L1 Capital manages a diversified portfolio of gold assets and equities, emphasising quality assets with growth potential and strong management teams. It invests in both large and mid-cap gold producers, developers, and exploration projects, with a focus on North American assets and strategic divestments to optimise portfolio quality and growth. Its valuation is supported by compelling sector valuations, significant optionality in assets like the Hualilan project in Argentina, and a sector trading well below net asset value, suggesting substantial upside potential
L1 Capital Pty Limited
LGF
Lead Manager
Contact - Kirwan Mactaggart
0448237054
kirwan@liquidity.com.au
Offer Price
A$2.000
per share
Offer Size
A$1,000,000,000
Offer Details
Issue Price (Per Share)
A$2.000
Offer Size
A$1,000,000,000
Shares Available
500,000,000
- Proposed ASX Code: LGF.ASX
- Security: Fully paid ordinary shares
- Minimum proceeds: A$500 million
- Maximum proceeds: A$1 billion
- Application Price: A$2.00 per Share
Company Overview
L1 Gold Fund Limited is a specialised investment vehicle launched by L1 Capital, focusing on the gold and precious metals sector. The fund employs a bottom-up, long and short stock-picking strategy aimed at capturing investment opportunities across large, mid, and small-cap gold equities, with an emphasis on diversification and risk management through hedging. It seeks to generate strong absolute returns while protecting downside risk, leveraging L1 Capital’s extensive experience and a highly active, research-driven approach. The fund also offers opportunistic exposure to other precious metals and is raising capital for an IPO on the ASX to provide broader investor access to its strategy.
Investment Highlights
- Potential upside in leading mid-cap gold equities
- Structural support from economic backdrop
- Highly attractive entry valuations and imminent positive cash flow inflection
- A fragmented gold equities sector ideal for active stock pickers
- Not reliant on a rising gold price to generate attractive portfolio returns
- Ability to hedge gold price risk to reduce portfolio risk
- Diversification benefit from gold’s low correlation with other asset classes
Strategy Overview
The L1 Capital Gold Fund follows a fundamental, bottom-up investment strategy aimed at identifying mispriced securities in the gold sector, while occasionally investing in other precious metals companies. The strategy focuses on investing in high-quality companies with attractive valuations, identified through detailed research into management capability, industry structure, operating outlook, and balance sheet strength. The portfolio may take long positions in undervalued companies and short positions in companies considered overvalued, low quality, or over-leveraged. The fund may also use derivatives to hedge market exposure or enhance returns, while maintaining a diversified portfolio and emphasising valuation, qualitative analysis, and strong financial positions as key drivers of long-term performance.
Board & Management
Mark Landau
Non-Executive Director, Co-Founder and Co-Chief Investment Officer
Mark co-founded L1 Capital in 2007 with Co-CIO Raphael Lamm. Over the first seven years, Mark and Raphael established and refined their unique blend of quality and value investing with a contrarian bias managing long only Australian equities. In 2014, they launched the highly acclaimed L1 Capital Long Short Fund, now the firm’s flagship strategy.
Prior to founding L1 Capital, Mark was an Australian Equities Investment Analyst and Investment Manager at Invesco and was previously a Senior Strategy Consultant at Accenture advising ASX100 companies.
Mark holds a double degree in Commerce and Economics from Monash University and is an active CFA charterholder.
Raphael Lamm
Non-Executive Director, Co-Founder and Co-Chief Investment Officer
Rafi co-founded L1 Capital in 2007 with Co-CIO Mark Landau. Over the first seven years, Mark and Raphael established and refined their unique blend of quality and value investing with a contrarian bias managing long only Australian equities. In 2014, they launched the highly acclaimed L1 Capital Long Short Fund, now the firm’s flagship strategy.
Prior to founding L1 Capital, Rafi spent five years at Cooper Investors where he worked as an Investment Analyst and Portfolio Manager focused on the Australian large cap universe.
He holds a double degree in Law and Commerce from Monash University, with Honours in Law and First Class Honours in Finance
Julian Russell
Chief Executive Officer and Managing Director
Julian has 25 years’ experience in financial services, spanning investment banking and the broader finance sector. Before joining L1 Group, he was CEO of ASX-listed Eclipx Group (now FleetPartners, ASX:FPR), where he led a successful turnaround that delivered an annualised EPS growth rate of 44% and a share price increase of more than 450% during his tenure.
Prior to Eclipx, Julian was Co-Head of Financial Institutions at UBS Investment Bank in Australia, advising clients across asset management, wealth management, banking, insurance and non-bank financials on M&A and capital markets transactions. Earlier in his career, he worked with Merrill Lynch in EMEA.
Julian holds a Bachelor of Commerce and a Master of Business from University College Dublin and is a Fellow Member of the Association of Chartered Certified Accountants, UK.
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