Nicola and Andrew Forrest to bankroll superstar team at all-female fund

Nicola and Andrew Forrest’s Minderoo Foundation will pour in $100 million to kickstart an all-women investment fund that will provide capital for listed companies with strong gender equity policies and donate 1 per cent of assets to non-profits improving women’s economic prosperity.

Future Generation Women is the latest arm of philanthropic investment company Future Generation, established by prominent fund manager Geoff Wilson a decade ago, and run by Caroline Gurney.

Nicola Forrest, co-founder and director of the Minderoo Foundation.Credit: Tony McDonough

“If women are fully utilised and you tap into the skills and talent of women, there’s going to be more women in the workforce,” Gurney said. “At the moment, gender inequality costs Australia $128 billion. By investing more in women, you’re going to have a much fairer society.”

The Future Generation model, which donates a portion of its assets because fund managers are not charging fees, has more than $1 billion under management and donated $87 million to non-profits over the past 10 years.

Tribeca’s Jun Bei Liu.Credit: Michael Quelch

Twelve high-profile stock pickers, including Jun Bei Liu from Tribeca Investments and Emma Fisher from Airlie Asset Management, will join Future Generation Women on a pro-bono basis after being selected by an investment committee.

They will bring a “gender lens” into investment decisions, prioritising organisations that have strong gender equality policies as well as a track record

The unlisted trust will initially be available only to institutional investors who are required to make a minimum investment of $250,000, with the aim of expanding it to retail investors over the coming years.

Minderoo Foundation committed the $100 million seed funding. Its chief executive, John Hartman, attended the fund’s launch in Sydney on Wednesday, highlighting just 19 per cent of fund managers in an industry worth $4.3 trillion are women.

Research also shows more than two thirds of all industry promotions go to men, despite female fund managers often outperforming men and running more diversified strategies.

“A fair future isn’t possible when half the world’s population is left behind,” Hartman said. “In the investment space, there are many ways we can be addressing gender inequity. From inclusive workplaces and investment in the next generation of leaders, to gender-lensed investment strategies that show how gender-conscious action positively benefits financial outcomes and society.

It is the responsibility of us all, not just women, to be gender equality champions.”

Emma Fisher of Airlie Fund ManagementCredit: Dominic Lorrimer

Elana Rubin, who sits on the boards of Telstra and Slater and Gordon, will head up the all-female advisory committee.

Future Generation Women will begin preparing an expression of interest application for non-profits, and open up the process in May, with the aim of finalising it by the end of next year.

They are looking for organisations that do work on building financial literacy, supporting female enterprise and challenging harmful gender stereotypes.

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