L1 Capital
L1 Capital is an independent Melbourne-based boutique investment manager, founded in 2007 by Raphael Lamm and Mark Landau, operating seven funds (long-short equity, global opportunities, international equities, gold, activist catalyst, UK residential) for institutional, wholesale, and retail investors via the L1 Group (ASX: L1G).
- Company typePrivate
- Founded2007
- HeadquartersMelbourne, Australia
- Headcount11–50
- GTM typeB2B
- OfferingServices
What L1 Capital does
L1 Capital is an independent, Melbourne-based boutique investment manager founded in 2007 by Raphael Lamm and Mark Landau, operating as the funds-management arm of ASX-listed L1 Group (ASX: L1G). The firm manages a diversified suite of funds spanning Australian and global long-short equity (Long Short Fund since 2014; Global Opportunities Fund since 2015; Global Long Short Strategy since January 2025), high-conviction international equities (International Fund since 2019), a precious-metals mandate (L1 Gold Fund Limited, ASX: LGF), an activist "best ideas" vehicle (Catalyst Fund), and a U.K. Tier-1 residential property strategy. Reported since-inception net returns of 20.0% p.a. (Long Short Fund) and 26.6% p.a. (Global Opportunities Fund) underpin the firm's value proposition of differentiated, independent research and low-correlation positioning.
The business operates a fee-based revenue model, generating management fees on assets under management across its funds and standard performance fees on returns above hurdle rates, with fee levels not publicly disclosed. Distribution is multi-channel: direct institutional sales to superannuation and pension funds, financial advisory networks, ASX-listed vehicles for retail and wholesale access, and self-serve investor portals. A May 2025 acquisition of Platinum Asset Management materially expanded AUM and product breadth, and in 2026 the firm is taking the Gold Fund public on the ASX with a target raise of up to A$1 billion.
L1 Capital serves a broad institutional-to-retail client base spanning large superannuation funds, pension funds, asset consultants, private wealth firms, financial planning groups, family offices, HNWIs, and retail investors, with an explicit alignment mechanism — the investment team holds the majority of personal wealth in the funds alongside clients. The firm has 11–50 employees, is regulated under AFSL 314 302 with ABN 21 125 378 145, and maintains offices in Melbourne while distributing globally through its ASX-listed products and wholesale channels. Recent activist positions (e.g., opposing Eldorado Gold's $3.8B bid for Foran Mining) and substantial strategic placements into mining and biotech issuers (Elementos, Anteris, Roxmore Resources) reflect an increasingly assertive capital-deployment posture.
L1 Capital firmographics
Firmographics- Name
- L1 Capital
- Legal name
- L1 Capital
- Website
- https://l1capital.com.au
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- L1 Capital is an independent Melbourne-based boutique investment manager, founded in 2007 by Raphael Lamm and Mark Landau, operating seven funds (long-short equity, global opportunities, international equities, gold, activist catalyst, UK residential) for institutional, wholesale, and retail investors via the L1 Group (ASX: L1G).
- Ownership category
- akta.pro rank
L1 Capital industry classification
Industry- Product category
- Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Finance Lessors (6172)
- akta.pro primary industry
- Small-Cap Equity (Active) (FSAAAIAC)
- akta.pro secondary industries
- Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ), Venture Capital Fund-of-Funds (FSANAGAC)
Keywords
Where L1 Capital is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
L1 Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Investment Management Fees: L1 Capital generates revenue through management fees charged on assets under management across its suite of investment funds including the Global Long Short Fund, Long Short Fund, Gold Fund, Catalyst Fund, International Fund, and Global Opportunities Fund. Management fees are typically calculated as a percentage of assets under management on an ongoing basis.
- Performance Fees: The firm likely earns performance fees (also known as carried interest) based on investment returns exceeding specified benchmarks or hurdle rates. This aligns the investment team's interests with fund investors and is a standard structure for long-short hedge funds and similar investment vehicles.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Institutional and wholesale investor fee structures |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
L1 Capital product offering
Product offeringCore offering
L1 Capital is an independent global investment manager that offers a diversified suite of actively managed investment funds across multiple strategies including global and Australian long-short equity, international equities, gold sector securities, activist catalyst, global opportunities, and UK residential property. The firm generates revenue through management fees on assets under management and performance fees on investment returns exceeding specified hurdle rates.
Product overview
L1 Capital is an independent global investment manager founded in Melbourne, Australia in 2007 by Raphael Lamm and Mark Landau. The company offers a diversified portfolio of investment funds including equity long/short strategies (L1 Capital Global Long Short Fund, L1 Capital Long Short Fund), international equities (L1 Capital International), global opportunities (L1 Capital Global Opportunities Fund), a gold-focused precious metals fund (L1 Gold Fund Limited), an activist catalyst fund (L1 Capital Catalyst Fund), and a U.K. residential property fund (L1 Capital U.K. Residential Property Fund). The funds target large superannuation funds, pension funds, asset consultants, private wealth firms, financial planning groups, family offices, high net worth individuals, and retail investors.
