Nicola Forrest donates over $500 million to Coaxial Foundation

Australian billionaire Nicola Forrest has committed over $500 million to her philanthropic vehicle, the Coaxial Foundation, marking one of the largest donations by a living person. The funding consists of $125 million in cash and 25 million Fortescue shares, totaling approximately $520 million based on recent share prices.

The donation aims to address social issues affecting women and children, particularly in regional areas. Initial partnerships include up to $50 million for the venture capital firm Antler to support female founders with capital and networks. Additionally, $30 million will be directed to the Cape York Partnership to support the learning and development of young Aboriginal children, and $7.1 million will be provided to SNAICC, a national peak body for Indigenous children and families, to improve early childhood learning outcomes.

Forrest stated that the initiative seeks to provide the opportunity and capital necessary to turn potential into outcomes, focusing on areas such as mental health, domestic violence, and homelessness to change the trajectory for vulnerable populations.