Letterone
LetterOne is a Luxembourg-domiciled private investment partnership managing £20bn+ of patient capital across energy, technology, health, retail, treasury, and impact strategies via wholly-owned sector units and anchor portfolio companies including VEON, Turkcell, Holland & Barrett, and Harbour Energy.
- Company typePrivate
- Founded2013
- HeadquartersLuxembourg, Luxembourg
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Letterone does
LetterOne is a privately held global investment partnership founded in 2013 by Mikhail Fridman, Petr Aven, German Khan, Alexey Kuzmichev, and Andrei Kosogov, headquartered in Luxembourg (Strassen) with offices in London, Abu Dhabi, and Highlands Ranch, Colorado. It manages more than £20bn of patient capital across four sector business units — L1 Energy, L1 Health, L1 Retail, and L1 Technology — supported by L1 Treasury (liquidity management, AUM over $9.5bn) and L1 Impact (impact investments). The firm invests as a long-term active owner in enterprises across energy transition, telecom, retail, and healthcare, with anchor holdings including 47.85% of VEON (217m customers), 19.8% of Turkcell (41.5m subscribers), 100% of Holland & Barrett (1,000+ stores), 77.7% of DIA Group (6,000+ stores), and a minority stake in Harbour Energy following the $11.2bn Wintershall Dea asset transfer.
The firm generates returns through capital appreciation of portfolio companies, dividends, treasury investment income (4.5% return in 2021 across public/private equity, fixed income, real estate, and direct lending), and successful exits rather than product sales. Underlying technology assets sit within portfolio companies rather than at the parent level: H2scan's Gen 5 hydrogen sensor with ASIC technology (27 patents, sold in 50+ countries), Plastic Energy's patented chemical recycling process, Qvantel's next-generation BSS platform for telecoms, and Upp's fibre-to-the-premises broadband network. Portfolio companies support approximately 125,000 jobs across the UK, continental Europe, the Americas, the Middle East, and Asia.
Following 2022 EU sanctions on founders Fridman and Aven, the other three founders resigned, Lord Mervyn Davies (former Standard Chartered Chairman/CEO) became Non-Executive Chairman, Jonathan Muir continued as CEO, and Franz Humer (former Diageo Chairman and Roche CEO) was appointed to the board. The firm committed $150m to Ukraine relief and pledged substantial profits to charity. NAV grew from $22.3bn (2020) to $26.8bn (2021).
Letterone firmographics
Firmographics- Name
- Letterone
- Legal name
- Letterone Holdings SA
- Website
- https://letterone.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- LetterOne is a Luxembourg-domiciled private investment partnership managing £20bn+ of patient capital across energy, technology, health, retail, treasury, and impact strategies via wholly-owned sector units and anchor portfolio companies including VEON, Turkcell, Holland & Barrett, and Harbour Energy.
- Ownership category
- akta.pro rank
Letterone industry classification
Industry- Product category
- Private Equity and Long-Term Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest) (FSAAADAH)
- akta.pro secondary industry
- Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD)
Keywords
Where Letterone is headquartered
LocationHeadquarters
- HQ city
- Luxembourg
- HQ country
- Luxembourg
- HQ region
- Europe
Offices4 records
Markets served
Letterone business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- Investment Returns and Dividends: LetterOne generates returns through appreciation in value of portfolio companies, dividend income from holdings, and successful exits. Portfolio includes stakes in VEON, Turkcell, Wintershall Dea, Holland & Barrett, DIA, and others.
- Treasury Investment Returns: L1 Treasury manages liquidity and financial investments across public/private equity, fixed income, real estate, direct lending, and private equity funds. Generated 4.5% return in 2021.
