Minderoo seeds $100m in female fund

Nicola Forrest has driven a $100 million investment into a female-focused philanthropic fund, which aims to advance equality and opportunity for women, under the $1 billion Future Generation Group.

The seed funding was committed by Ms Forrest's family's Minderoo Foundation ahead of the launch of the new investment fund - named Future Generation Women - in Sydney this morning.

A panel of twelve leading female portfolio fund managers have joined forces behind Future Generation Women, now the third division of established fund manager Geoff Wilson’s Future Generation Group.

The female-driven fund won’t charge management or performance fees, instead about 1 per cent of its average net asset value during the previous year will be donated to charities.

Those funds will be directed towards charities focused on promoting financial literacy and capacity for women and children, breaking gender norms and providing access to work for priority cohorts. 

The fund falls under the Future Generation Group umbrella, which encapsulates listed investment companies Future Generation Global (FGG) and Future Generation Australia (FGA).

Although Future Generation Women is an unlisted trust, it has plans to open to retail shareholders like FGG and FGA- which collectively have more than $1 billion in funds under management.

FGG and FGA have together donated $87 million to charity since inception, directed towards organisations supporting youth mental health and youth at risk, respectively.

Future Generation Women was officially launched in Sydney this morning, after Minderoo Foundation committed $100 million to seed the fund.

Andrew and Nicola Forrest stepped down as co-chairs of the $10 billion charity they founded, Minderoo Foundation, earlier this year but remain as non-executive directors.

It came after the Forrests announced their separation in mid 2023.

Earlier this year Ms Forrest launched a new charity named Coaxial Foundation, focused on early childhood education and development, community wellbeing and promoting gender equality.

Ms Forrest said Future Generation Women was a welcomed spotlight on women and their potential, particularly those in the funds management industry.

“Every year, gender inequality continues to cost Australia $128 billion,” the co-founder of Minderoo said. 

“To truly shift the dial and overcome the outdated norms that hold our entire country back, we need changemakers that are ready to speak up, act and embrace collaboration.

“This is why we’re proud to be standing alongside Future Generation as it champions investment in women.”

Minderoo chief John Hartman, Future Generation chief Caroline Gurney, Future Generation advisor Elana Rubin, Minister for Women Katy Gallagher and Future Generation founder Geoff Wilson. Photo: Minderoo.

The 12 female portfolio managers were hand-picked by an investment committee and will be working on a bro-bono basis while applying a gender-lens to investing.

The major service providers to Future Generation Women, being the likes of Citigroup, Equity Trustees and Boardroom, have also dropped their fees.

Future Generation chief executive Caroline Gurney said the new fund represented the next frontier in investing for impact.

“By investing in fund managers, companies and non-profits that are striving for gender equity, we’re helping to shape a world where women have the opportunities and resources they need to thrive,” she said.

“Our goal is to see Australia unlock its full potential and become the fair, productive and competitive economy it can be.”

Future Generation founder and Wilson Asset Management chief Mr Wilson said they were excited to be launching Australia’s first philanthropic women’s investment fund.

“The waiving of all fees by our fund managers and service providers ensures that investor capital is put to work—both in growing wealth for our investors and in advancing the cause of gender equity,” he said.

Minister for Women and Finance Katy Gallagher also attended the launch event this morning.