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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 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 aims to create value over the long term through a diversified portfolio focused on three types of assets: Strategic Investments, Incubator Investments and Sienna Capital.

GBL plays its role of long-term shareholder within these Strategic Investments, while periodically rotating them to ensure a balance in the portfolio between growth and yield companies.


GBL aspires to hold a position of core shareholder in the capital of its Strategic Investments so as to play an active role in their governance. GBL is the largest shareholder in Imerys, Umicore and adidas and the second largest in LafargeHolcim. It is the lead shareholder, alongside other family groups, in Pernod Ricard or SGS. GBL is represented on the Board of Directors of all its Strategic Investments as well as the Committees (Strategic, Audit and Nomination and Remuneration Committees, with the exception of adidas).
GBL contributes to the value creation in close collaboration with management teams of the participations at three levels: approval and support of the company’s strategy, decisions about the management selection and the remuneration policy and definition of the most appropriate financial structure for value creation.

Investment criteria

The portfolio of Strategic Investments and GBL’s new investments meet clear criteria.
Strategic Investments may be listed or private, must have their registered office in Europe, be global sector leaders and be exposed to growth markets giving them high potential for value creation. They must have financial resources aligned with their strategy and be led by high quality managers driven by a strategic and value-creating vision, which the support of a long-term, friendly shareholder such as GBL will allow them to achieve.