- Charitable Donations and Ukraine Relief: Following 2022 events, LetterOne committed to donate substantial profits to charity, starting with $150m for Ukraine relief efforts
Go-to-market motion1 record
Marketing channels3 records
Letterone product offering
Product offeringCore offering
LetterOne is a private global investment firm that deploys more than £20bn of its own patient capital across six business units — L1 Energy, L1 Health, L1 Retail, L1 Technology, L1 Treasury, and L1 Impact — taking active ownership stakes, full acquisitions, and growth-stage investments in companies across the energy, technology, health, and retail sectors. Its offerings to portfolio companies and co-investors include long-term balance-sheet capital with no fixed exit horizon, sector-specialist operational support, and a treasury platform managing more than $9.5bn in liquidity across public/private equity, fixed income, real estate, and direct lending.
Product overview
LetterOne is a global investment partnership of successful entrepreneurs and CEOs founded in 2013, managing more than £20bn of patient capital. The firm operates through six distinct business units: L1 Energy (oil, gas, and new energy transition investments), L1 Health (healthcare platforms and ventures), L1 Retail (international retail investments including Holland & Barrett and DIA), L1 Technology (telecoms and technology including VEON, Turkcell, and Upp fiber broadband), L1 Treasury (liquidity and financial investments management with over $9.5bn AUM), and L1 Impact (impact investments in health, education, and financial inclusion). The portfolio supports approximately 125,000 jobs across portfolio companies spanning telecom, retail, energy, healthcare, and circular economy sectors.
Differentiator
Problem solved
Functional benefit
Brands
- L1 Energy: Investment unit focused on energy sector including oil, gas, and new energy transition investments
- L1 Health
- L1 Retail
- L1 Technology
- L1 Treasury
- L1 Impact
- L1 New Energy
Products and services
- L1 Energy
- L1 Health
- L1 Retail
- L1 Technology
- L1 Treasury
- L1 Impact
Quantifiable outcome
- Net asset value increased from $22.3bn to $26.8bn in 2021 (over 20% growth)
- +2 more outcomes
Companies that use Letterone
Customer profileNamed customers8 records
Segments5 records
Ideal customer profiles2 records
Letterone technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Letterone partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Blantyre CapitalcoreL1 Health jointly acquired Remedica and Sun Wave Pharma with Blantyre Capital through a debt restructuring of Ascendis Health. Consortium took control of Ascendis' debt and guided restructuring leading to ownership of the two pharma companies.
- SABICminorSABIC partnered with Plastic Energy as equity partner and off-taker for the first world-scale chemical recycling plant in Geleen, Netherlands
- TotalEnergiesminorTotalEnergies partnered with Plastic Energy as partner for a chemical recycling plant in France
- ExxonMobilminorExxonMobil partnered with Plastic Energy for a chemical recycling plant in France
- NestléminorPlastic Energy is working with Nestlé to explore the potential for a plastic recycling plant in the UK
- Centre for EntrepreneursminorLetterOne committed £1million over two years to support the Centre for Entrepreneurs, funding policy research and the NEF+ programme for first-time founders
- Bennett Institute of Public PolicyminorLetterOne sponsoring research at Cambridge University to develop a 'wealth economy' gauge measuring full suite of national assets
Scale indicators5 records
Recent moves9 records
Expansion highlights5 records
Letterone competitors and assessment
Company assessmentBroad incumbents
- KKR & Co. KKR is a global alternatives manager with diversified PE, infrastructure, and credit strategies operating across energy, technology, healthcare and consumer. Comparable as a large-scale, multi-strategy private investor with control and minority stakes across sectors, though significantly larger and more public than LetterOne.
- Carlyle Group: Carlyle is a global investment firm with significant operations in energy, healthcare, consumer/retail and technology. Comparable to LetterOne in its sector-specialist vertical structure (L1 Energy/Health/Retail/Tech mirrors Carlyle's segment organization) and its experience in cross-border, control and minority deals.
- Blackstone: Blackstone is the world's largest alternatives manager with PE, real estate, credit and hedge fund solutions. Comparable to LetterOne as a globally diversified long-duration investor deploying large balance sheets across energy transition, healthcare, technology and consumer sectors.
