Australian billionaire Nicola Forrest has donated more than $500 million to the charity she founded to redistribute her wealth, Coaxial Foundation.
The injection of funds comes in the form of $125 million in cash and 25 million Fortescue shares. Coaxial Foundation is a philanthropy vehicle focused on supporting children, women and communities.
Forrest, the former wife of Fortescue founder Andrew Forrest, is one of the wealthiest women in Australia. She is worth an estimated $17.32 billion, according to the Australian Financial Review’s 2026 Rich List.
On Friday, the charity announced $50 million would go towards a partnership with VC firm Antler, with a focus on supporting female founders to access capital, networks and support.
Another $30 million will support the learning and development of young Aboriginal children through a partnership with Cape York Partnership. Meanwhile, child and family peak body SNAICC will receive $7.1 million of funding through grants and philanthropic support aimed at early childhood learning outcomes for First Nations children nationally.
“Australia does not have a shortage of talent, ambition or people committed to making things better. Too often, what is missing is access to opportunity, capital and the sustained support required to turn potential into outcomes,” Forrest said in a statement on Friday.
“These partnerships reflect two things I believe strongly, that philanthropy has a critical place as an initial catalyst for change, and that over the medium term, sustainable improvement in the lives of Australians requires people who can imagine, create and grow businesses in communities across the country.”
Coaxial CEO Philippa Watson said the partnerships demonstrate Coaxial’s focus on backing opportunities to expand access for women and children.
“Coaxial’s initial partnerships reflect something we know to be true – that investing in women and in children is a high-return strategy,” Watson said.
“Through Antler, we are investing in female founders at the earliest point in their start-up journey. We are delighted to be involved both as an investor and to sponsor a broader grant program that will help ensure female entrepreneurs in Australia have the best shot at turning their great ideas into successful businesses.
“With CYP and SNAICC, we are supporting two organisations to extend the impactful work they already do with Aboriginal and Torres Strait Islander families.
“The Foundation’s partnerships with CYP and SNAICC are long-term commitments to Aboriginal and Torres Strait Islander children and families. Together, they will provide children access to early learning opportunities that can be scaled to strengthen family systems and improve outcomes.”