L1 Group Secures A$900m for New ASX-Listed Gold Fund

Platinum Asset Management Ltd ( (AU:L1G) ) has provided an announcement.

L1 Group has launched the initial public offering of L1 Gold Fund Limited, an ASX-listed investment company targeting positive absolute returns via domestic and global gold sector securities and a secondary allocation to other precious metals. The new listed vehicle will largely mirror the strategy of the existing Wholesale Gold Fund, which is being closed, with most unitholders electing to roll their holdings into the IPO.

The offering has attracted commitments of about A$900 million, prompting an early close of the broker firm offer and underscoring strong demand from L1’s client base and syndicate networks. L1’s founders will invest at least A$120 million, while L1 Group will temporarily fund redemptions and assume short-term portfolio risk before becoming a shareholder in LGF, positioning the firm to earn initial performance fees and ongoing management and performance fees that could materially boost recurring revenue.

The most recent analyst rating on (AU:L1G) stock is a Hold with a A$1.00 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 manager headquartered in Melbourne, focusing on funds management across listed securities. Through vehicles such as the new L1 Gold Fund Limited, it provides investors with exposure to domestic and international gold and precious metals sectors, targeting absolute returns over the medium to long term.

Average Trading Volume: 3,495,654

Technical Sentiment Signal: Hold

Current Market Cap: A$2.72B

For an in-depth examination of L1G stock, go to TipRanks’ Overview page.