QBE Insurance Group Limited (QBE) has announced that it will invest $30 million in the Future Generation Global Investment Company (FGG) initial public offering (IPO), in a boost to young Australians affected by mental illness.
FGG is determined to transform youth mental health by driving philanthropic investment in three core areas:
- Helping the community understand the issue
- Investing in the most effective programs and services
- Enabling investment in research and development
Each year 1% of FGG’s net tangible assets will be donated to selected Australian non-profits focused on youth mental health. FGG is seeking to raise up to $550 million in its IPO, and if successful, the company would be on track to make an annual donation of approximately $5.5 million, making it the largest private funder of youth mental health in Australia.
In announcing the deal, QBE’s Chief Investment Officer, Gary Brader, said:
‘We believe FGG will inspire the next generation of Australian private and corporate philanthropy. We expect this initiative will create demand for investment products which offer a strong risk-adjusted return as well as supporting beneficial social outcomes’.
For further information, please visit FGG’s website.