Regis Aged Care suitor Bain Capital raises $5BN for seniors housing

US-based Bain Capital, which acquired Estia Health in 2023, has raised US$3.4 billion (AU$5.1 billion) through a new real estate fund and is targeting investment in seniors housing.

Bain's Real Estate Fund III, which raised the capital, will be looking at “demand-driven, supply-constrained” sectors, the company said.

Core areas of focus include seniors housing, as well as leisure and hospitality, medical outpatient buildings, and storage facilities.

Last month, The Weekly SOURCE reported Estia Health, which operates 94 aged care homes, was exploring a merger with ASX-listed Regis Healthcare, which operates 68 homes. A combined Regis-Estia would create a 162-home giant, the largest operator in the sector based on facility numbers.

Regis, which has a $2.25 billion market valuation, last month announced CEO Linda Mellors had resigned after six years’ service.

Bain has reportedly appointed Barrenjoey Capital Partners and Gresham as advisers as it explores options for Estia.

Bain acquired Estia for $838 million in the shadow of the COVID-19 pandemic and the Aged Care Royal Commission. Today, the sector is buoyed by new regulatory stability under the Aged Care Act, improved funding settings, and the long-term demographic tailwinds of an ageing population.

Since being acquired, Estia has expanded rapidly, growing from 73 homes to 94 today following the purchase of Vacenti Aged Care’s seven homes in Brisbane in October 2025, Mark Moran Group’s Little Bay and Warrawee homes in June 2025, and Aurrum Aged Care’s seven homes in April.