GBL Capital, the group’s indirect private 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 €50m, with flexibility to invest higher amounts in exceptional circumstances. The NAV of this activity represents 17% of GBL’s portfolio as of the end of September 2024.