L1 Group's Platinum Merger Delivers a Strong First Quarter

Fund managers say the combined entity is well placed to replicate its founders' track record as public market investors

31 Dec 2025 · 3 min read

Fund manager L1 Group emerged as a listed vehicle following a reverse takeover of Platinum Asset Management, with fund managers backing the combined entity's ability to replicate its founders' track record as public market investors.

A reverse takeover creates a new listed structure

Blackwattle Investment Partners' October 2025 update explained the mechanics: the fund held L1 Group shares after Platinum Asset Management issued shares to acquire L1G, with original L1G shareholders ending up owning a majority stake in the combined entity, a top contributor to fund performance that month.

A vote of confidence in proven fund managers

Tyndall Asset Management's November 2025 update reported participating in the most recent equity raising, seeing it as a great opportunity to gain a position in a quality business given the positive developments expected from the acquisition. Wilson Asset Management echoed the sentiment, noting the L1 team had proven their ability to make money as fund managers and expressing confidence they could replicate that track record within a listed vehicle structure, with Julian Russell involved in the business.

We think it's a buy too. What I'd say incrementally is these guys know how to make money. They've proven it as fund managers. And we think in a listed vehicle, they'll be able to prove that they can do the same.

— Wilson Asset Management, Article, November 2025

A strong quarter following the merger and capital raise

Investors Mutual Limited's December 2025 update reported an excellent quarter for the relatively new position, up 59.0 per cent following the merger with Platinum Asset Management and a successful capital raise used to seed new investment strategies within the combined business.