For Purpose Investment Partners (“FPIP”) is delighted to announce that it has signed agreements to acquire Victorian-based residential aged care provider Luson Aged Care and its three residential aged care facilities and development land (together, “Luson”) from Luson’s existing shareholders.
The acquisition will mark FPIP’s first investment into the aged care sector, which has been a key area of focus for FPIP since its inception in 2018. FPIP is focused on pursuing an aged care strategy that focuses on expanding accessible but affordable offerings in independent living through to residential aged care. Its mission is to develop a model of aged care that achieves excellent health and wellbeing outcomes for residents of all socioeconomic backgrounds, attracts top staff and enables residents to age in place with dignity and choice.
The business and assets acquired will be held by a recently incorporated not-for-profit entity FP Aged Care Australia Ltd (“FPACA”). Funds for the acquisition will come from FPIP’s Social Impact Fund I, FPACA board and management and senior lender NAB. Luson will be the third investment made from the Social Impact Fund I, following on from specialist disability accommodation provider BlueCHP Housing and NDIS meal-delivery business Able Foods.
Luson is a Victorian-based aged care provider, and owns and operates three residential aged care facilities, two in the Geelong region (Eden Park and The Vue) and one in Clyde North, south-east of Melbourne (Bloom). It is also the owner of a development site in Rowville with development approval for another residential aged care site. All three of the existing facilities have been either built or significantly refurbished in the past five years, and all contain single-bed ensuite rooms.
Discussions between FPIP and Luson’s existing shareholders commenced approximately six months, ago and came about as a result of the desire of the existing shareholders to find a new, values-aligned shareholder, with access to capital that would see the business through its next phase of growth, which most importantly will involve the development of the site at Rowville.
Nick Yannopoulos will remain in his role as CEO of the business, which will now also be overseen by a deeply experienced board including Chair Toby Hall (former CEO of St Vincent’s Health Australia and Mission Australia), Louise Greene (leading aged care consultant and former Quality Manager at Southern Cross Care), Matthew Filocamo (former General Manager, Residential Care at RSL LifeCare and Director of Operations at Calvary Health Care) and FPIP Executive Director Chris Yoo (Director of home care provider General Homecare).
There will be no disruption to residents or employees of the business during the transition of ownership, and the business will continue to operate under the Luson brand for the foreseeable future.
The transaction is contingent on receiving the necessary approvals from the Department of Health and Aged Care.
For Purpose Investment Partners Founder and Executive Director Michael Traill said “We are very excited to reach an agreement to acquire Luson, following what has been a multi-year process of looking at various aged care assets to find the right entry point for us into the sector. The aged care sector has had a really tough time over the past few years and we believe that 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 lead by Nick and supported by Toby as Chair, and we will look to support them to grow the business over the long term to create a leading for-purpose operator in the sector, in the mould of what Goodstart is for the early learning sector”.
Incoming FP Aged Care Australia Chair Toby Hall commented “We really like the Luson business and management team, and I’m excited to partner with Nick and FPIP to help build a leading for-purpose provider in the sector. It became clear during the early stages of our due diligence that while relatively small, Luson has the systems and clinical governance processes of a large aged care provider. The three existing facilities are well designed and with all single-bed ensuite rooms, are relevant for today’s aged care consumer”.
Luson CEO Nick Yannopoulos added “We are delighted to have found a new investor that shares the same focus on providing excellent health care outcomes for our residents, as well as providing growth capital to the business. FPIP and the new board members’ depth of experience and commitment to the aged care sector aligns with our vision and values. Our passionate and dedicated staff are looking forward to continuing the journey with FPIP, to provide the Luson experience to more residents who deserve the high level of care that we are intent on delivering every day.”
FPIP were advised by Gilbert + Tobin and PwC, while Luson and its shareholders were advised by Thomson Geer, Deloitte and Amicum.
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About Luson
Luson was started in 2015 as a family owned and operated aged care provider committed to creating a boutique environment that is inspiring and engaging, supporting residents’ independence with professional care and love. Luson’s philosophy is to put people first. By creating a culture that prioritises the needs of residents, their families and Luson’s employees, they can provide the highest standards of care for the greatest quality of life.
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.
