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L1 Capital
Melbourne-based L1 Capital runs multi-strategy mandates across public equities, venture, and real estate. Founded in 2007 by Raphael Lamm and Mark Landau.
L1 Capital
L1 Capital was founded in 2007 by Raphael Lamm and Mark Landau, who previously worked together at global investment firms before returning to Melbourne. The firm launched as a long-only, value-oriented public equities manager, building a track record through its flagship L1 Capital Australian Equities Fund. Both founders remain active in investment decisions, with Lamm serving as CIO and Landau as Managing Director. The firm runs a multi-strategy book spanning public equities, private growth investing, and real estate. In public markets, L1 is known for concentrated, research-heavy positions in Australian and global stocks. Its private investment arm, L1 Capital Growth, targets late-stage and pre-IPO companies in Australia and North America. Confirmed positions have included employment platform Employment Hero, fintech Airwallex, and enterprise software maker Canva (per the Australian Financial Review, 2021). Real estate exposure runs through direct property and development partnerships across Australian commercial and residential markets. As of late 2024, the firm had expanded to offices in Sydney and Miami, underscoring a growing North American mandate. L1 Capital Growth closed its second venture fund in 2022, with investors including Australian superannuation funds and family offices (per The Australian, 2022). Philanthropic efforts are structured through the L1 Capital Foundation, which supports medical research and educational causes in Australia. In September 2024, L1 participated in Employment Hero's Series F capital raise alongside Insight Partners — its largest disclosed venture commitment of the year (per the firm's official communications, 2024). Unlike most Australian fund managers that stick to a single asset class or a strict institutional separate-account model, L1 operates more like a multi-family office investing alongside external LPs. The firm's hybrid structure — managing a public-markets fund, running a venture growth strategy, and co-investing in real estate — gives it sourcing flexibility that pure-play managers lack. The Miami office, opened in 2023, positions L1 to compete directly with US growth-stage firms for deal flow in software and fintech while maintaining its Australian foundation.
General information
Firm type
Asset Manager
Year founded
2007
AUM
$3B – $5B (Altss estimate)
Location
Region
Oceania
Country
Australia
City
Melbourne
Corporate office
Melbourne, VIC, Australia
Additional offices
Sydney, Australia · Miami, United States
Principals
Raphael Lamm
Co-Founder & Chief Investment Officer
Mark Landau
Co-Founder & Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at L1 Capital?
Raphael Lamm and Mark Landau co-founded the firm and remain the key decision-makers. Lamm serves as Chief Investment Officer, overseeing the public equities and venture growth strategies. Landau is Managing Director and works across portfolio construction and capital allocation. Both have been with L1 since its 2007 launch.
How does L1 Capital source its private investment deals?
L1 sources venture and growth-stage deals primarily through founder and management-team relationships in Australia and North America. Its multi-asset-class positioning gives the team visibility into companies that may later become private investment targets. The Miami office, opened in 2023, expanded sourcing capacity for US-based software and fintech deals. L1 also co-invests alongside major US venture firms, including Insight Partners.
Is L1 Capital a family office or an asset manager?
L1 Capital is structured as an independent asset manager, not a single-family office. It manages capital on behalf of Australian superannuation funds, family offices, and institutional investors rather than a single family's wealth. The firm's hybrid strategy across public equities, venture, and real estate gives it some operating similarities to a multi-family office, but its legal structure is a traditional fund manager.
Does L1 Capital participate in fund commitments or only direct deals?
L1 primarily makes direct investments in both public and private markets. In venture and growth-stage investing, it takes direct equity stakes in companies rather than committing to external venture funds. In public equities, it runs a concentrated, long-only portfolio through its Australian Equities Fund and a global strategy. The firm occasionally invests alongside other managers in club-style real estate deals.
What investment stages does L1 Capital typically target in private markets?
L1 Capital Growth focuses on late-stage and pre-IPO rounds. The firm has deployed capital into companies like Canva, Airwallex, and Employment Hero at stages where the businesses had established revenue and were preparing for potential public listings. L1 typically avoids seed and early venture rounds, concentrating instead on growth-stage deals where it can deploy larger checks and apply its public-markets valuation discipline.
How is L1 Capital's philanthropic foundation structured?
The L1 Capital Foundation operates as a separate philanthropic entity funded by the firm and its principals. It focuses on medical research and education in Australia. The foundation receives contributions from L1's management company but maintains its own governance structure, with grant-making decisions independent of the investment team.
What is L1 Capital's known posture on co-investment alongside external GPs?
L1 co-invests regularly alongside external venture and growth-equity firms, most notably US-based Insight Partners in the Employment Hero round. The firm does not operate a formal co-investor club but builds relationships with GPs that specialize in sectors where L1 holds direct public-market exposure. This co-investment model allows L1 to access deals that would otherwise exceed its own deal-sourcing bandwidth.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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