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.
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.
