Fogarty makes $15m commitment

The philanthropically minded family behind education-focused Fogarty Foundation has made a $15 million funding commitment to back next-generation, technology focused enterprises driven by past and present students in its scholarship programs.

The Scholars Enterprise Investment Program is intended to invest and empower high-performing young people to create the opportunities of the future.

The Fogarty Foundation was started 19 years ago by Brett and Annie Fogarty, and has their daughter Caitlyn as an executive; it is seeking to provide Western Australia’s talented emerging generation more reasons to stay in the state to develop and see their startup ideas through to fruition.

The foundation is ranked as WA's 26th biggest philanthropic group by BNiQ when measured by annual distribution.

Executive chair Annie Fogarty said the family and foundation planned to broaden the funding base by attracting venture capital and other funds to also support those involved in the program.

“Over time we will partner and co-invest with leading industry and venture capital firms across Australia, which will not only drive capital, but additional expertise to create successful economic enterprises,” she said.

“The Scholar Enterprise Investment Program will support our scholars and their enterprises to develop their skills and to grow the next generation of businesses, attracting and retaining the relevant people and skills required for success.”

It’s anticipated that up to four or five new companies a year will receive investment through this program, as well as select follow-on investments.

Mitch Fogarty, executive director of 3rd Wave Capital, is leading the investment program for his family. He will conduct the first round of vetting and then assist with advancing promising companies to other investment partners (i.e. Venture Capital firms) for additional screening.

3rd Wave Capital was established by his father, Brett Fogarty, the founder and executive chairman of Perth-based engineering and infrastructure company GRD. He earned more than $120 million when he sold out of GRD in a staged exit between 2007 and 2008.