Skip to main content
    • 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 a marked influence over the long terme. They represent the bulk of the portfolio.

    • 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, within which GBL seeks to become a core shareholder and, for mid-sized companies, to possibly hold a majority stake.

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

    Sienna Capital comprises 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 while pursing the development of its alternative investments within Sienna Capital.


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 30 June 2017, Sienna Capital’s portfolio was composed of six managers deploying capital via twelve funds into about hundred underlying individual portfolio companies. The portfolio includes investments in private equity funds (Ergon, Sagard), debt funds (Kartesia), healthcare growth capital funds (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).
The portfolio of Sienna Capital at 30 June 2017 was valued at EUR 891 million which represents 5.0% of GBL’s portfolio value.


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 the first half of 2017

  • In the first half of 2017, all managers with whom Sienna Capital has partnered showed clear signs of value creation. At the level of Ergon, the exit of Golden Goose in March 2017 and the sale of ELITech in July 2017 will generate total proceeds from ECP III to Sienna Capital estimated at EUR 271 million. For Sagard, the underlying companies included in its portfolio showed encouraging performances with higher EBITDA levels and a decrease in net debt. PrimeStone is now nearly fully-invested and has begun to deliver some successful exits.
  • In addition, Kartesia is emerging as a leading pan-European credit franchise and has launched a new investment fund, Kartesia Credit Opportunities IV (KCO IV). At 30 June 2017, the total fund commitment was EUR 624 million, with a final target of EUR 750 million before year-end 2017. As a long term supportive partner, Sienna Capital committed EUR 150 million to KCO IV (same amount as KCO III) to anchor the first close.
  • Finally, the underlying portfolio of BDT is performing well. Consistent with the strategic vision of Sienna Capital to serve as an “incubator” for GBL, regular discussions are held with BDT about potential co-investment opportunities which should produce results over time.

Outlook for 2017

  • New investments are expected for several funds included in Sienna Capital’s portfolio. Exits are planned for the Sagard and Kartesia funds.
  • Sienna Capital is also selectively reviewing new investment opportunities.



Sienna Logo


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