Industry superannuation fund, HESTA has invested $19 million into dementia care facility Korongee Village in Hobart.
HESTA said the village had been developed through a partnership between HESTA, not-for-profit aged care provider, Glenview, and Social Ventures Australia (SVA), who managed the fund’s $70 million social impact investment trust. Investments in the trust aimed to earn a market-based return for members and achieve a measurable social impact.
The trust looked to encourage other institutional investors to make their own impact investments by demonstrating a proven track record of scalable investments.
HESTA chief executive, Debby Blakey, said the impact investing program had informed how the fund aimed make a real difference to the financial future of every member, and in the process, have a positive impact on the world they will retire into.
“We hope our investment in important projects like Korongee encourage other large investors to contribute to Australia’s impact investment market,” Blakey said.
“This will make a huge difference in how we address significant social challenges like dementia, and also helps create jobs and opportunities for our members who work in health and community services.
“If even a tiny slice of our almost $3 trillion super industry start investing for impact it will make a huge difference to tackling big social challenges like dementia.”