The $100 million ASX-quoted MCIs is designed to allow retail investors to invest for social impact alongside large institutional investors.
HESTA made the investment through its $90 million Social Impact Investment Trust (SIIT), which is managed by specialist impact manager Social Ventures Australia (SVA).
HESTA has already invested in the aged care sector through the SIIT.
As we reported here, the super fund has invested $19 million in the Korongee dementia village in Tasmania in a partnership with the Not For Profit care provider Glenview.
“As patient, long-term investors we see an exciting opportunity to invest in the fast-growing ‘care’ economy that can generate strong returns for HESTA members while helping to create growth and jobs in the industries where they work,” HESTA CEO Debby Blakey said.
“Investing in the health and community services sector will also support a faster, higher-quality COVID recovery and the long-term resilience of our economy.”
Australian Unity Group Managing Director Rohan Mead says capital raised through the offer will be used for a range of opportunities, including pursuing near-term growth opportunities within the individual businesses as well as investing capital where third party funding has historically been used.
“The use of proceeds may also extend to merger and acquisition opportunities across our business platforms – to increase investment in social infrastructure and to help support business consolidations in important mutual sectors such as private health insurance, banking and friendly societies.”