to announce that Spencer Ratliff has been appointed as CEO of Tender Loving Cuisine (TLC), while maintaining his current role as CEO of Able Foods. This strategic decision underscores our commitment to strengthening both businesses while preserving their unique identities in the meal delivery sector.
"Having witnessed Spencer's exceptional leadership at Able Foods, we are confident that his appointment will drive innovation and growth across both brands," said Paul Robertson, Chair of FP Ability. "His track record of building client-focused businesses and navigating change makes him ideally suited for this expanded role."
Spencer Ratliff shared his vision for the future, "Both organisations share a unified mission: to deliver exceptional services and outcomes for their clients, driven by their expertise and deep specialisation in the market.
"I’m thrilled to lead TLC into its next chapter of growth, building on its 30-year legacy of outstanding service in the disability and aged care sectors. My priority is to collaborate closely with the team to explore opportunities that harness the strengths of both businesses while preserving their distinct brand identities."
Spencer added, "This common foundation will enable growth that is firmly focused on our clients.”
Spencer will be working with the board, stakeholders and suppliers to identify opportunities for mutual growth and learning between both organisations.
Paul concluded, "This appointment represents a significant step forward in our growth strategy. We're confident that under Spencer's purpose-driven leadership, both TLC and Able Foods will continue to excel in delivering exceptional meals and customer service to our valued clients."
Keypoints
- Both TLC and Able Foods will maintain their distinct brands and current operations
- A comprehensive strategic plan will be developed through collaboration with staff, senior management, customers, board members, and suppliers
- Knowledge and expertise will be shared across both businesses to enhance operations and service delivery.
ENDS
About FP Ability
An investment platform by For Purpose Investment Partners, FP Ability is committed to removing obstacles for people who require support, with a focus on people living with disabilities, their families, and older Australians. Nutrition is vital to people’s good health and wellbeing, and for customers of Able Foods and Tender Loving Cuisine (TLC), their services support choice and independence. Our aim is to improve the quality of services, for the elderly and Australians living with a disability, and address food insecurity in these sectors.
Able Foods
Able Foods mission is to enable healthier, happier and more independent lives for each and every ability. Its dedicated team understands what it means to create meals that cater for each client’s unique needs. Through years of experience, they assist clients to best manage both the NDIS and Aged Care (HCP) processes.
Tender Loving Cuisine
TLC offers customers high quality frozen ready-to-eat meals that are home delivered. With a focus on supporting older people maintain independence at home and supporting health outcomes, many clients access government funded support.
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.
