GBL Capital, the group’s alternative asset activity, provides additional sources of diversification to GBL’s portfolio. Established in 2013, it invests in funds (typically private equity funds, but also other strategies) and co-invests in businesses for amounts up to EUR 50 million, with flexibility to invest higher amounts in exceptional circumstances

At the end of December 2023, the NAV of this activity stood at EUR 3.0 billion, representing 17% of GBL’s portfolio.