Differentiator
Problem solved
Functional benefit
Products and services
- L1 Capital Global Long Short Fund A geographically unconstrained global version of L1 Capital's flagship Long Short Strategy, available to institutional and wholesale investors seeking global long-short equity exposure.
- L1 Capital Long Short Fund
Quantifiable outcome
- L1 Capital Long Short Fund: 20.0% p.a. net return since inception (September 2014) - Australia's best performing long short fund
- +3 more outcomes
Companies that use L1 Capital
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles3 records
L1 Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
L1 Capital partnerships and signals
Strategic signalScale indicators8 records
Recent moves8 records
Expansion highlights6 records
L1 Capital competitors and assessment
Company assessmentDirect peers
- Auscap Asset Management: Australian boutique long-short equities manager. Directly comparable to L1 Capital's Long Short strategy in mandate, target market, and boutique positioning.
- Cooper Investors: Melbourne-based boutique equities manager with high-conviction Australian and global strategies. Directly comparable to L1 Capital given shared Melbourne origin, boutique scale, and institutional client focus.
- Pinnacle Investment Management: ASX-listed multi-affiliate investment management platform that partners with boutique Australian managers. Comparable to L1 Capital as a fellow boutique manager within the Australian ecosystem, with overlapping institutional and wholesale distribution.
- Wilson Asset Management: Sydney-based boutique manager running activist and high-conviction strategies. Comparable to L1 Capital's Catalyst Fund given overlapping activist mandate and Australian institutional client base.
- Yarra Capital Management: Australian boutique manager offering Australian and international equities and fixed income. Comparable to L1 Capital as a fellow Melbourne-based boutique with similar institutional client mix.
- Magellan Financial Group: ASX-listed Australian boutique asset manager offering global equities and infrastructure strategies to institutional and retail investors. Directly comparable to L1 Capital in distribution model (including ASX-listed funds), target client base (Australian super funds), and concentration on active equity management.
- Antipodes Partners: Sydney-based global long-short equities manager with ASX-listed ETF (AGX1). Closely comparable to L1 Capital's Long Short and Global Long Short strategies, serving Australian institutional and retail clients through similar channels.
Broad incumbents
- Man Group: Global publicly listed active investment manager with significant long-short and alternative strategies. Comparable to L1 Capital's hedge fund strategies (Global Opportunities, Long Short) but at materially larger scale and broader product set.
- Perpetual Limited: ASX-listed Australian wealth and asset manager offering multi-asset, equities, and fixed income strategies. Overlaps with L1 Capital in Australian institutional distribution but operates at significantly larger scale across a broader product suite.
- Marshall Wace: Global long-short equity manager with significant AUM. Comparable to L1 Capital's Global Long Short and Global Opportunities strategies but at much larger global scale and broader institutional footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
L1 Capital social profiles
Digital presenceL1 Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
L1 Capital leadership team
Management profileNumber of profiles
Profiles2 records
L1 Capital subsidiaries and ownership
Company hierarchySubsidiaries7 records
L1 Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
L1 Capital M&A and investment
M&A and investmentM&A1 record
Investments11 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about L1 Capital
What does L1 Capital do?
L1 Capital is an independent global investment manager that offers a diversified suite of actively managed investment funds across multiple strategies including global and Australian long-short equity, international equities, gold sector securities, activist catalyst, global opportunities, and UK residential property. The firm generates revenue through management fees on assets under management and performance fees on investment returns exceeding specified hurdle rates.
Is L1 Capital a public or private company?
L1 Capital is a private company. It is classified as corporate owned and is currently operating.
When was L1 Capital founded?
L1 Capital was founded in 2007. It employs 11 to 50 people.
Where is L1 Capital based?
L1 Capital is headquartered in Melbourne, Australia, in the Oceania region.
How does L1 Capital make money?
Two revenue lines are on record. Investment Management Fees are the primary driver. The others are performance Fees.
Who are L1 Capital's main competitors?
Direct peers on record are Auscap Asset Management, Cooper Investors, Pinnacle Investment Management, Wilson Asset Management, Yarra Capital Management, Magellan Financial Group and Antipodes Partners. Broad incumbents are Man Group, Perpetual Limited and Marshall Wace.
Does L1 Capital have an API?
No public API is recorded for L1 Capital.
What industry is L1 Capital in?
L1 Capital's product category is Investment Management. Its primary akta.pro industry code is FSAAAIAC, Small-Cap Equity (Active), with a secondary code of FSANAFAJ, Venture Capital Secondaries (LP Interests & Direct Secondaries). Its NAICS code is 523940 and its SIC code is 6282.