Philanthropists back new listed vehicle
Philanthropic listed investment company, Future Generation Global Investment Company (FGG) listed on the Australian Securities Exchange (ASX) last week following its $302.1 million initial public offering (IPO).
The company said the capital raised in the IPO would be invested with prominent global fund managers, providing investors with exposure to global equities while also changing the lives of young Australians affected by mental illness.
The listing ceremony coincided with World Suicide Prevention Day with FGG Chairman and University of Sydney Chancellor Belinda Hutchinson saying that Australia's corporate, investment and philanthropic communities had invested $302.1 million in FGG.
Many leading Australian philanthropists, non-profits and corporate investors took part in the IPO, including The Smith Family, Peter Scanlon's Scanlon Foundation, KordaMentha Partners consortium led by Mark Korda and David Winterbottom, and QBE Insurance, which invested $30 million.
FGG Founder and Director Geoff Wilson thanked the participating fund managers, who will manage shareholders' capital pro bono, foregoing management and performance fees.
"FGG is a perpetual gift from the funds management industry to our future generation," Wilson said.
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