LetterOne Holdings

An international investment firm based in Luxembourg, focusing on long-term investments across various sectors.

Established in 2013, the firm operates through four main business units: L1 Health, L1 Technology, L1 Retail, and L1 Energy. These units are supported by L1 Treasury Services, which manages the group's liquidity and financial investments, including private equity holdings.

The firm's investment strategy encompasses a wide range of asset classes, including private equity, venture capital, real estate, infrastructure, hedge funds, commodities, crypto, distressed and special situations, ESG and impact investing, fixed income (debt and bonds), and collectibles & art. It targets various stages of investment, from seed to pre-IPO, buyouts, turnarounds, and distressed situations. Geographically, LetterOne focuses on regions such as the United States, United Kingdom, Germany, France, Italy, Spain, Luxembourg, Turkey, Netherlands, Russia, Hungary, Greece, Poland, Czech Republic, Slovakia, Romania, Bulgaria, Ukraine, Belarus, and Kazakhstan. The firm's industry focus spans financial services, technology, healthcare, energy, consumer goods, real estate, infrastructure, telecommunications, utilities, media, retail, education, agriculture, transportation, and pharmaceuticals.

As of the end of 2021, LetterOne reported $26.8 billion in equity. The firm's portfolio includes investments in companies such as Turkcell, Qvantel, VEON, Wintershall Dea, DIA, and Holland & Barrett. In early 2022, following EU sanctions related to the Russian invasion of Ukraine, co-founders Mikhail Fridman and Petr Aven stepped down from the company, leading to significant changes in the board of directors. Despite these challenges, LetterOne remains committed to its long-term investment strategy and continues to manage a diverse portfolio across multiple sectors and geographies.