In April, For Purpose Aged Care Australia (FPACA), the aged care provider established by social impact investment vehicle For Purpose Investment Partners (FPIP), announced it is buying 14 aged care homes, eight built and six in development, from Graeme Croft, the founder and director of private residential aged care operator Signature Care. 

In June last year, FPACA Chair Toby Hall had flagged the Not For Profit’s intention to expand to 5,000 beds and independent living units over the next three to five years backed by its unique social impact fund and a social loan from NAB.

Today, FPIP announced NAB, CBA and Bank Australia are providing over $260 million of debt facilities to support FPACA's purchase of Signature Care. The deal includes $35 million in social loan notes from institutional investors Qantas Super and Australian Ethical Investment.

In April, The Weekly SOURCE calculated, on the basis of $350,000 a bed, the overall price tag for the acquisition was north of $765 million.

FPACA's purchases of Melbourne-based Luson Aged Care and Signature Care means the group will now have over 2,500 beds and become a top 15 Australian aged care provider. The three banks support follows a $75 million commitment from Qantas Super and Australian Ethical Investment, announced in April 2024.

“We have an ambition of transforming the aged care sector to have a broader social impact that starts with person-centred care and a valued workforce. The support of the banks, preceded by that of institutional investment, demonstrates the value of aged care and the role it plays for Australians and their families,” Toby said.