L1 Global Long Short Fund Raises A$100.9m from Institutions

L1 Global Long Short Fund (ASX:GLS) reported the result of the institutional part of its entitlement offer, confirming the amount raised from institutions and setting out the retail offer that opens on 13 October 2026.

The Institutional Entitlement Offer and Institutional Shortfall Offer raised approximately A$100.9 million at an Offer Price of A$1.76 per New Share, comprising approximately A$30.8 million and A$70.1 million respectively, under a 1 for 2 accelerated non-renounceable entitlement offer. The Offer Price is approximately equal to pre-tax net tangible asset value per share as at 2 October 2026, a figure the company notes is unaudited and approximate. L1 Group Limited elected not to take up its entitlement of approximately A$70.1 million so it could be placed to new shareholders through the Institutional Shortfall Offer. Founders Mark Landau and Raphael Lamm took up their full entitlements. The Retail Entitlement Offer, to raise up to approximately A$381.7 million, is expected to close on 23 October 2026, and the company says binding bids under the Retail Shortfall Offer exceed the $381.7m available. The Investment Manager will bear all costs of the raising.

The Entitlement Offer is not underwritten, so the retail amount depends on take-up, and Retail Shortfall Offer bids are subject to scale-back at the company's discretion. L1 Group Limited may subscribe for any retail shortfall up to A$70.1 million, and the company reserves the right to conduct an institutional placement subject to investor demand.