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
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.
