☕️ Golden Ticket

L1 Capital eyes launch of next vehicle in H2 2026.

April 24, 2026

Good morning.

L1 Capital has flagged plans to launch its next vehicle in the second half of 2026, as it prepares to float its $950 million gold fund on the ASX in the biggest listing so far this year later today, Capital Brief reports.

The actively managed long/short portfolio of gold and precious metals securities along with gold futures has returned a glittering 158% since its inception last March.

After today’s float, L1 will be looking to launch another fund during the second half of the year but CEO Julian Russell would not be drawn as to what the product would be: “It’s up in the air as to whether or not that’ll be an LIC or a unitised private product.”

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in Temple & Webster plunged over 8% on Thursday after it announced co-founder and chief executive Mark Coulter would move into an executive chair position on 1 July, making way for former C-suite executive Susie Sugden to take the reins. The planned transition seemed to rattle investors already sceptical of the company's margin-squeezing growth strategy amid souring consumer sentiment.

The quick sync

  • Will Credit Corp walk away from Humm as Abercrombie blocking risk grows and deadline expires? (Capital Brief)

  • ANZ's first AI chief arrives from HSBC in July with Matos betting on CBA veteran Kai Yang to close the technology gap. (Capital Brief)

  • More ASX earnings downgrades are coming by August as rate hikes, Iran war and weak spending bite harder. (Capital Brief)

  • Temple & Webster targets acquisitions and international growth as founder Mark Coulter hands over the CEO role in July. (Capital Brief)

  • Rebel Wilson's defamation trial puts the Federal Court's star-studded docket back in the spotlight as Australia's forum of choice for showbiz and political drama.(Capital Brief)

Trading floor

M&A

  • Netflix announces a USD25b share buyback to support its stock price. (Capital Brief)

  • European Lithium becomes a potential takeover target, supported by strong cash reserves and its spin-off strategy. (AFR)

  • Private equity is eyeing Regis Healthcare amid leadership changes and possible share price weakness. (The Australian)

  • American Airlines rejects merger talks with United Airlines and explores closer ties with Alaska Airlines. (Reuters)

  • EQT explores a takeover of Kakaku.com, expanding into Japan’s digital market. (Bloomberg)

  • Warner Bros. shareholders approve its acquisition by Paramount–Skydance. (Capital Brief)

  • Roc Partners dropped out of the T&G Global sale due to deal complexity. (The Australian)

  • A takeover bid for BRCK Group collapses due to insufficient due diligence. (Reuters)

  • Anglo American continues efforts to sell its coal business after setbacks in prior deals. (Bloomberg)

  • Microsoft offers voluntary buyouts to thousands of US employees. (Capital Brief)

  • Healthscope’s receivers are reviewing a Calvary-led bid but are concerned about value and execution risk. (The Australian)

  • Apollo Global Management nears a USD1.6b deal for an auto interiors business from Forvia. (Reuters)

  • Lyft acquires Gett’s UK business, expanding its international footprint. (Bloomberg)

  • Bain Capital plans to sell a stake in Bridge Data Centres at a ~USD5b valuation, capitalizing on data centre demand. (Reuters)

Capital Markets

  • Intel shares soar after AI data centre demand drives strong 1Q result, outlook. (Capital Brief)

  • Ampol submits a final remedy offer to the ACCC to gain approval for its EG Australia acquisition. (Capital Brief)

  • Morgans is backing Firmus Technologies’ IPO while promoting related stock Maas Group. (AFR)

  • SoftBank seeks a USD10b loan backed by its OpenAI stake, leveraging AI investments. (Bloomberg)

  • Genesis Energy upgrades earnings guidance due to strong hydro generation. (Capital Brief)

  • Blackstone reports rising earnings and revenue, reflecting strong performance. (WSJ)

  • Starbucks looks to expand with new tech-focused offices globally. (Bloomberg)

  • Tesla shares rise after a better-than-expected free cash flow result. (Capital Brief)

  • Telstra integrates AI into board-level decision-making to manage data complexity. (AFR)

