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
3 November 2026 - Martin Bowles AO PSM has been appointed Chair of For Purpose Aged Care Australia (FPACA), the not-for-profit aged care provider established by For Purpose Investment Partners (FPIP). A former Secretary of the Department of Health and National Chief Executive Officer of Calvary Health Care, he brings experience in aged care from both government and the not-for-profit sector.
Martin has nearly 40 years of public service experience. As Secretary from 2014 to 2017, he led reforms across aged care, primary health care, mental health, and hospital funding. From 2017 to 2025 he led Calvary Health Care, a national not-for-profit provider of hospital, home, and residential aged care. He was appointed an Officer of the Order of Australia in 2019 for distinguished service to public administration.
FPIP Executive Chair Michael Traill, who served as interim Chair of FPACA from June 2026, welcomed the appointment.
“I am delighted to announce Martin’s appointment as Chair of For Purpose Aged Care. He brings a rare combination of experience and leadership across sectors that will be instrumental in the next phase of growth. Martin has led reform from inside government and run a large national not-for-profit care provider, and he understands that financial discipline and an ethic of care belong together. Our vision is to combine the two to provide more quality care for more Australians.”
Martin, who chaired his first Board meeting in September, said he was drawn to FPACA’s model of care backed by long-term investment.
“Having spent much of my career in health and aged care, both in government and at Calvary, I have seen how much the quality of care depends on strong governance and the capacity to invest. You want the people delivering the care to have the support and resources they need, and For Purpose Aged Care absolutely understands this. It is a not-for-profit operator with patient, long-term capital behind it, and that gives us the ability to bring new homes to communities that need them. I look forward to working with Matt, the Board, and the teams across our homes to keep improving the care we provide to residents and their families.”
FPACA Group Chief Executive Officer Matthew Filocamo said:
“Martin joins us as we begin our new three-year strategy, which is about strengthening what we have built so the care keeps getting better as we grow. This month we open South Bunbury Community Aged Care in Western Australia, our 17th home. Martin’s experience leading growth in aged care, and his understanding of the system from his time as Secretary, will help ensure our residents, their families, and our staff remain at the centre of every decision.”
FPACA’s FY2027–29 strategy focuses on strengthening the organisation’s people, technology, and model of care while it continues to open homes in communities where there is a shortage of aged care beds.
FPACA cares for more than 2,000 residents across 16 homes in Victoria, New South Wales, Queensland, and Western Australia. In 2024–25 it built 450 of the 1,700 new beds added in new aged care homes nationally, and it has more than 500 new beds in development, including at South Bunbury (WA), Nerang (QLD), and Rowville (VIC).
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 2,000 residential aged care beds across Victoria, New South Wales, Queensland, and Western Australia, with a further 500 currently in development.
29 October 2026 - For Purpose Investment Partners (FPIP) announces that Rob Blackwell will retire as Executive Chair of For Purpose Ability at the end of October 2026. For Purpose Ability is FPIP’s disability services platform, which brings together specialist meal delivery businesses Able Foods and Tender Loving Cuisine (TLC).
Rob was appointed Executive Chair in February 2025. He brought extensive leadership experience from the fast-moving consumer goods sector, including senior roles at Coca-Cola Amatil and as Chief Executive Officer of McWilliam’s Wines. Since joining, he has worked closely with the leadership team and with FPIP to put in place a series of transformational initiatives for both businesses. Between June and August 2026, he also served as Interim Group Chief Executive Officer, providing continuity for customers, staff, and partners until Mark Powell joined as Chief Executive Officer.
‘Rob has made a real difference to Able Foods and TLC in his time as Executive Chair,’ said Michael Traill AM, Executive Chair of FPIP. ‘He worked closely with the team and with FPIP to put in place a series of transformational initiatives that are critical to the growth and sustainability of both businesses. Rob brought a depth of practical experience and a genuine passion for the mission of Able Foods and TLC, and for FPIP’s broader impact objectives and network. We have greatly valued his wisdom and cut through. We thank Rob sincerely for his contribution, wish him the very best for the future, and look forward to his continuing connection to the For Purpose network.’
