Who we are

Welcome to LetterOne. L1 was founded in 2013. We are an international investment business headquartered in Luxembourg.

“We invest in companies
where we see an
attractive valuation,
competitive advantage
and market opportunity
and our involvement
will build significant

Mikhail Fridman
Chairman of LetterOne


Our aim is to build a world class diversified global investment business. We focus on particular sectors – where we have specialism – at the moment that is energy, telecoms and technology, health and retail.

We invest through L1 Energy, L1 Technology, L1 Health and L1 Retail. Our liquidity is managed by L1 Treasury. We are also a passive investor in private equity funds managed independently by Pamplona Capital Management.

We aim to build and grow investments – in selected sectors - that stand the test of time and create value for all our partners and stakeholders, and which will become the foundation for a new, highly regarded global investment business.

We are making good progress establishing our investment business despite the background of unprecedented change and macro-economic volatility. We continue to fine-tune our investment thinking.

We made our initial investments in energy and technology. As we grow, we are diversifying our portfolio and investing globally in new sectors. In 2016, we started to build our capability in healthcare and retail.

Strategic involvement

As entrepreneurs and successful businesspeople we invest in companies where we see an attractive valuation, competitive advantage and market opportunity, and where our involvement will build significant value. We are investing our own capital in companies where we believe our sector experience, and our strategic and geographic expertise, will improve performance. We also leverage the insights we gain from our investments in private equity to build expertise in new sectors. If we think a sector is attractive, and can be grown beyond the size and time horizon of private equity, we will recruit renowned industry leaders to work in partnership with us to invest at scale.

Sector experts

Our specialist sector investment teams have the freedom to get things done and capitalise on opportunities as markets evolve. To  scrutinise our investment teams’ recommendations and to challenge our assumptions, we have recruited investment advisory boards consisting of internationally respected chief executives and entrepreneurs. Each advisory board provides advice on whether or not to proceed with a particular opportunity in its sector. The advisory boards play an essential role in our investment governance process. We have the highest governance standards in place.

Spirit of partnership

As shareholders we have formed strong principles of partnership that have been the basis of our success. At L1, we embrace these same principles. We are keen to foster entrepreneurial freedom within a broad investment framework. We give people the opportunity to prove themselves and then reward them for success. We are creating a world-class diversified global investment business that will outlive our founding partners.

Long-term vision

As successful entrepreneurs, we can afford to invest for the long term. We know that building a better-performing business takes determination. We are disciplined when it comes to the execution of strategy. The world is changing fast and we have to embrace this new reality. We constantly review, adapt and evolve in response to changing market conditions.