# L1 Capital

L1 Capital is an Asset Manager based in Melbourne, Australia.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Melbourne, Australia
- **Region:** Oceania
- **Address:** Melbourne, Australia
- **Founded:** 2007
- **Assets under management:** A$5B–A$10B (US$3.3B–US$6.6B) (per media reports, 2024)
- **Website:** l1capital.com.au

## Regulatory record

- **CRD number:** 340623
- **SEC file number:** 802-135687
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/340623

## About

L1 Capital International Pty Ltd is an exempt reporting adviser in Sydney, NSW. It advises US clients.

## Sectors

- Long/Short Equity
- Event-Driven
- Activist Investing

## Offices

- Sydney, Australia

## People

- Raphael Lamm — Co-Founder and Portfolio Manager
- Mark Landau — Co-Founder and Portfolio Manager

## 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 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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Last updated: 2026-08-14T12:30:00.000Z

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