‘It has been a pleasure to work alongside such a passionate and purpose-driven team at Able Foods, TLC, and FPIP,’ said Rob. ‘I have every confidence in Mark, who is now leading the business as Chief Executive Officer, and in the team around him. We have achieved much in a short time and, while there is more to do, I leave with full confidence that both FPIP and For Purpose Ability will continue to grow and provide outstanding services to those who need it most.’
Victoria Adams, Partner at FPIP and a member of the For Purpose Ability board, will act as interim Chair.
7 October 2026 - The care economy is now the fastest-growing part of Australia's economy, our panellists told the audience. It employs more than 15% of the workforce, ahead of manufacturing, logistics, and retail. It is also where most of us make the decisions that matter most: where a child spends their first years of learning, and how a parent is cared for in their last.
Yet much of this sector is still governed the way it began. Around 27,000 separate agencies deliver care services across the country, according to our panellists. Many started as a church congregation or a country town meeting a local need, and many still operate inside the voluntary, charitable governance frameworks they inherited. Layered on top is 40 years of privatisation and outsourcing policy that promised efficiency and innovation and, according to royal commission after royal commission, delivered neither.
That tension is why For Purpose Investment Partners (FPIP) exists. We want to transform how human services are delivered in Australia by combining business discipline with social purpose. We hold ourselves to two measures at once: social impact and financial return. Purpose is core to how we operate. It is why we bring people together across investment, government, and the not-for-profit sectors. We ask what works, what could be better, and how we keep raising the standard so people can flourish.
To launch our Impact Report 2026 at Collingwood Yards in Melbourne on 17 September, our Founder and Executive Chair, Michael Traill AM, put those questions to two leaders who have run and governed large organisations across business, sport, government, and community services. Craig Drummond chairs the AFL Commission, Transurban, and The Ian Potter Foundation. Bronwyn Pike is a health and human services sector leader and a former Victorian Government minister.
Michael Traill opened with FPIP's thesis: in these sectors, ownership horizons of 10–15 years produce better outcomes than the 3–5 year cycles of private equity or the quarterly pressure on listed companies.
Craig Drummond agreed. "Generally speaking, for-profit has a shorter-term time horizon, and social businesses need to have a longer-term time horizon," he said. "Sensible social capital, or sensible listed capital, takes a generational view."
He was equally direct about why this matters now: "Governments are running out of money. If you are reliant on government, try to get less reliant on government." That is the gap FPIP's capital is designed to fill.
Bronwyn Pike, who spent 11 years as a minister and 10 as chief executive of a major community services agency, was candid about the policy she helped administer. "Royal commission after royal commission has told us that the short-term profit-taking of many who moved into childcare, aged care, and disability has not delivered what was promised," she said. "For the last 20 years we have been very stagnant in our productivity in the care economy. Rather than building up and sustaining existing services, and resourcing them to innovate, we made them compete with each other for a diminishing share of resources."
The market has not fixed the gaps on its own. Childcare deserts persist in growth corridors while affluent postcodes have places to spare. "Government has to get a bit tougher in its planning and its allocation of funds," she said. "It has to be more deliberate about co-location of services."
Her diagnosis is FPIP's starting point: back strong operators, give them the capital and discipline to improve, and stay long enough to see it through.
The closing question came from the floor: how does a fragmented sector accelerate slow-moving policy? Bronwyn Pike's answer was clear. "Demonstrate good practice. Demonstrate what works. Create and provide models that can be replicated."
That is the standard we hold ourselves to. Our Impact Report is one way we demonstrate what works, and what does not, with evidence. Conversations like this one are another. We share what we learn, we stay connected to the purpose behind the numbers, and we build the network of people who can take a proven model further than we could alone.
Read Impact Report 2026 and see photos from the Melbourne launch.
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 diversity, equity and inclusion are critical to creating social impact at For Purpose Investment Partners. A diverse team better reflects the range of experiences and perspectives in the communities we serve. It also creates a healthy, thriving workplace and delivers innovative, sustainable outcomes for our communities, our people, our investors and our partners.
