L1 Group Limited (ASX: L1G) confirmed on 20 April 2026 that the L1 Gold Fund IPO has raised A$950 million ahead of its scheduled ASX debut. The new listed investment company, set to trade under the ticker LGF, is expected to begin on the Australian Securities Exchange on 24 April 2026, subject to final ASX approval.
L1 Gold Fund ASX Debut: Scale, Timing, and Skin in the Game
This is not a small raise. At A$950 million, the L1 Gold Fund Limited IPO positions itself as one of the largest listed investment company (LIC) floats in recent ASX history.
The fund priced at A$2.00 per share, targeting between A$500 million and A$1 billion during the offer period. It blew past initial commitments with ease. By the time the broker firm offer closed early last month, the fund had already locked in approximately A$900 million in commitments before the final figure landed at A$950 million.
What makes this raise stand out is the alignment at the top. L1 Capital co-founders Mark Landau and Raphael Lamm have committed a combined A$140 million of their own money into the fund. L1 Group itself has committed an additional A$112 million. That is A$252 million of founder and corporate capital invested alongside shareholders from day one.
Key metrics of the L1 Gold Fund Limited IPO
What the Fund Will Actually Do
LGF is built to deliver positive absolute returns over the medium to long term, meaning a horizon of more than three years. The strategy centres on domestic and international gold sector securities, with a secondary sleeve for opportunistic positions in other precious metals.
The approach mirrors the unlisted L1 Capital Wholesale Gold Fund, which launched in March 2025. According to L1 Capital, that wholesale vehicle delivered 182.7 per cent for investors from inception to closure on 17 April 2026. Most wholesale unitholders elected to roll their capital into the new listed vehicle rather than take cash.
The fund will use both long and short positions, managed by Lamm and Landau in their capacity as Co-Chief Investment Officers. It is an actively managed structure, not a passive tracker. Investors are buying into the managers’ conviction calls, not just gold’s spot price.
Fee Structure and Revenue Impact for L1 Group
From 24 April, L1 Group is entitled to collect a management fee of 1 per cent per annum (plus GST) on the value of the portfolio. A performance fee of 20 per cent (plus GST) applies to outperformance assessed every six months, subject to a high-water mark.
The closure of the wholesale fund also generated a performance fee of approximately A$79 million for L1 Group. Combined with a one-off gain of around A$13 million from its own investment in that fund, the economics around this launch are meaningful for L1G shareholders.
Offering costs are expected to total approximately A$20 million, which L1 Group will recognise as a one-off item below the line.
Why Gold, Why Now
Gold has been one of the clearest-performing asset classes over the past 18 months. Persistent inflation concerns, central bank buying, and ongoing geopolitical instability have supported strong prices globally.
Gold spot price performance over the 12 months to April 2026, reflecting the macro backdrop that supported the L1 Gold Fund IPO raise. [goldprice.org]
L1 Capital co-founder Mark Landau has been on record saying the gold story is still less than halfway through its cycle. That conviction clearly resonated with investors, given how quickly the raise filled.
For Australian retail and wholesale investors who previously had no access to this strategy, the LIC structure now opens the door. The minimum subscription for the IPO was A$5,000, a deliberate move to bring in a broader investor base beyond L1’s usual wholesale network.
L1 Capital is part of a much larger platform following its merger with Platinum Investment Management in October 2025, which created a combined funds management business with approximately A$17.6 billion under management. The gold fund is one of two new fund launches the group flagged for calendar year 2026.
If you want to understand how gold funds and ASX-listed miners fit into a broader portfolio, Colitco’s coverage of top ASX gold stocks in 2026 and the step-by-step guide to analysing ASX mining stocks offer useful context.
For investors tracking the broader listed equity landscape, Colitco’s earlier piece on ASX IPO momentum and metal price rallies covers the environment that set the stage for a raise of this scale.
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Frequently Asked Questions
Q: What is the L1 Gold Fund IPO?
A: The L1 Gold Fund Limited IPO is a capital raise by L1 Group (ASX: L1G) to list a new gold-focused listed investment company (ASX: LGF) on the Australian Securities Exchange. The raise closed at A$950 million, and the fund is expected to commence trading on 24 April 2026.
Q: When does L1 Gold Fund begin trading on the ASX?
A: The L1 Gold Fund ASX debut is scheduled for 24 April 2026, subject to final ASX approval.
Q: Who manages the L1 Gold Fund?
A: The fund is managed by L1 Capital’s Co-Founders and Co-Chief Investment Officers, Mark Landau and Raphael Lamm, using long and short positions in gold and precious metals securities.
Q: How much have the founders invested in the fund?
A: Mark Landau and Raphael Lamm have committed a combined A$140 million into the fund. L1 Group has separately committed A$112 million.
Q: What fees does L1 Group charge on the fund?
A: L1 Group charges a management fee of 1 per cent per annum (plus GST) and a performance fee of 20 per cent (plus GST) on outperformance, assessed every six months and subject to a high-water mark.
Q: Is the L1 Gold Fund a passive or actively managed fund?
A: It is actively managed. The strategy uses both long and short positions in domestic and international gold equities, with a secondary allocation to other precious metals.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research and seek professional advice before making any investment decisions. Colitco LLP or an associate may receive a commission for funds raised.
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Last modified: April 20, 2026
