Future Generation has unveiled a new Women’s Investment Fund today, with $100 million from the Minderoo Foundation to kickstart their efforts in driving gender equality forward.
It comes with a promise to focus on “investment and social returns” as gender inequality continues to cost Australia $128 billion annually in Australia, according to the Women’s Economic Equality Taskforce.
Managed by a team of leading women portfolio managers and an advisory board that includes Natasha Stott-Despoja, the fund also aims to support the industry that surrounds it. Fewer than one in five portfolio managers in Australia are women., according to research across the sector. That’s despite research showing women outperform their male counterparts over the long term.
At the launch in Sydney this morning, Minderoo Foundation founder Nicola Forrest AO described the move as providing a “welcomed spotlight on women and their potential in Australia”.
“Every year, gender inequality continues to cost Australia $128 billion,” she 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“To truly shift the dial and overcome the outdated norms that hold our entire country back, we need changemakers that are ready to speak up, act and embrace collaboration.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.”
The Women’s Investment Fund involves an all-women management team, who have all committed to waiving fees, as well as a promise to donate 1 per cent of assets to NFPs that have a direct interest in supporting women’s economic prosperity and equality.
CEO of Future Generation Caroline Gurney (pictured above) said the fund “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,” 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 Women will be an unlisted trust of the Future Generation group, which has a ten year history behind its two existing investment companies, Future Generation Australia and Future Generation Global. The group already has $1 billion under management and has donated an impressive $87 million to Australian non-profits over the decade, making it a key donor in the corporate space.
Geoff Wilson AO is the Founder of Future Generation (picture with Caroline Gurney above) and described today’s new addition to the group as “Australia first philanthropic women’s investment fund, utilising the Future Generation model which has proven that investors can do well while doing good.”
The portfolio managers behind Future Generation Women will provide pro bono investment expertise and were selected by an investment committee. The major service providers for Future Generation Women, which include Citigroup, Equity Trustees and Boardroom have all also waived their usual fees.
Equity Trustees Chair Carol Schwartz AO said they look forward to working with the team of broader stakeholders on the fund that “focuses on both investment and social returns.”
Advisory board member Elana Rubin AM said the fund operates off the idea that empowering women to take control of their financial future is important for achieving economic equality.
By investing in leading women fund managers, our capital will drive investment returns, help address barriers to women participating in the funds management industry and highlight the capability within the sector. The expertise of our all-women investment team is at the core of our mission: to prove that when women are in charge of their financial destiny, we all rise together.”
The fund is now open for investors, with a minimum commitment of $250,000.