Australia's L1 Group launches gold fund IPO, secures $625.3 million in commitments

L1

25/03/2026 23:12

March 26 (Reuters) - Fund manager L1 Group L1G.AX said on Thursday it has launched an initial public offering of L1 Gold Fund, targeting a listing on the Australian Securities Exchange on April 24, after securing about A$900 million ($625.32 million) in commitments.

The investment company will focus on domestic and international gold sector securities, with a secondary allocation to other precious metals, and will broadly replicate the strategy of L1 Capital's unlisted wholesale gold fund.

L1 Group expects to earn a performance fee on the closure of the wholesale fund, with offering costs estimated at about A$20 million, which it said would likely be offset by the fee.

The IPO is being led by E&P Capital and Canaccord Genuity as joint lead arrangers and bookrunners, alongside a syndicate of other brokers.

($1 = 1.4393 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)

 ((Roshan.Thomas@thomsonreuters.com;))