Philanthropic fund on target
The dual mandate Future Generation Global Investment Company (FGGIC) is on target to reach its initial investment amount with about half the funds raised.
Future Generation Global Investment Company chief executive officer, Chris Donohoe, said the $100 million had been raised under the Initial Public Offer (IPO) and a further $100 million via the ‘Chairman's List' with an expected boost in flows ahead of the IPO close on 28 August.
Donohoe said the IPO had attracted interest as far afield as the United States with two managers interested in joining the investment panel and offering up to $50 million each to the investment pool.
He said the underlying managers were rebating all their management and performance fees and would manage investments on a pro bono basis with one per cent of net tangible assets each year donated to charities dealing with youth mental health issues.
According to Donohoe there were 22 underlying funds in the LIC with about $890 million of investment capacity with the FGGIC investing a maximum of 10 per cent of its funds with any one fund.
Asset allocation is being currently mapped out by Lonsec joint chief executive Amanda Gillespie and Australian Fund Monitors, research manager, Sean Webster.
The FGGIC is the second vehicle of its type with the first – the Future Generation Investment Company – launched last year with both vehicles supported by Wilson Asset Management chairman, Geoff Wilson, who is funding the administration and compliance costs associated with their operation.
AUTHOR
Jason Spits
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