Goldman Sachs Asset Management is to invest at least A$137m (€85m) in Synergis, a fund that invests in disability housing in Australia.
Synergis already has superannuation fund HESTA among its investors and hopes to raise enough capital to invest more than A$1bn over the next five years.
The platform aims initially to provide homes to more than 2,000 people with disabilities through a portfolio of properties that qualify as Specialist Disability Accommodation (SDA).
The Synergis fund is managed by Social Infrastructure Investment Partners (SIIP), a joint venture between Federation Asset Management and Social Ventures Australia (SVA).
Michael Lynch, co-head, of SIIP, said: “There is a significant undersupply of appropriate housing for people with disability in Australia.
“Since being established two years ago, Synergis has built strong relationships in the industry and has committed to over 50 projects that will provide homes for more than 150 people.
“We have the ability now to accelerate development of a property portfolio that is focused on the needs of people with a disability, hopefully to generate a significant and measurable positive impact on their lives.”
Lynch told IPE Real Assets that the timing of future capital raises would depend on “the velocity of investment”.
Jason Walter, co-head of SIIP, said: “Our vision is to generate appropriate financial returns for investors while making a positive social impact and setting the standard for disability housing in Australia.”
Simon Rothery, CEO of Goldman Sachs in Australia and New Zealand, said continued investment in this sector would improve the lives of Australians living with disabilities by giving them greater choice and control in their housing options.
When SVA and Federation came together to create Synergis, said Carol Mills, chair of SIIP, the shared vision was to unlock large-scale capital to help solve what she called “this critical social challenge”.
