GBL Capital, established in 2013, is the group's alternative asset activity that invests in funds managed by blue-chip companies and direct private equity co-investments. The NAV of this activity represents 14% of GBL's portfolio as of end June 2023.
At the end of June 2023, GBL Capital's NAV represented approximately EUR 2.7 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 inception in 2013, GBL Capital has grown rapidly and contributed to GBL's cash earnings. In the first half of 2023, GBL Capital's NAV slightly increased after a difficult 2022. The performance of digital assets rebounded following conservative mark-downs in 2022. Other asset classes have remained resilient, with investments in both external funds and direct/co-investments contributing to value creation. In the first half of 2023, GBL Capital contributed capital mainly to existing commitments. Returns came mainly from non-digital funds and co-investments.