L1 Technology

Investing in technology to improve connectivity and efficiency

The pandemic has shown the necessity of connectivity and digitisation – for productivity, education and human engagement. LetterOne (L1) is a long-term growth investor in technology and communications – with its own patient capital, no fixed time horizon and significant funding available. We actively look for investments in the broader technology space in the EMEA region with a focus on software, digital platforms, tech enabled services, connectivity and data. Through its portfolio companies LetterOne Technology seeks to satisfy society's increasingly digital needs.

Our year in review

Looking back on a year of resilience, ingenuity and achievement.

Our year in review - L1 Technology

$ 3.0 bn

Net assets under management (31 Dec 2021)

The L1 Technology team

Alexander Pertsovsky

Advisor - L1 Technology

Andrei Gusev

Senior Partner - L1 Technology

Yaro Glazounow

Senior Advisor L1 Technology

Explore portfolio

L1 Technology owns a 19.8% stake in Turkcell. Turkcell is a converged telecommunication and technology services provider, founded and headquartered in Turkey. It serves its customers with voice, data, TV and value-added consumer and enterprise services on mobile and fixed networks. Turkcell is one of only two Turkish companies to be listed on the New York Stock Exchange. Turkcell is also quoted on the Borsa Istanbul Sustainability Index.

L1 launched Upp in 2021. It will invest £1bn to deploy a full fibre network to 1m premises in Eastern England by 2025. Upp uses next-generation technology to power its multi-gigabit fibre network, supported by global suppliers including Nokia, Linksys, Fujikura and Salesforce.com. Upp will contribute to bridging the digital divide and powering entrepreneurship by delivering on its promise to make competitively priced full fibre a reality for areas where broadband speeds are well below the national average.

L1 invested in Qvantel in 2016. Qvantel is a cloud-based provider of BSS software to the Communications industry.

L1 Technology owns a 47.85% voting stake in VEON, the global telecoms company headquartered in Amsterdam. VEON is a leading emerging markets connectivity and digital services company, serving 213m customers in nine growing economies. VEONs strategy is to provide connectivity – traditional mobile and fixed line voice and data services – and new, digitally enabled experiences tailored to modern customer needs.

Our businesses

L1 Energy

L1 Technology

L1 Health

L1 Retail

L1 Treasury

The world needs energy, but energy production needs to change. L1 is building a safe, sustainably growing energy group, recognised as a partner of choice in its industry and enabling the transition to a lower-carbon and more circular economy. We continue to look for active investments that can power society for the long term.

L1 Energy

We are long term growth investors in telecoms and technology – with no fixed investment time horizons and significant funding available of our own patient capital. We believe this is a sector of vital, sustainable social and economic importance.

L1 Technology

L1 Health partners with entrepreneurs and industry executives to invest in platforms that are propelled by powerful, long term global trends and have the potential to transform healthcare and improve lives.

L1 Health

L1 retail is a differentiated investor with a longer-term horizon than many. We look for platforms that can be positioned for strong, sustainable growth over ten years and beyond.

L1 Retail

L1 Treasury manages the liquidity and financial investments of L1 Investment Holdings. When the Group makes strategic investments, L1 treasury provides the necessary funds, whereas where investments are sold or dividends received, L1 Treasury manages the available funds.

L1 Treasury