Media contacts
Victoria Adams (Managing Director, For Purpose Investment Partners)
victoria.adams@fpinvest.com.au
0414 699 598
Toby Hall (Incoming Chair, FP Aged Care Australia)
0432 130 004
Nick Yannopoulos (CEO, Luson Aged Care)
0477 886 688
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 Aged Care Australia (FPACA) has appointed Gregg Funston as Chief Operating Officer and Rebecca Gill as General Manager, Strategy & Performance.
The appointments strengthen FPACA's executive team as the organisation continues to grow its national footprint and invest in the systems, leadership, and capability required to deliver on its social mission.
FPACA Group CEO Matthew Filocamo said the appointments reflect the organisation's commitment to building enduring operational and strategic foundations.
"Through the acquisitions of Luson and Signature Care, we now operate more than 2,000 beds nationally. As the business has grown, we have been deliberate about attracting leaders with the experience and capability to match that scale," Mr Filocamo said.
"Gregg and Rebecca each bring deep experience from organisations that operate at significant scale and complexity. That experience will help us continue lifting the standard of care we provide while preparing for the next phase of our growth."
Mr Filocamo said the appointments also reflect FPACA's focus on sustainable, well-governed growth.
"We exist to create meaningful social impact for older Australians. Doing that well, consistently and at scale, requires disciplined operations, strong systems, and clear strategy. These appointments are about building that foundation."
Gregg Funston, Chief Operating Officer
Gregg joins FPACA from Regis Aged Care, where he spent 15 years in operational leadership roles. Most recently, as Executive General Manager of Operations for Queensland, New South Wales and the Northern Territory, he was responsible for 35 homes, 4,800 beds, 6,000 employees, and an operating budget exceeding $500 million.
His experience includes leading the integration of major acquisitions, delivering significant operational improvements, and strengthening governance and quality frameworks across large, geographically dispersed portfolios.
Gregg will oversee FPACA's residential aged care operations, with a focus on quality, site-level leadership, and operational readiness for growth.
Rebecca Gill, General Manager Strategy & Performance
Rebecca joins FPACA from the not-for-profit sector, having previously spent more than a decade as a Principal at Boston Consulting Group, where she led digital and organisational transformations for major Australian institutions.
Most recently, as Strategic Advisor to the CEO at Teach For Australia, she led transformation initiatives that reduced the organisation's cost base and secured government funding for significant program expansion.
Rebecca will lead FPACA's strategy, transformation, and performance functions. This includes overseeing the upgrade of core business systems and the integration of future acquisitions.
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.
FP Ability is pleased to announce the appointment of Kim Knoblauch as Board Advisor, effective from January 2026. FP Ability brings together Able Foods and Tender Loving Cuisine, two specialist meal preparation and delivery businesses serving customers across Australia. With a focus on the unique needs of customers supported by Home Care Packages and NDIS plans, together the businesses deliver more than 24,000 meals each week.
Kim brings over 35 years of executive leadership across aged care, disability services and healthcare. His career spans CEO and Director roles with organisations including Ramsay Health Care, Calvary Group, Opal Healthcare and multiple community home care providers.
His expertise directly aligns with FP Ability's mission and market focus:
· Aged Care and NDIS Leadership – As CEO of Home Care Assistance Gold Coast, leading transition to the new 2024 Aged Care Actand Support at Home funding model
· Board Governance – Current and former board director positions with Home Instead, Supported Independent Living Cooperative (SILC) and Home Care Assist
· Sector Reform Experience – National leadership roles navigating regulatory change across residential care, community home care and NDIS supported living
· Quality and Compliance – Extensive track record achieving accreditation outcomes and establishing clinical governance frameworks.
Kim currently serves as Owner Director of Kimlock Health Management, providing operational and quality support to aged care and NDIS providers nationally.
FP Ability Executive Chair Robert Blackwell said, "Kim brings a wealth of experience in the Aged Care and NDIS sectors that will be of significant benefit to the Board and the Senior Leadership Team. As we navigate significant reform across both sectors, his practical understanding of operational challenges and regulatory requirements will strengthen our governance and help ensure Able Foods and Tender Loving Cuisine remain focused on delivering quality outcomes for the people we serve."
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.
