New philanthropic LIC to raise $550 million

New philanthropic LIC to raise $550 million

Wilson Asset Management chairman Geoff Wilson has launched the Future Generation Global Investment Company, which will donate one per cent of its assets to Australian mental health non-profits.


The new LIC will provide shareholders with diversified exposure to selected global fund managers while "changing the lives of young Australians affected by mental illness", said a Future Generation Global (FGG) statement.

"Mr Wilson has secured the generous support of prominent global fund managers to replicate the concept he successfully introduced to Australia with the Future Generation Investment Company (FGX) last year," said the statement.

"Like FGX, FGG will charge shareholders 0.0 per cent management fees and 0.0 per cent performance fees as the participating fund managers will manage the capital on a pro bono basis," it said.

Instead, one per cent of net tangible assets will be donated to selected Australian non-profits each year.

"FGG is seeking to raise up to $550 million for the fund, the largest float for an Australian LIC. If reached, the company would be on track to make an annual donation of approximately $5.5 million," said the statement.

Mr Wilson said the LIC is a "perpetual gift" from fund managers and shareholders to young Australians suffering through mental illness.

"As well as making a social impact, investors have the opportunity to gain unprecedented access to Australia’s most prominent global fund managers – a number of whom are not accessible to retail investors," he said.

FGG will benefit from a highly experienced board that will act pro bono and chaired by prominent Australian business leader and University of Sydney Chancellor Belinda Hutchinson AM, said FGG.

Ms Hutchinson will be joined by FGG directors Frank Casarotti, general manager of distribution at Magellan Asset Management; Sue Cato, principal of business advisory firm Cato Counsel; Karen Penrose director of Federation Centres Limited, Spark Infrastructure and Landcom; Sarah Morgan, director of independent corporate advisory firm Grant Samuel and non executive director of Adslot and Hansen Technologies Limited.

Recently departed chief executive of Philanthropy Australia Louise Walsh and former chief executive of PM Capital Chris Donohoe will act as joint chief executives, taking responsibility for philanthropy and capital raising.

 

New philanthropic LIC to raise $550 million
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