More than 15 ‘big brand' and boutique managers including BlackRock, Colonial First State and Perennial will form the first set of underlying fund managers to the Third Link Growth fund, a fund-of-fund designed to donate $1.5 million each year to charity.

The three fund managers, easily among the most recognisable names in the industry, are part of a select group of managers that have thrown their support to Third Link Investment Managers, a new firm launched three months ago by Chris Cuffe, formerly chief executive at Colonial First State and later, at Challenger.

At the time of the launch, Cuffe said Third Link is the first not-for-profit managed fund in Australia and is designed to provide non-profit organisation Social Ventures Australia (SVA) with a regular income stream of around $1.5 million per year, once the fund reaches $150 million. It will do this by setting aside management fees of 1.4 per cent, net of expenses, of the $150 million to SVA.

To minimise the fund's overheads and raise more funds for charity, Cuffe has also engaged companies along the investment chain, from admin to custody, PR and investment strategy, to provide their services for free.

Many boutique managers have signed up too including Contango Asset Management, Magellan Financial Group, Pengana Capital, Paradice Investment Management and newly-launched Solaris Investment Management.

"I have been overwhelmed by the generosity and support of the managers involved - their participation makes the Third Link Growth Fund a highly attractive opportunity to investors, while helping to create much-needed funding to support the work of Social Ventures Australia," said Cuffe.

The minimum investment for the fund is $20,000.