On 30 May 2025, Pacific Equity Partners (PEP), one of Australia’s oldest and most successful private equity firms, finalised its acquisition of a 50% stake in Opal HealthCare – Australia’s largest residential aged care provider – after securing shareholder and regulatory approvals.
The remaining 50% of Opal HealthCare continues to be owned by Singaporean investor GK Goh Holdings.
While the financial terms have not been publicly disclosed, the transaction is understood to have valued Opal HealthCare at "significantly" more than $2 billion and required regulatory approval from the Federal Government.
PEP, known for acquiring mature, profitable businesses and targeting premium returns, typically exits investments within seven years. With just 1,250 new aged care beds constructed across Australia in 2024 and the Baby Boomer generation only now beginning to enter their 80s, PEP clearly sees long-term potential in Opal’s more than 10,000 – and growing – bed portfolio.
Dominating the sector
Opal HealthCare operates 138 aged care homes, and is actively expanding its footprint.
“Opal HealthCare continues to identify opportunities where we can serve more Australians in communities where there is an increasing demand for high-quality residential aged care,” an Opal HealthCare spokesperson told The Weekly SOURCE.
“We are doing this by either acquiring existing Care Communities or by designing and developing new ones.”
The spokesperson added: “We are conscious that demand for residential care in Australia is forecast to increase in the decades ahead, and we are trying our best to provide choice for those Australians who need it.”
Ongoing acquisitions and developments
In March, Opal HealthCare acquired five aged care homes in New South Wales from high-end private operator Cranbrook Care, marking another strategic addition to its network.
The provider also has several developments underway:
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In Melbourne: projects in Brighton and Caulfield
Additionally, Opal is investing in co-located aged care within retirement living precincts. Examples include:
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The 121-bed Croydon Grove Care Community in Melbourne, co-located with Aveo's Mingarra Retirement Living community
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The 132-bed Epping Grand Care Community in Sydney, set to open in November 2025, located across six floors of Levande’s 28-storey vertical retirement village, The Cambridge
