Letterone

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).

Name

Letterone

Legal name

Letterone Holdings SA

Website

https://letterone.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

101–250 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

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

• Private equity investment
• Patient capital deployment
• Investment holding company
• Portfolio management services
• Long-term venture investment

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. 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

Core 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

Named customers8 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Blantyre CapitalcoreStrategic or Co-development Partner · 21 October 2021L1 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.
• SABICminorStrategic or Co-development PartnerSABIC partnered with Plastic Energy as equity partner and off-taker for the first world-scale chemical recycling plant in Geleen, Netherlands
• TotalEnergiesminorStrategic or Co-development PartnerTotalEnergies partnered with Plastic Energy as partner for a chemical recycling plant in France
• ExxonMobilminorStrategic or Co-development PartnerExxonMobil partnered with Plastic Energy for a chemical recycling plant in France
• NestléminorStrategic or Co-development PartnerPlastic Energy is working with Nestlé to explore the potential for a plastic recycling plant in the UK
• Centre for EntrepreneursminorStrategic or Co-development PartnerLetterOne 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 PolicyminorStrategic or Co-development PartnerLetterOne 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

Broad 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

• LinkedInlinkedin.com/company/letterone-treasury-services-llp

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Letterone