Key Highlights

  • IPO opens with approximately A$900 million raised, reflecting strong demand from L1G’s network and syndicate clients.
  • Founders Mark Landau and Raphael Lamm commit A$120 million, aligning with LGF shareholders and portfolio performance.
  • LGF to acquire assets from Wholesale Gold Fund, offering continuity for existing unitholders and exposure to gold and precious metals.

L1 Group (ASX:L1G) has successfully launched the initial public offering of L1 Gold Fund Limited (ASX: LGF), expected to begin trading on 24 April 2026. The fund aims to deliver positive absolute returns over the medium to long term through investments in domestic and international gold sector securities, with a secondary focus on other precious metals. LGF will initially acquire assets from the wholesale, unlisted L1 Capital Gold Fund, allowing existing unitholders to roll over investments. Strong demand has led to early closure of the Broker Firm Offer, with founders committing significant capital to align interests with investors.

Strategic Investment Approach

LGF will follow the proven investment strategy of the Wholesale Gold Fund, targeting both gold and broader precious metals markets. By acquiring existing Wholesale Fund assets, LGF ensures a smooth transition for unitholders and immediate exposure to a diversified portfolio. The fund will provide investors with medium- to long-term absolute returns while leveraging experienced portfolio management. Management fees are set at 1% per annum of portfolio value, plus a 20% performance fee over six-month periods subject to a high-water mark, incentivizing strong performance aligned with shareholder interests.

Strong Market Response and Governance

The IPO attracted approximately A$900 million in commitments, driven by L1G’s established client base and distribution syndicate. The offering was led by E&P Capital Pty Ltd and Canaccord Genuity, with support from multiple joint lead managers and co-managers. L1 Group will fund certain redemptions from the Wholesale Gold Fund prior to LGF’s listing, recognizing any gains or losses as nonrecurring income. Legal advisory was provided by Corrs Chambers Westgarth. The founders’ significant investment and the robust syndicate backing highlight confidence in LGF’s strategy and governance framework.