For Purpose Investment Partners' (FPIP) first major institutional funding commitment to its aged care platform, $75 million from Qantas Superannuation Limited (Qantas Super), will enable the completion of FPIP's acquisition of 14 Signature Care residential aged care homes.
The Signature Care acquisition announced last week will take FPIP's aged care platform For Purpose Aged Care Australia (FPACA) to over 2,500 residential aged care places across 18 sites over the next two years.
In addition to Qantas Super, Australian Ethical Investment (AEF) has tipped $10 million into FPACA.
"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," said FPIP Executive Director Michael Traill, who founded FPIP in 2018.
"Andrew [Spence, Qantas Super Chief Investment Officer] 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."
Andrew said it is partial to backing early stage or first-time fund managers. 
"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," he said.
AEF Chief Investment Officer Ludovic Theau (pictured right) said it is delighted to partner with FPIP to grow its aged care business.
“We’re growing our investment in impact investing more broadly; we see strong alignment between FPIP’s values and culture and AEF's Investment Charter.”
