The billionaire family are spearheading the $100 million seed investment in Future Generation Women, a new fund managed exclusively by female portfolio managers. The initiative, an offshoot of Geoff Wilson’s Future Generation firm, aims to drive stronger gender equity outcomes in Australia.
Some of Australia’s deepest pockets are teaming up to tackle gender equity.
Future Generation, the investment firm founded by Geoff Wilson, announced a new division called Future Generation Women. Carol Schwartz‘s firm Equity Trustees will oversee the female-focused fund that received an initial check of $100 million from Nicola and Andrew Forrest‘s Minderoo Foundation.
“Every year, gender inequality continues to cost Australia $128 billion,” Nicola Forrest says. “Future Generation Women is an important and welcomed spotlight on women and their potential in Australia – particularly those in the funds management industry.”
The fund has a unique model, contributing 1 per cent of assets to not-for-profit organisations committed to advancing ‘economic equality and opportunity for women and their children in Australia.’ The all-women management team is waiving the fees they would customarily take in order to make those contributions possible.
“To truly shift the dial and overcome the outdated norms that hold our entire country back, we need changemakers that are ready to speak up, act and embrace collaboration.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,” says Forrest.
Investor Carol Schwartz, a well-known champion of women’s empowerment in Australia, has also signed on to the new fund.
“We are delighted to have been selected as the responsible entity for Future Generation Women. We look forward to working collaboratively with the team and broader stakeholders on this important fund that focuses on both investment and social returns,” says Schwartz.
The strategy of Future Generation Women is to provide investors with ‘exposure to a diversified portfolio of Australian and global equities managed by selected leading female fund managers.’ The objective is two-fold: to provide medium-to-long-term capital growth, and to unlock the nation’s full potential via increased economic participation by women.
Tackling that social objective was a catalyst for the Minderoo Foundation contributing $100 million to the fund.
“Future Generation Women is capital for good at its best, generating a strong financial return while supporting gender-focused philanthropy,” says Minderoo CEO John Hartman. “Australia’s funds management industry is worth $4.3 trillion yet only 19 per cent of portfolio managers in Australia are female. This is just one example of the gender inequality that persists in Australia.”
Caroline Gurney, the CEO of Future Generation says the for-purpose model has been tested with other initiatives at the firm founded by Geoff Wilson, providing proof that investors can do well while doing good.
“Future Generation Women represents 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,” says Gurney.
Portfolio managers
Six Australian equities-focused female fund managers joined Future Generation Women and are waiving their fees.
They are:
- Emma Fisher, Portfolio Manager at Airlie Fund Management
- Catherine Allfrey, Portfolio Manager at WaveStone Capital
- Katie Hudson, Portfolio Manager at Yarra Capital Management
- Jun Bei Liu, Portfolio Manager at Tribeca Investment Partners
- Julia Weng, Portfolio Manager at Paradice Investment Management
- Dawn Kanelles, Head of Australian Small and Mid-Cap Companies at First Sentier Investors
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