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LetterOne
AddedFeb 11, 2024
UpdatedJun 28, 2026
LetterOne

LetterOne

Operating

LetterOne: A Luxembourg-based investment firm with a focus on telecoms, technology, healthcare, and energy sectors, managing $26.8B in equity.

Location
Luxembourg, Luxembourg Canton, LU
Founded
2013
Firm
Compare
Portfolio
Employees

LetterOne Holdings S.A. (LetterOne) is an international investment business based in Luxembourg. With long-term investments in the telecoms, technology, healthcare, and energy sectors, the firm has four main units: L1 Health, L1 Technology, L1 Retail, and L1 Energy, all of which are supported by L1 Treasury Services, which manages the group's liquidity. LetterOne was set up LetterOne in 2013 as part of a broader new investment vehicle using the proceeds from the sale of TNK-BP.

LetterOne had $26.8 billion in equity at the end of 2021. Co-founders Mikhail Fridman and Petr Aven stepped down from the company in early March 2022, after the EU imposed sanctions on them in the wake of the Russian invasion of Ukraine. The board now includes Mervyn Davies, Jonathan Muir, Franz Humer, Richard R. Burt, and Wulf von Schimmelmann, with Davies serving as chairman and Muir as CEO. Among major investments in 2023 were Turkcell, Qvantel, VEON, Wintershall Dea, DIA and Holland & Barrett.

LetterOne - Portfolio Snapshot

Portfolio activity breakdown across disclosed investments and stages

Total Investments3
Current Portfolio Count3
Total Portfolio Exits0

Top Investment Stages

Series Unknown2 (66.7%)
Series C1 (33.3%)

Stage Mix

Series Unknown 67%Series C 33%

Concentration shown as share of disclosed investments by stage.

Recent Investments

H2scan logo

H2scan

Uber logo

Uber

FreedomPop logo

FreedomPop

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LetterOne - Classification

Also Known As
  • Letterone Investment Holdings S.A.
NAICS
  • 520000Finance and Insurance
  • 523000Securities, Commodity Contracts, and Other Financial Investments and Related Activities
  • 523900Other Financial Investment Activities
  • 523990All Other Financial Investment Activities
  • 523999Miscellaneous Financial Investment Activities
SIC
  • 6700Holding And Other Investment Offices
  • 6720Investment Offices
  • 6722Management Investment Offices, Open-end
Show 1 more industry code
SIC
  • 6000Depository Institutions