L1 Capital is a global investment manager with offices in Melbourne, Sydney, Miami and London. The business was established by Raphael Lamm and Mark Landau in 2007 and continues to be majority owned by its founders and staff. The team’s objective is to offer clients best of breed investment products through strategies that include long-short equities, international equities, activist equities, global convertible debt and U.K. residential property funds. In October 2025, L1 Capital merged with Platinum Asset Management to create L1 Group (ASX: L1G) L1 Capital’s clients include large superannuation funds, pension funds, asset consultants, private wealth firms, financial planning groups, family offices, high net worth and retail investors.
L1 Gold Fund Limited (ASX:LGF)
L1G2
Lead Manager
Contact - Kirwan Mactaggart
0448 237 054
kirwan@liquidity.com.au
Offer Price
A$2.250
per share
Offer Size
A$160,300,000
Offer Details
Issue Price (Per Share)
A$2.250
Discount
6.64%
Offer Size
A$160,300,000
Shares Available
71,244,445
Shares Available
71,244,445
A non-underwritten placement of approximately A$160,312,500
A non-underwritten 1-for-3 accelerated non-renounceable entitlement offer (Entitlement Offer).
(together, the “Offer”). The price for both the Placement shares and the Entitlement Offer shares will be $2.25, being the most recently calculated estimated pre-tax net tangible asset value per ordinary share in the Company as at Thursday, 20 August 2026.
The Entitlement Offer comprises:
- an accelerated institutional component to certain eligible institutional shareholders who are holders of shares in the Offeror at 7.00pm (AEST) on 26 August 2026 (the “Record Date”), who may elect to take up their entitlement (“Institutional Entitlement Offer”); and
- a retail component involving an offer of New Shares to eligible retail shareholders (“Retail Entitlement Offer”).
New Shares to be issued under the Placement will be issued in a single tranche utilising the Company’s available placement capacity
Documents & Downloads
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.
Performance
Since listing on 20 April 2026, L1 Gold Fund (ASX: LGF) has delivered a net return of 11.4% to 14 August 2026, despite a mixed monthly track record that included declines in April and June. The result materially outperformed the comparable USD gold and AUD GDX measures shown in the term sheet, which were broadly flat over the same period. LGF’s share price had also traded consistently above its pre-tax NTA, reaching A$2.41 by 21 August, while the A$2.25 offer price represented the estimated pre-tax NTA per share at 20 August. Past performance is not necessarily indicative of future returns.
Portfolio Composition
As at 30 June 2026, LGF held 27 long positions across a globally diversified portfolio of gold and precious-metals equities, with exposure spread across North America (35%), APAC (30%), EMEA (25%) and South America (10%). The portfolio was primarily weighted to larger-cap companies, with 59% exposure to companies above A$5 billion market capitalisation and 26% in the A$3–5 billion segment. LGF employed an actively managed long-short strategy, with 167% gross long exposure and 99% gross short exposure, resulting in net market exposure of 68%.
Disclaimer
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