L1 Capital Fund Ipo

L1 capital fund ipo

L1 capital fund ipo

Fund inception date Fund I 31 August 2017; Fund II 31 July 2018; Fund III 16 August 2019

Type of investments Bulk purchase of U.K. residential property outside of London

Structure Closed end fund, 7 year maturity

Investor type Sophisticated/wholesale/retail investors

Investment objective 10% p.a.

L1 capital fund ipo

net return over the long term

Subscription The closed-end Fund III closed for applications 16 August 2019

Management fee 0.5% excl GST p.a.

on gross asset value

Performance fee 15% excl GST performance fee (7.5% IRR hurdle, with catch up)

Hurdle rate First year: AUD 3 month BBSW +1.0%, 7.5% IRR thereafter

Purchase/Sale fee 1% excl GST on purchase price.

1% excl GST on sale price.

Hedging Hedged or unhedged class available at investor’s discretion

Distributions Paid half yearly

Investment manager L1 U.K.

L1 Capital Long Short Fund

Property Investments Pty Ltd

Responsible Entity Equity Trustees

Auditors EY

Administrator Apex Fund Services

Currency of units AUD

U.K. Residential house prices over 2004–19 (indexed to market peak Oct-07 = 100)