Belgian investment holding Groupe Bruxelles Lambert (GBL) has initiated the sale of a substantial portion of the assets held by GBL Capital, its indirect private assets platform, marking a major step in the simplification of its portfolio and realization of significant liquidity.
The activity’s net asset value (NAV) stood at 2.8 billion euros at the end of Q1 2025, which served as the reference point for the sale process.
Through a series of around ten transactions, including a large portfolio transfer to Carlyle AlpInvest, GBL has agreed to divest 1.7 billion euros in NAV, generating 1.5 billion euros in cash proceeds. The transactions were executed at a weighted average discount of 9 percent and include the transfer of 0.6 billion euros in uncalled capital commitments.
All disposals are expected to close between Q4 2025 and Q1 2026, with a deferred payment of 0.4 billion euros scheduled 12 months after completion. Closings remain subject to customary conditions.
This monetization aligns with GBL’s stated strategic priorities:
• Simplification of its portfolio,
• Focus on direct private investments, and
• Delivery of attractive shareholder returns.
GBL Capital will no longer make new commitments following the transactions. Jefferies and Kirkland & Ellis acted as financial and legal advisors to GBL.
About Groupe Bruxelles Lambert
GBL is one of Europe’s leading investment holdings, with a net asset value of 14.4 billion euros as of June 2025 and a 70-year stock-exchange listing history. Supported by a stable family shareholder base, GBL focuses on long-term value creation through a combination of NAV growth, sustainable dividends, and share buybacks. The company is a constituent of the BEL 20 index.
