• L1 Gold Fund Limited IPO raises $950 million
• Fund aims to deliver positive absolute returns through investments in gold and precious metals
• L1 Group to receive management and performance fees from the fund

L1 Group Limited (ASX: L1G) has announced that the initial public offering (IPO) of the L1 Gold Fund Limited has raised $950 million. The L1 Gold Fund Limited (ASX:LGF) is expected to commence trading on the ASX on 24 April 2026. LGF aims to deliver positive absolute returns for shareholders over the medium to long term through investment in domestic and international gold sector securities, as well as a secondary allocation to opportunistic investments in other precious metal sectors. From 24 April 2026, L1 Group is entitled to receive from LGF a management fee of 1% per annum (plus GST) of the value of the portfolio, and a performance fee of 20% (plus GST) of the portfolio's outperformance assessed over each six-month period, subject to a high water mark. The founders of L1 Capital, Mark Landau and Raphael Lamm, have committed to a combined investment of $140 million into LGF, aligning the founders with the shareholders of LGF and their performance as portfolio managers. L1G has also committed to an investment of $112 million into LGF. The L1 Wholesale Gold Fund was closed on 17 April 2026, generating a total performance fee of circa $79 million. L1G has also realised a one-off gain of circa $13 million from its investment in the unlisted L1 Wholesale Gold Fund.

LGF aims to deliver positive absolute returns for shareholders over the medium to long term through investment in domestic and international gold sector securities, as well as a secondary allocation to opportunistic investments in other precious metal sectors.