Western Australian philanthropist Nicola Forrest has announced a commitment of more than $500 million through her Coaxial Foundation, representing the largest philanthropic donation by a living individual in Australian history.

Established in 2023, Coaxial is Forrest's independent philanthropic organisation, focusing on improving opportunities for women, children and families, particularly those experiencing disadvantage in regional and Indigenous communities.

The funding comprises $125 million in cash and 25 million shares in Fortescue, valued at approximately $395 million based on the company's closing share price of $15.79. Together, the contribution is worth almost $520 million.

The foundation's first major partnerships include Cape York Partnership, which will receive $30 million over six years, and SNAICC, the national organisation representing Aboriginal and Torres Strait Islander children and families, which will receive $7.1 million over three years.

Coaxial has also committed up to $30 million to early-stage venture capital firm Antler, including a $20 million investment in a dedicated fund. The partnership aims to support Australian entrepreneurs, particularly female business founders who have traditionally experienced greater difficulty accessing investment capital.

Forrest said her philanthropic priorities were influenced by growing concerns about poverty, homelessness, domestic violence, mental health and the lack of opportunities available to children in disadvantaged communities.

She believes investing in women and children can produce long-term economic benefits, while supporting new businesses can create employment and opportunities that extend beyond traditional charitable grants.

Forrest remains a director of Minderoo Foundation, established in 2001 with her former husband, Fortescue chairman Andrew Forrest. She described Coaxial as her own philanthropic organisation, operating independently but complementing Minderoo's existing work.

Coaxial intends to establish a relatively small number of long-term partnerships rather than distribute funding across numerous organisations, allowing it to concentrate resources on projects with established experience and measurable outcomes.

The foundation has also made significant property investments in Fremantle, purchasing the former Terminus Hotel for $4.5 million in late 2024 and Fremantle Trades Hall for $7.35 million in April 2026.