At year-end 2022, GBL Capital's NAV represented approximately EUR 2.5 billion and comprised mainly investments in external funds (including private equity, hedge funds and venture capital) as well as direct investments and co-investments in companies for amounts up to EUR 250 million. 

Since its creation in 2013, this activity has grown rapidly and contributed to GBL's cash earnings. At year-end 2022, GBL Capital's NAV was impacted by the conservative mark-downs of digital assets in the second and third quarters. Other asset classes remained resilient, with investments in both external funds and direct/co-investments contributing to value creation. During the year, capital was deployed in new opportunities after several successful exits. 

Over the next two years, GBL Capital intends to support Sienna Investment Managers' initiatives and funds with total seeding of EUR 800 million.