Andrew ‘Twiggy’ Forrest and wife Nicola go global to find Australian women in new start-ups
Mining billionaires Andrew and Nicola Forrest are searching the globe for Australians with the promise of a huge cash splash. Here’s what they’re looking for.
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Nicola and Andrew “Twiggy” Forrest have a supply and demand problem.
Their demand for female founders of innovative start-ups is far outstripping Australia’s supply.
The mining billionaires have $250 million burning a hole in their philanthropic pockets and have been travelling the world to spend it.
“We have met with some really interesting people, including Australians, which I’m really proud of, in California, from female-led venture capital funds,” Ms Forrest told News Corp Australia.
The couple’s Minderoo Foundation committed an additional $150 million to their previously announced $100 million for its Strategic Impact Fund to address gender inequality in investing.
Since launching in December, they’ve allocated $70 million and have $180 million remaining. But with Australia’s limited opportunities, they’re looking abroad to help fill the gap.
“At the moment, there’s a real gender bias towards female-led businesses so there’s a number of people starting organisations to really try and change that,” Ms Forrest said.
Two are Kate Vale, formerly of Google and YouTube Australia, and Marisa Warren, previously at Microsoft and Workday. The pair head ALIAVIA Ventures, which focuses on early-stage capital investing in the US and Australia. They are among those being considered for an investment from the fund, though it has not been finalised.
The irony of travelling to the US to meet Australians to invest in start-ups that could thrive in Australia and internationally isn’t lost on Ms Forrest.
“Historically Australians that are entrepreneurs have had come to America to get the capital to go back and do what they want to do. Andrew Forrest is the perfect example of that,” Ms Forrest said.
Her husband, the founder of Fortescue Metals Group, made his fortune digging up iron ore but is trying to make a hard pivot to renewable energy.
After global markets tanked Australian stocks this week, the AFR reported that a 9 per cent drop in Fortescue’s shares wiped $2 billion from Mr Forrest’s pile of wealth – down to $28.4 billion.
“I don’t read those things,” Ms Forrest laughed, adding that the current uncertainty wasn’t hindering their plans.
“We live in very interesting times,” she said. “I don’t think we want to slow down. I think we’re at a nexus in the world right now, we need speed and scale,” she added.
Bringing Australian talent back home and building it up is in their wheelhouse. After returning iconic brand RM Williams from international ownership, the company has seen “record turnover” in Australia.
“It’s amazing how much it’s resonated that it’s back in Australian hands, and so we’re really proud of that,” she said.
The 90-year-old manufacturer was purchased from French fashion giant LVMH Moet Hennessy Louis Vuitton in 2020, changing from one giant investment firm to another.
Ms Forrest defended such large-scale private equity investing, which has recently come under the spotlight thanks to Elon Musk.
The world’s richest man called ESGs – the Environmental, Social, and Governance framework used by large investment firms to rate the social impact of companies – a “scam” that has been “weaponised by phony social justice warriors”.
Ms Forrest agreed there are some who “use excuses” to paper over bad behaviour, but that private equity can be a force for good when the right people with shared values are brought together.
“I think we have to use science and evidence to make all our decisions … particularly around the ESGs,” she said.
“And I think there are a lot of claims of people being able to pay off and continue with bad behaviour and think that they can offset it by doing something else.”
Fortescue, however, is putting its money where its mouth is. Ms Forrest said the company doesn’t use supply chains in China that come or go through provinces where there are questions over forced labour.
Modern slavery is a key part of Minderoo’s Sustainable Development Goals (SDGs), which are similar to ESGs but focus on the outcome rather than the method. Their daughter, Grace Forrest, is co-founder of Walk Free, a human-rights group dedicated to ending modern slavery.
While in Los Angeles, Ms Forrest also met producers of upcoming film Plastics Future, helmed by Louie Psihoyos, the Oscar-winning director of The Cove.
In New York and London, she and Mr Forrest were striking deals and meeting architects for major real estate projects in Australia.
Ms Forrest said she was inspired by the transformation of New York City by former mayor Michael Bloomberg, another billionaire philanthropist who used his money to influence social change.
But while at least one of the larger Forrest family dynasty was approached about political ambitions before the last election, that’s one demand none are willing to supply. Yet.
Originally published as Andrew ‘Twiggy’ Forrest and wife Nicola go global to find Australian women in new start-ups
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