The band has invested under $10,000 into a managed fund created specifically for those in the creative enterprises to invest in solar energy projects.
The FEAT fund will take stakes in a range of solar builds, including Queensland’s Brigalow solar project. The investment vehicle is managed by the team at Future Super, the fossil free superannuation fund.
The fund’s founding team is also looking at the footprint left by other “darker” elements of music production and consumption that consumers may not immediately consider.
This includes the power used for streaming music, the practices of management companies and all elements of the supply chain involved in touring.
In its first six months of operation the FEAT fund has drawn in $5 million in investment from a who’s who of Australian music royalty including Midnight Oil, Peking Duck, Matt Corby and Vance Joy.
It is gearing up for expansion in 2020, with plans to open its doors to retail investors who are not artists, as well as targeting investment from high profile professionals right across the performing arts.
“We’re attracting interest everyday from notable personalities in other professions… we’re all in the same bind,” Ms Lenffer said.
It’s quite almost inevitable that the arts are an agitator for change.
FEAT founder Heidi Lenffer
In October, the team also started courting the world of professional sports, meeting with ruby union player David Pocock to discuss pitching the fund to sporting personalities.
Impact and clean technology investment opportunities have been in the spotlight throughout 2019, and FEAT’s $5 million fund is currently dwarfed by the hundreds of millions of dollars of capital flowing into renewable energy startups across the country.
Ms Leffner said while there were no targets for funds under management, the investment model did have significant potential to harness funds from across Australia’s artistic and entertainment communities.
“The creative arts are particularly attuned to imagining the world in a different way. It’s quite almost inevitable that the arts are an agitator for change.”
This trend is continuing across the global entertainment industry, with artists like Billie Eilish committing to ‘green’ world tours, while Coldplay last month announced a pause on touring until they could ensure the process was carbon neutral.
“There’s not enough time here to follow up every conversational thread. Every second day I feel there is another high profile artist announcing an interesting initiative,” Ms Lenffer said.
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Emma is the small business reporter for The Age and Sydney Morning Herald based in Melbourne.