For Purpose Aged Care CEO Matthew Filocamo is blunt: valuations may be at their peak, but the sector can’t stand still. While higher book values have boosted borrowing capacity, Matthew says the real challenge is rising construction costs, forecast to outpace inflation for the rest of the decade.

His answer? Keep building – four homes a year – but focus on regional centres where land is cheaper, planning is simpler, and workforce supply can be secured. In a market still short thousands of beds, he argues growth must be deliberate, not opportunistic, and backed by the right partnerships.

Who is For Purpose Aged Care?

For Purpose Aged Care (FPAC) is the residential aged care arm of social impact investment firm For Purpose Investment Partners (FPIP), founded in 2018 by ex-Macquarie executive Michael Traill. Backed by super funds and banks, FPAC has grown rapidly into a Top 20 national provider, operating close to 2,000 beds with plans to exceed 2,500 within two years and 5,000 over the medium term.