Our aim

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


LetterOne buys and builds businesses that it can develop over the long term, which it aims to be the next generation of leading companies in their sectors.”

Lord Davies of AbersochCHAIRMAN OF THE BOARD

L1’s aim is to be a pre-eminent international investment firm. We aim to buy and build 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 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.

We are a partnership of successful entrepreneurs and international businesspeople. 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.

We live in an unpredictable world, in many ways facing a new industrial revolution in which social media, robotics, 3D manufacturing, artificial intelligence and new trade corridors are altering the landscape. Old global certainties and structures are changing rapidly as the recent US election and Brexit referendum vote have vividly demonstrated.

Despite this L1 has made good progress in diversifying its portfolio. It has established new investment units in the health and retail sectors. I believe that it is well positioned to take advantage of opportunities and mitigate risk.

My priority is to ensure that the Board has the right balance of skills and experience to support and challenge L1’s investment management teams and their decisions.

L1 continues to attract world-class talent to its Advisory Boards. These Advisory Board members include former chief executives, chairmen and entrepreneurs in their respective industries, who have managed international businesses through turbulent times.

We made good progress this year, despite economic volatility, and ended the year with a 5.3% increase in net asset value to USD $22.2 bn. Private Equity and L1 Energy growth was offset by a fall in our telecoms investments, largely due to foreign currency impacts.

L1 investment teams and Advisory Boards stand ready to provide strategic advice and to work with the companies L1 invests in to realise their potential.