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L1 Capital
Raphael Lamm and Mark Landau launched L1 Capital in Melbourne in 2007, after both previously worked at Goldman Sachs JBWere and other Australian financial...
L1 Capital
Raphael Lamm and Mark Landau launched L1 Capital in Melbourne in 2007, after both previously worked at Goldman Sachs JBWere and other Australian financial institutions. The firm operates as an independent asset manager, not a family office, drawing capital from high-net-worth individuals, family offices, and institutional investors — its wealth origin is not tied to a single family dynasty. L1 Capital pursues a concentrated long/short equity strategy with a strong activist bent, typically holding 10–20 long positions in ASX-listed companies. The firm engages in event-driven investing, taking board seats and pushing for operational or capital-structure changes. Confirmed activist campaigns include pushing for a restructure at Downer EDI and agitating for asset sales at AGL Energy. The firm also manages a long-only Australian equities fund and an L1 Capital International Fund. The firm has grown to over A$5B in assets under management, according to media reports from 2024. L1 Capital employs a lean team based in Melbourne and Sydney. In recent years, the firm has expanded its product range, including the launch of an L1 Capital Long Short Fund and an L1 Capital Australian Equities Fund. No recent operational events beyond standard fund performance are publicly documented. L1 Capital's structural differentiator lies in its activist approach within the Australian mid-cap market — a segment where US-style activist investing is less common. The firm combines deep fundamental research with an explicit willingness to engage management and boards, a posture that distinguishes it from more passive long/short peers in the region.
General information
Firm type
Asset Manager
Year founded
2007
AUM
A$5B–A$10B (US$3.3B–US$6.6B) (per media reports, 2024)
Location
Region
Oceania
Country
Australia
City
Melbourne
Corporate office
Melbourne, Australia
Additional offices
Sydney, Australia
Principals
Raphael Lamm
Co-Founder and Portfolio Manager
Mark Landau
Co-Founder and Portfolio Manager
Sector focus
Frequently asked questions
How does L1 Capital's activist approach differ from traditional long/short funds?
L1 Capital takes board-level positions in portfolio companies, filing shareholder requisitions and engaging directly with management — a style more typical of US activist hedge funds but less common in Australia (per The Australian Financial Review, 2020).
What is L1 Capital's investment process for selecting positions?
The firm employs fundamental bottom-up research on ASX-listed companies, targeting those with perceived undervaluation or operational inefficiencies. It typically holds 10–20 long positions alongside short positions, with an event-driven catalyst thesis for each holding (per the firm's marketing materials).
What are the fee structures for L1 Capital's funds?
L1 Capital charges a management fee typical of Australian hedge funds, with a performance fee tied to the fund's absolute return. Exact terms are disclosed in the fund's PDS and vary by vehicle (per the firm's official documents).
How has L1 Capital performed relative to benchmarks?
The L1 Capital Long Short Fund has historically reported net returns that have outperformed the S&P/ASX 200 in certain years, though absolute returns vary. No official long-term track record is publicly compiled (per fund reports).
Does L1 Capital invest outside of Australia?
Yes, the L1 Capital International Fund targets global equities, primarily developed markets, with a similarly concentrated long/short approach. The bulk of the firm's AUM, however, remains in Australian strategies (per the firm's website).
Who are L1 Capital's typical investors?
Investors include high-net-worth individuals, family offices, and institutional allocators such as superannuation funds. The firm had historically been open to wholesale investors only (per the firm's investor documentation).
What is L1 Capital's approach to risk management?
The firm employs a concentrated portfolio with stop-loss limits and short positions to hedge market risk. It uses fundamental research to size positions based on conviction levels, rather than quant models (per the firm's investor presentations).
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