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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 %
    • Objectif à long terme
    • (contribution au portefeuille de GBL)

    Une sélection réduite de participations de taille moins importante (EUR 250 millions - 1 milliard), cotées en bourse ou non, ayant le potentiel de devenir stratégiques dans la durée, au sein desquelles GBL vise à devenir un actionnaire de référence et, pour les sociétés de taille moyenne, à prendre éventuellement une position majoritaire.

    • 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.


In addition to the Strategic Investment portfolio that encompasses the companies in which GBL has an interest of more than EUR 1 billion, GBL intends to invest amounts of between EUR 250 million and EUR 1 billion in private or listed companies.

GBL aims at becoming a core shareholder and, for mid-sized and private companies, to possibly hold a majority stake. In both cases, its ambition is to find new opportunities that constitute an “incubator” of strategic assets over the long term. Ultimately, this investment category could represent between 10% and 15% of the group’s portfolio value.


GBL wishes to gradually acquire in a friendly manner an interest in the share capital of these companies while deepening its understanding of their strategy and ability to create value. Depending on its belief in the potential of these investments and its percentage interest, GBL might ask to be represented on their Board of Directors so as to play an active role in the areas of governance and strategic decision-making, in close cooperation with the management teams.