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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 (private equity, debt and specific thematic funds).

Sienna Capital is an active and involved partner for the managers it invests with. 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.

As at 30 June 2016, Sienna Capital’s portfolio was composed of six managers deploying capital via eleven funds into more than sixty underlying individual portfolio companies. The portfolio includes investments in private equity funds (Ergon, Sagard), a debt fund (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 who provides long-term capital to family- and founder-led businesses (BDT Capital Partners). The portfolio of Sienna Capital as of 30 June 2016 was valued at EUR 919 million which represents 5.9% of GBL’s portfolio.


Sienna Capital offers a differentiated proposition to investment managers by bringing long-term 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.

Half-year results 2016

  • During the first half of 2016, the Ergon, Sagard, Mérieux and BDT funds made new investments. Through Ergon Capital Partners III, Sienna Capital invested EUR 35 million in Looping. Sienna Capital also invested EUR 26 million in Sagard III to partially finance some acquisitions such as Prosol (Grand Frais). Sienna Capital invested EUR 10 million in Mérieux Participations II to acquire shares in Keranova and NovaCap and EUR 15 million in BDT to acquire shares in Truck-Lite and Keurig Green Mountain.
  • At 30 June 2016, Kartesia had invested EUR 427 million (representing approximately 84% of the fund) in primary and secondary transactions. Kartesia’s portfolio comprises 34 lines, spread across eight countries and eighteen industries.

Outlook for 2016

  • New investments are expected for several funds included in Sienna Capital’s portfolio. Disposals are likewise planned for the Ergon, Sagard and Kartesia funds.
  • Sienna Capital is also reviewing selective new investment opportunities.



Sienna Logo


Sienna Capital is managed by Colin Hall, together with a CFO and an Associate.
Colin Hall holds an MBA from the Stanford University Graduate School of Business. He began his career in 1995 as a Financial Analyst in private equity at Morgan Stanley (New York). In 1997, he joined Rhône Capital, a private equity fund, where he held various positions for 10 years in New York and London. In 2009 he was the co-founder of a hedge fund, sponsored by Tiger Management (New York), where he worked until 2011.
In 2012 he joined, as CEO, Sienna Capital. In 2016 he was appointed as Head of Investments at GBL.

Colin Hall
Sienna Capital - CEO

Tel: +352.27.21.22