Using the proceeds from the sale of their stakes in TNK-BP, Fridman and his Alfa Group partners Khan and Kuzmichev established the international investment company LetterOne (L1) in 2013, and Fridman became the company's chairman.
LetterOne's additional co-founders were Petr Aven and Andrei Kosogov.
Headquartered in Luxembourg, the company was created to invest in international projects in energy, telecoms, finance, technology, and other sectors.
As of 31 December 2013, LetterOne had $29 billion in assets under management.
In May 2015 Mervyn Davies (Lord Davies) was appointed deputy chairman of LetterOne, and former Swedish Prime Minister Carl Bildt was appointed as the board's advisor.

In 2013 LetterOne also formed L1 Energy, an energy investment vehicle, initially focused particularly on undervalued international oil and gas assets during the slump in oil prices.
John Browne (Lord Browne) was appointed to its advisory board, and in March 2015 became its chairman.
Using the proceeds from the sale of their stakes in TNK-BP, Fridman and his Alfa Group partners Khan and Kuzmichev established the international investment company LetterOne (L1) in 2013, and Fridman became the company's chairman. LetterOne's additional co-founders were Petr Aven and Andrei Kosogov. Headquartered in Luxembourg, the company was created to invest in international projects in energy, telecoms, finance, technology, and other sectors. As of 31 December 2013, LetterOne had $29 billion in assets under management. In May 2015 Mervyn Davies (Lord Davies) was appointed deputy chairman of LetterOne, and former Swedish Prime Minister Carl Bildt was appointed as the board's advisor.
In 2013 LetterOne also formed L1 Energy, an energy investment vehicle, initially focused particularly on undervalued international oil and gas assets during the slump in oil prices. John Browne (Lord Browne) was appointed to its advisory board, and in March 2015 became its chairman.
Mikhail Fridman