Five Good Friends, a leading Australian home care provider, has announced a major strategic investment from TPG, a global alternative asset management firm. The partnership will support the company’s continued expansion and innovation within the home care sector.
As part of the agreement, TPG will acquire a majority stake in the company, joining forces with Five Good Friends’ co-founders Simon Lockyer and Nathan Betteridge, who will retain substantial ownership and continue in their leadership roles. Existing investor EQT will maintain a minority shareholding.
Founded in 2016, Five Good Friends entered the market as a technology-driven disruptor, focused on delivering high-quality, personalised home care. With one in six Australians now aged 65 or older, the demand for aged care services is rising rapidly—an environment in which Five Good Friends has grown to become a top 20 provider in the sector.
The company also created Lookout, an innovative SaaS platform tailored for Australian home care operators. Lookout enhances care quality and oversight by offering features such as automated visit check-ins and check-outs, real-time family access, detailed care documentation, advanced client monitoring, and complex rostering tools.
“This investment is a strong endorsement of our mission to scale a care platform that prioritises quality, transparency and oversight,” said Mr Lockyer. “Five Good Friends currently delivers over 30,000 home care visits each month, and to date, we’ve provided more than 3 million hours of care. Our Lookout platform now supports more than 100 home care and NDIS providers.”
Mr Betteridge added, “With TPG’s support and expertise in healthcare and software, we are well-positioned to extend our impact—helping more Australians stay connected to the homes, communities and relationships they cherish. Through technology, advice, and support, we’re reimagining what home care can be.”
Joel Thickins, Co-Head of TPG Asia and Head of Australia & New Zealand, praised the company’s unique approach: “Five Good Friends combines leading-edge technology with compassionate human care—just as Australia’s aged care sector undergoes significant reform. Their integrated care model aligns with our goal of backing tech-enabled businesses that deliver improved healthcare outcomes. We’re excited to partner with Simon, Nathan and their team to help scale this standout platform.”
About Five Good Friends
Five Good Friends is a leading technology enabled data driven home care provider providing services to older Australians and people living with a disability. Founded in 2016, Five Good Friends is a top 20 provider of home care services. Developed by Five Good Friends, Lookout is a leading digital care management and remote care monitoring platform designed for the Australian market. It powers the service delivery of over 100 care providers around the country.
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $246 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.
