Founded in 2013, LetterOne (L1) is a partnership of successful entrepreneurs, CEOs and international businesspeople passionate about building better businesses.
We invest in sectors fundamental to society’s sustainable prosperity: energy, technology, health and retail. We are not answerable to the demands, and short-termism, of external capital.
Our purpose: We build businesses that matter
We invest actively, for long-term growth. We think as owners, not as financial investors. That means we get deeply involved with management teams and our success comes from building businesses with no fixed time horizon We hold our investments much longer than the traditional private equity investor. We support our companies through the economic cycle, we don’t seek to cut and run. We have recruited leading experts to work closely with the management of our portfolio companies, sharing our world-class sector knowledge to help them develop strategy, skills and competitive strength. We can do this because of our expertise and experience, but above all because rolling up our sleeves and building business is what drives us.
We make large-scale investments in sectors that reflect society’s long-term needs.
Energy
Decarbonising the economy is one of humanity’s greatest challenges. Wintershall Dea, the world’s largest privately-held energy company, will make an important contribution during a multi-year energy transition to a lower carbon intensity portfolio and through its own decarbonisation plans. To accelerate transition, investment going forward will prioritise new energy solutions.
Technology
The pace of change and the power of digitisation is unlocking new possibilities and opportunities for consumers, businesses and society. Through VEON and Turkcell, L1 is supporting economic and social inclusion with the delivery of innovative digital communications and services to more than 200 million customers in developing markets. Through Upp, L1 is connecting up to a million UK householders to superfast broadband, transforming the connectivity of Eastern England.
Health
The pandemic and the extraordinary success with new vaccines has demonstrated the power of life science. Through K2 HealthVentures, L1 is funding researchers seeking the next generation of breakthroughs. Through Destination Pet, L1 is transforming pet care in the US.
Retail
The pandemic has highlighted the remarkable effectiveness of food retailing. Through its investments in DIA Group and Holland & Barrett, L1 has supported access to essential staples. Now L1 will drive innovation and digital transformation to redefine modern retail.
Discover more about our businesses
Our ESG policy, a core part of our investment process, underpins our determination to create more sustainable long-term businesses. This matters for L1, but we are a small team. Our real opportunity is championing ESG and enhancing our contribution to society through the scale of our portfolio investments – from our environmental footprint to our relationship with employees, customers and suppliers. This is integral to our approach.
Discover more about ESG at LetterOne
At times of deep geopolitical uncertainty, the role and purpose of business is vital for the success and prosperity of communities. There is no question that we are currently in a challenging global environment – the war in Ukraine is a large part of this, but it’s not the only factor: trade tariffs, China’s evolving global role, the shifting UK-EU-US relationship and accelerating prosperity in the Middle East and India are all reshaping capital flows and the intersection of business and politics.
L1 is optimistic that the next year will see moves towards greater stability. Disruption often drives positive change – and certainly new opportunities. But whatever the future brings, business has a clear role: to create jobs and prosperity, innovate to improve lives and generate the revenues that underpin society. That’s why L1’s purpose – and our survival – matter. Our businesses matter to their employees and the communities they serve. They drive innovation in health and wellness, energy transition, connectivity and affordable food when so many struggle. And their success supports governments as they tackle inequality and improve public services. In times of rapid change, we must remember why we are here and use that purpose to stay determined, agile and resilient. L1 has done this and Jonathan, the Board and I will ensure we continue to do so – even as challenges persist.