The IPO this week of L1 Capital's Long Short Fund virtually gives L1 Capital founders and joint CIOs Mark Landau and Rafi Lamm a licence to print money, thanks to the outsized fund's equally hefty management fees.

Before its listing, the fund ballooned from a planned $600 million float to $1.3 billion. So, at 1.4 per cent of funds under management, the two CIOs and their firm stand to reap $18.2 million in management fees (just as soon as they get the $40 million of listing costs off the books) each year – and even more as FUM grows. With leverage according to the prospectus topping out at 1.5 times net asset value, this thing will quickly be a helluva lot bigger than $1.3 billion.