L1 Capital

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.

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

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

• Investment management services
• Long short equity funds
• Global hedge funds
• Activist investing strategies
• Asset management

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core 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

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct 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

• LinkedInlinkedin.com/company/l1-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments11 records

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

Frequently asked questions about L1 Capital