# L1 Capital

L1 Capital is a Long/Short Equity based in Melbourne, Australia.

## Overview

- **Organization type:** Long/Short Equity
- **Headquarters:** Melbourne, Australia
- **Region:** Oceania
- **Address:** Melbourne, VIC, Australia
- **Founded:** 2007
- **Assets under management:** $3B – $5B (Altss estimate)
- **Website:** l1capital.com.au
- **LinkedIn:** https://www.linkedin.com/company/l1-capital

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Enterprise Software
- FinTech
- Real Estate
- Media & Entertainment
- Consumer

## Offices

- Sydney, Australia
- Miami, United States

## People

- Raphael Lamm — Co-Founder & Chief Investment Officer
- Mark Landau — Co-Founder & Managing Director

## 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.

### 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.

## Related profiles

- [The Industrial Service Group](https://altss.com/profile/the-industrial-service-group)
- [B-Flexion](https://altss.com/profile/b-flexion)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/l1-capital

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