L1 Capital appoints syndicate for new LIC
L1 Capital has announced the appointment of a syndicate of brokering firms, with NAB as the lead arranger, in preparations to launch its Long Short Fund Listed Investment Company (LIC).
The remaining firms appointed by L1 Capital were Crestone, Morgans, Morgan Stanley, Ord Minne.tt, Taylor Collison and Wilsons.
Additionally, Bell Potter, First NZ, Hunter Capital, Patersons and Shaw and Partners would act as co-managers.
The new LIC would aim to mirror L1 Capital’s Long Short Fund which was launched in 2014 and offered investors a diversified portfolio of long and short positions in Australian and international equities, with returns of 36.9 per cent per annum (after fees) and 184.7 per cent cumulative return since inception.
According to L1 Capital, the new listed fund would also enable new investors to access its long-short strategy, given the existing fund was closed to new investors.
L1 Capital was founded in 2007 by Raphael Lamm and Mark Landau and operated under an aligned model where the investment team had the bulk of their wealth invested alongside their clients.
The firm’s current funds under management (FUM) stand at $3 billion.
The company also informed that a prospectus had been lodged with the Australian Securities and Investment Commission (ASIC) on February 16.
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