Rear Window

Raphael Lamm and Mark Landau waste $26m

Myriam RobinSenior writer

Mar 18, 2020 – 12.00am

Email LinkedIn Twitter Facebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

And while we're considering the fortunes of fund management's bright if slightly tarnished stars, how about L1 Capital's Raphael Lamm and Mark Landau?

For two decades they've made their private investors (and presumably themselves) filthy rich in spectacularly successful closed, off-market funds. But their mammoth $1.3 billion LIC, the L1 Long Short Fund Limited, has been nothing but trouble. Today it trades 58 per cent below its April 2018 IPO price, and 44.2 per cent below the after-tax value of its assets, a problem for anyone trying to realise their investment.

Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media.