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    • 75 % - 80 %
    • Long term objective
    • (contribution to GBL's portfolio)

    Investments generally larger than one billion euros, primarily in listed companies, in which GBL can exercise clear influence. These represent the bulk of the adjusted net assets.

    • 10 % - 15 %
    • Long term objective
    • (contribution to GBL's portfolio)

    A limited selection of investments of lower size (EUR 250 million - EUR 1 billion), listed or not, having the potential to eventually become strategic.

    • 10 %
    • Long term objective
    • (contribution to GBL's portfolio)

    Significant investments in private equity, debt or specific thematic funds.


GBL intends to reinforce the diversification of its portfolio and achieve its value-creation objectives by pursuing the development of its alternative investments within its subsidiary Sienna Capital.

Sienna Capital aims to generate attractive risk-adjusted returns by constructing a diversified portfolio of investment managers performing well in their area of expertise (e.g. private equity, debt and specific thematic funds).

Sienna Capital is an active and involved partner for the managers it invests in. Sienna Capital supports managers by helping them raise money, attract talent and source investment opportunities as well as by providing advice on good governance and best practices.

At the end of 2016, Sienna Capital’s portfolio was composed of six managers deploying capital via twelve funds into almost a hundred companies. The portfolio includes investments in private equity funds (Ergon, Sagard), a debt fund (Kartesia), a healthcare growth capital fund (Mérieux Développement), a fund whose strategy consists of acquiring long-term shareholdings in mid-sized European companies (PrimeStone), and a fund which provides long-term capital to family- and founder-led businesses (BDT Capital Partners). As of 31 December 2016, Sienna Capital was valued at EUR 955 million which represents 6% of GBL’s portfolio.


Sienna Capital offers a differentiated proposition to investment managers: long-term patient capital in exchange for attractive financial terms and a role as an active, value-added partner.
Its strategy consists of supporting the launch of new funds, as well as examining opportunities for direct investments in external managers.
Sienna Capital generates revenue via capital gains, interest income, dividends and fees earned through revenue-sharing agreements with its underlying managers.

Performance in 2016

In 2016 and through its underlying managers, Sienna Capital invested EUR 161 million. This amount includes the investment in Looping and DIH by Ergon Capital Partners III (“ECP III”), the investment in two holding companies, including Prosol - Grand Frais by Sagard 3, the investments in Keranova, NovaCap and Le Noble Age by Mérieux Participations II as well as the new investments completed by Kartesia, PrimeStone and BDT Capital Partners. Sienna Capital received EUR 83 million, primarily from the sale of
De Boeck and Larcier by ECP III and of FläktWoods by Sagard II.

In July 2016, Sienna Capital committed an additional amount of EUR 100 million in ECP III. In December 2016, Sienna Capital took an additional commitment of EUR 17 million in Sagard 3. In 2016, Sienna Capital’s contribution to GBL’s net dividends amounted to EUR 18 million.



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Sienna Capital is managed by Colin Hall, together with a CFO and an Associate.<:p>

Colin Hall
Sienna Capital - CEO

Tel: +352.27.21.22