L1 Capital founders to receive over $500 million in performance fees

Raphael Lamm and Mark Landau, founders of L1 Capital, are set to receive over $500 million in performance fees following a successful year and the firm's merger with Platinum Asset Management. L1 Group disclosed a $567.1 million payment to z-class shareholders, of which Lamm and Landau hold the vast majority.

The payout is linked to the Platinum deal, which includes sharing performance fees from L1 Capital’s Long Short strategies. Separately, L1 Group generated $165.7 million in performance fees for the 12 months ending June 30, a significant increase from the previous year’s $45.1 million. This total included a $79.3 million fee from the closure of a wholesale gold fund.

In its first post-merger financial year, the combined L1 Group saw funds under management rise 17% to $19.1 billion. Underlying net profit nearly doubled to $188.8 million, while revenue grew 49% to $385.9 million. CEO Julian Russell attributed the results to successful integration and $31.7 million in cost savings.