There are probably not many names as well-known in the corporate and social elite as the Pratt family in Australia. The Pratts are renowned in business circles as Australian royalty, having established one of the most powerful packaging empires in the world. Heloise Pratt is one of them, having not only a significant amount of money and power but also recently made headlines due to her acrimonious legal dispute with her former husband, billionaire investor Alex Waislitz.
This article provides an insight into the business enterprises of Heloise Pratt, her family heritage, and philanthropic endeavours, as well as the court battle that would ultimately transform one of the most sought-after privately owned investment companies in Australia.
From Family Empire to Financial Powerhouse
Heloise Pratt is the daughter of the late Richard Pratt, who founded Visy Industries, a global leader in paper, packaging, and recycling. Following Richard’s death in 2009, his fortune was divided among his children: Anthony Pratt, who succeeded his father as the corporate head of Visy and its U.S. equivalent, Pratt Industries; Fiona Geminder, another business leader; and Heloise, who chose a different path.
Anthony has developed Visy into an international powerhouse, and Fiona has joined the medical waste and manufacturing markets. Heloise Riordan, together with her then-husband Alexander Waislitz, established Thorney Investment Group. The company targeted extensive investments such as biotechnology, energy, fintech, and listed shares. Heloise is projected to own slightly more than 30 per cent of Thorney Opportunities Ltd, one of the key subsidiaries of the group.
Currently, her net worth is estimated to be AUD 1.3-1.6 billion, carving out a niche among the wealthiest people in Australia.
The Legal Showdown: Pratt vs. Waislitz
A once-peaceful alliance has now descended into one of the most closely observed financial disputes in Australia. The events took place in 2024, when Heloise initiated her claim at the Supreme Court of Victoria regarding a $750 million lawsuit against TInvestment Group, seeking a rightful share and control of the Investment Group. Her primary concern is that Waislitz has been mishandling trust funds, including the withdrawal of a $22 million amount, which he used to purchase an expensive apartment to accommodate his current companion.
According to court documents, Heloise is accusing Waislitz of breaching fiduciary responsibilities and ordering payments to him and his associates without the consent of the trustees. These include:
- $1.1 million in payments to a Waislitz-linked charity
- $22 million used for personal real estate transactions
- $8 million in “unexplained fund transfers”
Waislitz, who is still the CEO of Thorney and its public face, objects to all allegations and claims that Heloise had previously distanced herself from any practical participation many years ago.
Other Pratt siblings have also been introduced to the case. Anthony Pratt has been reported as siding with Heloise against the trust’s management, claiming that he wants much more transparency.
A Family Legacy Complicated by Power and Wealth
The Pratt family could never be ignored — either as a charitable organisation or as internal struggles that sometimes become publicly displayed. To make matters even more complicated in the legal battle Heloise is facing is the fact that Paula Hitchcock, her half-sister and the daughter of Richard Pratt, is also embroiled in legal battles. Hitchcock asserts that she was unfairly excluded from the family trust, which might influence the future division of the greater Pratt wealth.
The family saga also resembles a contemporary Australian dynasty, with its wealth, dominance, betrayal, and courtrooms filled with claims of millions of dollars. It has been a saga that has shown interest in the financial and mainstream media in recent months.
Philanthropy and Influence Beyond Business
Nonetheless, in the long run, despite the controversy, Heloise Pratt remains an extremely popular charity worker. She is a recipient of the Pratt Foundation, which contributes approximately AUD 20 million annually to health, education, and the arts. She has also been a supporter of the women’s leadership programs and Indigenous community programs within Australia.
Compared with her rather media-exposed brother, Anthony, Heloise has maintained a low profile. She has been allowed, thanks to her financial acumen and leadership on the philanthropic front, to speak by example. However, with the newly concluded court case, she has been brought into the limelight, revealing a more demanding side of a woman who is hell-bent on reclaiming what is hers.
Businesswoman, Billionaire, and Fighter
She may be an heiress or a power player on her right, but Heloise Pratt, nonetheless, is undoubtedly among the most fascinating financial icons in Australia. She has not only made a mark in the legacy of inheritance but also through the steps she has taken in business and the positions she has held in the courts.
The case of Alex Waislitz nowadays may serve as a precedent for the treatment of family wealth and corporate governance in the Australian upper echelons. It comes to tell those people that the notions of trust, control, and fairness remain disputable concerns even in the world of billionaires.
As the case progresses, all eyes are focused on Hélène —not as the woman behind billions, but as one of the protagonists in a game of politics that combines personal ambition with corporate strength.
