HESTA invests in dementia facility

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.

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“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.”