The Paul Ramsay Foundation welcomes the announcement that Goldman Sachs is investing $137 million in Synergis Fund, in a major boost to the fund’s vision of providing high-quality housing for people with disability.
An early backer of Synergis, the Foundation is delighted by this investment, viewing it as a significant milestone for impact investing in Australia.
The Foundation’s Chief Portfolio Officer Abhilash Mudaliar said the investment would have an impact beyond the scope of the property sector.
“This investment is an indication of the growing strength of impact investing in Australia, and an excellent illustration of the role which philanthropy can play in helping bring larger institutional investors to the table to help break cycles of disadvantage,” he said.
Along with HESTA superannuation fund and Suncorp, the Paul Ramsay Foundation was one of the first investors in Synergis with a $10 million investment to help build the first 100 specialist disability accommodation dwellings backed by the National Disability Insurance Scheme.
“The welcome news that Goldman Sachs will now invest nearly 15 times that amount affirms our strategy to engage as a catalytic market builder, paving the way for institutional investors by supporting the critical early work of discovery and demonstration.
“We look forward to seeing Synergis achieve its five-year target of $600m in capital and the longer term ambition to scale the fund to more than $1 billion. The Paul Ramsay Foundation is deeply committed to impact investment as a tool in our quest to break cycles disadvantage, with more than $85m allocated to impact investments to date.
Synergis was established by Social Ventures Australia (SVA) and Federation Asset Management to help deliver much needed housing for people with disabilities, working with selected Supported Independent Living (SIL) providers, who have a deep understanding of the accommodation requirements that meet their tenants’ needs, and Specialist Disability Accommodation developers.
About the Paul Ramsay Foundation
We seek to identify and partner with individuals, communities and organisations working to break cycles of disadvantage and create an Australia where people can realise their potential.
The late Paul Ramsay AO established the Foundation in 2006 and, after his death in 2014, left the majority of his estate to continue his philanthropy for generations to come.
His commitment to good works has allowed us to support the for-purpose sector with grant commitments of more than $600 million made since 2016 across more than 120 grants, to partners committed as we are to achieving lasting change.
Media Contact: Pia Akerman, 0412 346 746