What L39 Capital does

L39 Capital Pty Ltd is an Australian boutique managed fund operating as a Corporate Authorised Representative of Primary Securities Ltd, headquartered in Prahran, Victoria. The firm manages wholesale capital on behalf of high-net-worth and institutional investors, with a stated focus on Australian micro and small-cap companies across both listed (ASX) and unlisted formats. The team of approximately 4–5 personnel is led by Directors David Attias, Dr George Muchnicki, and Peter Rubinstein, supported by Analyst Orion Herman, all reporting deep capital markets experience.

The firm's product and service offering spans the L39 Capital Fund (the core wholesale vehicle), the recently launched AI Biotech Fund (a thematic sub-brand at aibiotechfund.com), Corporate Advisory Services, Project Finance, and selective Co-Investment opportunities. The disclosed portfolio comprises roughly ten holdings spanning communications (Aeeris), agriculture/biomaterials (Papyrus Australia), healthcare AI (Opyl), biotech/plasma (Aegros, Imunexus Therapeutics), consumer/fintech (EasyPark Australia, me&u), marketplaces (Eden Exchange), diagnostics (mDetect), and medical devices (Cannenta), indicating a diversified small-cap book with selective thematic AI exposure.

L39's commercial model is unconventional: it charges no management fees and instead earns a 20% performance fee above a benchmark with a high-water-mark mechanism, aligning manager economics with investor outcomes but creating volatile, contingent revenue. Advisory and project finance lines introduce episodic, deal-based fee income that partially offsets the lumpiness of fund performance fees. The absence of management fees limits downside cost coverage but improves LP attractiveness in a competitive Australian wholesale market.

Name

L39 Capital

Legal name

L39 Capital Pty Ltd

Website

https://l39capital.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

L39 Capital Pty Ltd is an Australian boutique wholesale managed fund investing in ASX-listed and unlisted micro and small-cap companies for high-net-worth and institutional investors under a performance-fee-only structure.

Ownership category

akta.pro rank

Product category

Small-Cap Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Small-cap investing
• Wholesale investment funds
• Private equity management
• Performance fee funds
• Australian micro-caps

Headquarters

HQ city

Prahran

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Performance Fees: L39 Capital charges no ongoing management fees. Instead, the Manager receives a performance fee of 20% of the amount by which the Fund's Current Unit Value has increased (on an annualised basis) beyond the Australian 3 Month Bank Bill Swap Rate during the Half-Year period. A high water mark applies.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

L39 Capital is a private managed fund that provides wholesale investors with structured exposure to Australian micro and small-cap companies (both listed and unlisted), targeting long-term returns of over 20% p.a. The fund charges no management fees, instead earning a 20% performance fee on returns above the Australian 3 Month Bank Bill Swap Rate, with a high water mark. Alongside the core L39 Capital Fund, the firm operates the AI Biotech Fund (a specialized sub-brand) and offers Corporate Advisory, Project Finance, and Co-Investment services to wholesale investors and portfolio companies.

Product overview

L39 Capital operates as an investment management firm offering the L39 Capital Fund (wholesale-only, sector agnostic fund focused on micro and small caps, both listed and unlisted) and the AI Biotech Fund (specialized AI/biotech investment fund). The firm also provides complementary services including Corporate Advisory, Project Finance, and Co-Investment opportunities. The core fund seeks 20%+ p.a. returns with no management fees, instead charging a 20% performance fee with a high water mark. The AI Biotech Fund is a separately branded offering with its own dedicated platform.

Differentiator

Problem solved

Functional benefit

Brands

• AI Biotech Fund: A specialized fund focused on investing in artificial intelligence and biotechnology companies, accessible via aibiotechfund.com.

Products and services

• L39 Capital Fund A wholesale-only, sector-agnostic managed fund that provides structured exposure to Australian micro and small-cap companies (both listed and unlisted), targeting long-term returns of over 20% p.a. for wholesale investors.
• AI Biotech Fund A specialized investment fund operated by L39 Capital focused on artificial intelligence and biotechnology companies, accessible via aibiotechfund.com.
• Corporate Advisory Services Corporate advisory services including strategic support and investor relations, leveraging local and overseas connections to assist companies with refinancing and strategic needs.
• Project Finance Project finance facilitation leveraging the manager's global network to assist local and international companies with refinancing and capital structuring.
• Co-Investment Co-investment opportunities offered to investors through their personal accounts on the same terms as the fund, available when allocation allows on deals the manager particularly likes.

Quantifiable outcome

• Target returns of >20% p.a.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Direct peers

• Plato Investment Management: Boutique Australian active equity manager with a strong long-only and income-focused mandate for institutional and wholesale clients. Comparable in fund-management business model and Australian wholesale client base.
• Montaka Investments: Boutique Australian active manager running concentrated global and Australian equity mandates for wholesale clients, with a stated focus on long-term, high-conviction holdings — closely analogous to L39's patient-capital, high-water-mark model.
• Cooper Investors: Independent Australian boutique founded on a high-conviction, long-term equity approach. Directly comparable to L39 in boutique boutique scale, wholesale distribution, and concentrated-equity patient-capital philosophy.
• Ellerston Capital: Australian boutique offering multiple wholesale-only equity strategies including small-cap and thematic products. Comparable in multi-fund platform structure (L39 has core + AI Biotech Fund) and HNW/institutional focus.
• Wilson Asset Management: ASX-listed Australian boutique fund manager famous for its WAM Leaders, WAM Capital and similar small-cap/tactical equity strategies. Closest comparable to L39 in target universe (Australian small/micro-cap listed equities) and wholesale/sophisticated-investor distribution.
• Antipodes Partners: Australian boutique (listed on ASX via Keybridge Capital lineage) running concentrated global equity strategies for wholesale investors. Comparable in boutique scale, wholesale-only distribution, and high-conviction concentrated equity approach.

Emerging players

• BioScience Managers: Australian specialist biotech/healthcare fund manager for wholesale investors, run via an Australian financial-services licensee. Comparable to the AI Biotech Fund in thematic specialisation and wholesale-only biotech investing.
• AirTree Ventures: Leading Australian venture capital firm backing early-stage tech-enabled companies. Comparable to L39's venture-style holdings (Aegros, mDetect, Imunexus) and exposure to early-stage unlisted Australian names.

Broad incumbents

• Magellan Asset Management: Large Australian-listed fund manager running global and Australian equity strategies for institutional and retail investors. Overlaps as a broad incumbent in the Australian boutique-style concentrated-equity universe but operates at much greater AUM scale.
• Perpetual Investments: Large incumbent Australian asset manager offering a broad range of equity strategies including Australian small-cap and wholesale mandates. Overlaps with L39 in target asset class but is significantly larger and offers retail-accessible products.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/l39-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about L39 Capital