  • Australian Greens renew calls for a national rent freeze amid cost pressures linked to global conflict. (Capital Brief)

  • ACCC questions whether Woolworths Group changed pricing rules after scrutiny. (AFR)

  • Light & Wonder faces a shareholder class action lawsuit over its Dragon Train game. (Capital Brief)

  • Gina Rinehart’s company opens its financials in a royalty dispute. (AFR)

  • Nestlé offsets product recall losses with strong snack and coffee sales. (Bloomberg)

  • Santos increases oil production slightly but faces weaker sales volumes. (Capital Brief)

  • Westpac engages Bain & Company to support strategy and performance improvements. (AFR)

  • Microsoft signs an agreement with government tied to a $25b AI investment plan. (Capital Brief)

  • Hyundai Motor Company misses earnings estimates due to geopolitical and market pressures. (Bloomberg)

  • Australia’s telecom sector faces pressure after a controversial triple-zero (emergency services) survey, sparking industry backlash. (AFR)

  • West African Resources maintains production guidance with strong operational output. (Capital Brief)

  • Electrolux plans a USD980m capital raise and partnership with Midea Group. (Reuters)

  • Market commentary highlights increased scrutiny and pressure on corporate governance and decision-making. (Capital Brief)

  • Commonwealth Bank plans further 120 job cuts as it accelerates AI adoption. (Bloomberg)

  • LMCT+ expands into fuel retailing, entering the petrol station market. (Smart Company)

  • Perseus Mining maintains guidance following a strong production surge. (Capital Brief)

  • Samsung Electronics workers rally, demanding a larger share of AI-driven profits. (Bloomberg)

  • Resolute Mining reports a sharp rise in quarterly earnings. (Capital Brief)

  • Tesla plans to use Intel’s advanced 14A chip process to boost manufacturing technology. (Reuters)

  • Google faces EU pressure to open Android to rival AI systems, increasing regulatory scrutiny. (Bloomberg)

  • Temple & Webster explores M&A opportunities as part of a turnaround strategy amid leadership transition. (Capital Brief)

  • Microsoft offers voluntary retirement to ~7% of US workforce, signaling restructuring amid AI shift. (Bloomberg)

  • Blackstone highlights AI infrastructure buildout as its biggest growth driver, especially in data centres. (Bloomberg)

  • Apollo’s Ingenico starts talks with lenders on ‘untenable’ debt. (Bloomberg)

  • Commentary warns markets to prepare for potential shocks and volatility. (Capital Brief)

  • Honeywell beats earnings expectations and agrees to sell its warehouse unit to streamline operations. (Bloomberg)

  • Credit Corp may reconsider its relationship with Humm Group amid performance concerns. (Capital Brief)

  • L1 Capital prepares a $950m IPO, aiming to replicate past investment success. (Capital Brief)

  • ASIC loses a case against Nuix, with claims dismissed and costs awarded. (Capital Brief)

  • A major data breach exposes medical records of 500,000 people, raising security concerns. (Capital Brief)

  • KPMG to axe 10% of US audit partners. (FT)

VC 

  • Venture firms Andreessen Horowitz and Thrive Capital may gain a windfall from a SpaceX-related deal, highlighting strong tech investment returns. (Bloomberg)

People moves

  • Temple & Webster appoints Susie Sugden as new CEO. (Capital Brief)

  • Ben Pasternak faces assault charges in New York, impacting reputation. (AFR)

  • Future Fund appoints Richard Brandweiner as new CIO. (Capital Brief)

  • ARN Media reveals a $3m sign-on bonus for Kyle Sandilands in a major contract deal. (AFR)

  • Airtree Ventures partner Helen Norton departs after 11 years. (Capital Brief)

  • Zara founder Amancio Ortega leads ultra-wealthy investors into a USD1t global property investment boom. (Bloomberg)

  • BP faces a shareholder revolt over climate transparency issues. (Capital Brief)

  • JPMorgan hires Jerry Lee and Nick Richitt to co-lead its healthcare investment banking unit. (Bloomberg)

  • ANZ hires Kai Yang from HSBC as its first AI chief, accelerating digital transformation. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

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