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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.


GBL aims to create value over the long term through a diversified portfolio focused on two types of assets: Listed Investments and Sienna Capital.

GBL plays its role of long-term shareholder within these Listed 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 Listed Investments so as to play an active role in their governance.

Investment criteria

The portfolio of Listed Investments and GBL’s new investments meet clear criteria.
Listed Investments 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.