- Apollo Global Management: Apollo is a major alternatives firm with strength in credit, private equity and retirement services. Comparable to LetterOne in its willingness to take long-duration, contrarian positions in complex situations, and in its multi-vertical sector approach spanning energy, healthcare and consumer.
- Mubadala Investment Company: Mubadala is a UAE sovereign investor with a global alternatives portfolio spanning PE, infrastructure and credit. Comparable to LetterOne in patient-capital orientation, Abu Dhabi presence, and direct investments across energy, healthcare, technology and consumer sectors.
- Bain Capital: Bain Capital is a global alternatives firm with PE, credit, venture and real estate strategies. Comparable to LetterOne in multi-vertical structure, deep operating talent (LetterOne alumni came from Bain & Company), and willingness to deploy large balance sheets in long-duration, control-oriented investments.
Direct peers
- CVC Capital Partners: CVC is one of Europe's largest PE firms, with deep sector expertise across consumer/retail, healthcare, technology and energy transition. Highly comparable to LetterOne in geographic focus (UK/Europe), control-buyout orientation, sector specialization, and long-duration fund vehicles with multi-billion AUM.
- Permira: Permira is a global PE firm with strong European roots investing across consumer, technology, healthcare and financial services. Comparable to LetterOne in its sector-led approach, long-hold orientation, and portfolio of operating companies requiring transformation support.
- BC Partners: BC Partners is a European PE firm investing across consumer/retail, healthcare, technology and TMT. Comparable to LetterOne in its European consumer-retail focus (e.g., DIA-style retail), control investments and sector-specialist vertical structure.
- Investcorp: Investcorp is a Bahrain-headquartered global investment firm with PE, real estate, credit and strategic capital businesses. Comparable to LetterOne as a Middle East-linked, multi-strategy alternatives platform making direct control and minority investments across consumer, technology, healthcare and energy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Letterone social profiles
Digital presenceLetterone financial estimates
Financial estimateRevenue estimate
Valuation estimate
Letterone leadership team
Management profileNumber of profiles
Profiles24 records
Letterone subsidiaries and ownership
Company hierarchySubsidiaries10 records
Letterone funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Letterone M&A and investment
M&A and investmentM&A
Investments6 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Letterone
What does Letterone do?
LetterOne is a private global investment firm that deploys more than £20bn of its own patient capital across six business units — L1 Energy, L1 Health, L1 Retail, L1 Technology, L1 Treasury, and L1 Impact — taking active ownership stakes, full acquisitions, and growth-stage investments in companies across the energy, technology, health, and retail sectors. Its offerings to portfolio companies and co-investors include long-term balance-sheet capital with no fixed exit horizon, sector-specialist operational support, and a treasury platform managing more than $9.5bn in liquidity across public/private equity, fixed income, real estate, and direct lending.
Is Letterone a public or private company?
Letterone is a private company. It is classified as private equity controlled and is currently operating.
When was Letterone founded?
Letterone was founded in 2013. It employs 11 to 50 people.
Where is Letterone based?
Letterone is headquartered in Luxembourg, Luxembourg, in the Europe region.
How does Letterone make money?
Three revenue lines are on record. Investment Returns and Dividends are the primary driver. The others are treasury Investment Returns and charitable Donations and Ukraine Relief.
Who are Letterone's main competitors?
Broad incumbents on record are KKR & Co., Carlyle Group, Blackstone, Apollo Global Management, Mubadala Investment Company and Bain Capital. Direct peers are CVC Capital Partners, Permira, BC Partners and Investcorp.
Does Letterone have an API?
No public API is recorded for Letterone.
What industry is Letterone in?
Letterone's product category is Private Equity and Long-Term Investment Management. Its primary akta.pro industry code is FSAAADAH, Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest), with a secondary code of BPAHAOAD, Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit). Its NAICS code is 52394 and its SIC code is 6282.