Charitable Giving

Since launching in December 2016, The Orah Fund has donated $1,883,113 to the following charities 

Our next Donation date is December 2021.


  • None of the underlying fund managers will receive any net fees from the ORAH Fund, management and performance fees will be donated to charity
  • The charitable contribution does not in any way dilute the investment returns to unitholders i.e. it is not an additional expense to the normal fees that would be associated with managing the fund
  • The contribution is derived solely from the generous support of the underlying fund managers and Pengana Capital who have agreed to donate fees which would otherwise be due to them for services provided
  • All work done on capital raising is 100% volunteer based
  • The auditor of the ORAH Project is Ageis (Stephen Jankelowitz). Ageis provides ongoing auditing and accounting services free of charge
  • The legal advisors of the ORAH Project are Hall & Wilcox (Harry New). Hall & Wilcox prepared the IM and the documentation for the ORAH Project free of charge, and will continue to provide ongoing legal services free of charge

All management and performance fees  charged by ORAH Fund will be donated to selected charities.

To be eligible to receive ORAH allocations, the charity must:

  • Have tax deductible status (DGR1 or DGR2)
  • Predominantly benefit Jewish community related charitable needs

The ORAH Project Board of Trustees will determine yearly allocations to various charities within the following restraints:

  • 50 – 75% to Australian domestic focused charities
  • 25 – 50% to offshore focused charities

ORAH Project will provide full transparency yearly to ORAH Fund investors regarding fees earned and allocations made


Thanks to our sponsors for their continued support in helping to launch and run The ORAH Project:


ORAH Allocations Board (NSW)

The Board consists of 7 members. In a tied vote the chairman has casting vote.
The Board of Trustees is only responsible for allocation of donations; no involvement with investment activities of ORAH Fund

Each of the Initial Board members have had many years of strong community involvement:

Russel Pillemer (Chairman): CEO and founder of Pengana Capital

Rhett Kessler: Senior Portfolio Manager and CIO of the Pengana Australian Equities Fund

Allen Linz

Darron Lonstein

Gary Perlstein

– Michelle Fischl

Carole Pillemer: Founder of The ORAH Project

ORAH Allocations Board (VIC)

–  Nathan Cher (Chair)

Carole Pillemer: (Founder of The ORAH Project)

– Steven Casper

– Sydney Kahn

– Amanda Smorgon

– Lisa Kennet

– Yehuda Gottlieb

– Yonatan Rubinstein (Intern)

– Russel Pillemer: (Observer, Co-Founder of The ORAH Project)

Other contributors

Dean Weinbren, Daniel Fine, Adam Myers, Bernard Lo, James Levien, The Tate Gallery (Linda Tate)