For Purpose Aged Care Australia adds leaders as social loan fuels growth
The Not For Profit aged care operator has secured a significant social loan to support current developments and continued footprint expansion.
For Purpose Investment Partners (FPIP) and its aged care provider, For Purpose Aged Care Australia (FPACA), have secured a $235 million social loan with the backing of Bank Australia, Commonwealth Bank of Australia, and National Australia Bank, which previously backed the purchase of Signature Care.
It’s the first senior debt Social Loan for the group, which has previously entered into social loans with Qantas Super and Australian Ethical Investments.
What is a social loan?
Social loans are loans that directly links funding to the delivery of a social benefit, such as aged care. The lender accepts success is measured not just in dollars, but in social outcomes.
FPACA CEO Matthew Filocamo 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’.”
Rapid expansion
FPACA has emerged as one of the country’s fastest-growing aged care builders since launching.
In 2023, it acquired the three aged care homes and two developments of Luson Aged Care. The following year, it acquired from Signature Care’s eight homes and six developments.
The group now has more than 2,150 aged care beds, adding 450 new beds in FY25 alone. More beds are also in development.
New recruits
To help facilitate the growth, FPACA has made two significant new appointments.
Gregg Funston, who worked in operations management with Regis Aged Care for more than 15 years, has been appointed Chief Operating Officer.
Greg’s most recent role was Executive General Manager of Operations for Queensland, New South Wales and the Northern Territory, where he was responsible for 35 homes, 4,800 beds, 6,000 employees, and an operating budget of more than $500 million.
He has led major acquisition integrations and strengthening governance and quality frameworks across large, geographically dispersed portfolios.
Gregg will oversee FPACA’s residential aged care operations.
Rebecca Gill, who has been a Principal at Boston Consulting Group for more than a decade, has been appointed General Manager, Strategy & Performance.
Most recently, Rebecca was in the role of Strategic Advisor to the CEO at Teach For Australia. Rebecca will lead FPACA’s strategy, transformation, and performance functions, including overseeing the upgrade of core business systems and the integration of future acquisitions.
Matthew said: “As the business has grown, we have been deliberate about attracting leaders with the experience and capability to match that scale.
“Gregg and Rebecca each bring deep experience from organisations that operate at significant scale and complexity. That experience will help us continue lifting the standard of care we provide while preparing for the next phase of our growth.”
In less than three years, FPACA has achieve impressive growth in its aged care portfolio. When few aged care operators are building new beds, their continued attraction of new capital to the sector, this time through the social loan, is encouraging.
