L1 Group Raises $950m in IPO of New ASX-Listed Gold Fund

Platinum Asset Management Ltd ( (AU:L1G) ) has issued an update.

L1 Group has successfully raised $950 million in the initial public offering of L1 Gold Fund Limited, a new listed vehicle that will invest primarily in domestic and international gold sector securities with a secondary focus on other precious metals. Trading in the new fund on the ASX is expected to commence on 24 April 2026, positioning the manager to expand its presence in the precious metals segment.

From the fund’s launch, L1 Group will earn a 1% per annum management fee and a 20% performance fee on outperformance, while its founders have committed $140 million and the company itself $112 million to the vehicle to align interests with investors. The closure of the L1 Wholesale Gold Fund has generated about $79 million in performance fees and a one-off gain of roughly $13 million for L1 Group, partly offset by offering costs of around $20 million, underscoring the financial significance of the transition to the new listed structure.

The most recent analyst rating on (AU:L1G) stock is a Hold with a A$1.17 price target. To see the full list of analyst forecasts on Platinum Asset Management Ltd stock, see the AU:L1G Stock Forecast page.

More about Platinum Asset Management Ltd

L1 Group Limited is an Australian-listed investment management firm headquartered in Melbourne, operating across listed funds and wholesale vehicles. Through its L1 Capital platform, the group focuses on absolute-return strategies spanning domestic and international equities, with a growing emphasis on sector-specific products such as gold and other precious metals funds.

YTD Price Performance: 6.06%

Average Trading Volume: 3,996,976

Technical Sentiment Signal: Buy

Current Market Cap: A$2.85B

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