L1 Gold Fund raises $950m ahead of ASX float

The news: L1 Group has confirmed the initial public offering for its L1 Gold Fund has raised $950 million, having targeted $1 billion for its ASX float slated for Friday.

The context: L1 Gold Fund will invest in domestic and international gold sector securities, as well as a secondary allocation to opportunistic investments in other precious metal sectors.

L1 Group is entitled to receive a management fee of 1% per year, plus GST, of the value of the L1 Gold Fund portfolio, and a performance fee of 20%, plus GST, of the portfolio’s outperformance assessed over each six-month period.

The founders of L1 Capital, Mark Landau and Raphael Lamm, have committed to a combined investment of $140 million into L1 Gold Fund.