L1 Global Long Short Fund (ASX:GLS) completed its pro-rata non-renounceable entitlement offer and shortfall offer, raising about AU$415 million at AU$1.63 apiece, according to a Monday filing with the Australian bourse.

The company is also undertaking an institutional placement for around AU$62 million, with the total raised under both the offer and the placement amounting to about AU$477 million, the filing said.

Proceeds will be invested in accordance with the company's strategy, per the filing.

Shares rose 1% in morning trade on Monday.