Nicola Forrest gives more than A$500 million to her own foundation

Nicola Forrest, one of Australia's richest people, has given more than A$500 million to Coaxial Foundation, the philanthropy she set up in 2023. The Age called it one of the largest philanthropic gifts from a single individual in Australian history. The foundation announced the gift and its first three long-term partnerships in a media release dated October 9 in Australia.

The gift is made up of A$125 million in cash and 25 million shares in Fortescue, the mining company founded and chaired by Andrew Forrest, from whom she separated in 2023. The Age valued the shares at A$391 million. The West Australian put the total at almost A$520 million, based on Fortescue's closing price on Thursday, and reported that the shares will remain in the foundation's funding pool. Forrest said dividends from them would also be used to fund future grants, The Age reported.

The first three partners

• Antler, an early-stage venture firm, in a partnership worth up to A$30 million. It includes up to A$10 million over four years in non-dilutive funding, co-investments and program support for Australian female founders, plus a A$20 million investment in Antler Australia Fund III. The program aims to back up to 250 founders.
• Cape York Partnership, with A$30 million over six years for learning and development programs for young Aboriginal children in Cape York.
• SNAICC, a national child and family peak body, with A$7.1 million over three years to strengthen its support for early childhood learning outcomes for Aboriginal and Torres Strait Islander children.

"Thirty years in business and philanthropy have taught me that good intentions are not enough. Lasting change requires strong partners, evidence, disciplined execution and the willingness to stay the course," Forrest said in the release.

She told The Age that she wants to give away as much of her wealth as she can in her lifetime. "You can't take things with you, and my children don't want to inherit great wealth," she said.

Alongside Minderoo

Forrest remains a director of the Minderoo Foundation, which she and Andrew Forrest set up in 2001. The Age reported that the couple gave it A$400 million in 2017, A$520 million in 2020 and about A$5 billion in 2023. She told The West Australian that Coaxial is her own vehicle for the causes that matter most to her. "It's complementary to Minderoo," she said. "It's not in competition, and the more the merrier."

In our view, the structure is the detail for other families to watch. Keeping the gift in Fortescue shares means the foundation's future grants will rise and fall partly with one company's dividends.