The Foundation was established in 1970 with an investment of $6.7 million arising from the sale of the Theatre Royal, Sydney, left to the siblings by their father Gustavo.
[citation needed] A Scientific Advisory Committee advises Perpetual on the grants to be awarded each year.
In 1970, when the Foundation had accumulated interest of $600,000, initial payments were made to 27 institutions.
[3] In 2024, the foundation was seen as one of the largest private contributors to Australian biomedical research.
[7] After leaving school he worked in banking and as a stockbroker[8] and on the death of his father he was a man of independent means.