Using gamma-valerolactone (GVL) as solvent, the cellulosic fraction of lignocellulosic biomass can be converted into levulinic acid (LA), while at the same conditions the hemicellulose fraction can be converted into furfural. This process allows for the conversion of hemicellulose and cellulose simultaneously in a single reactor, thus eliminating pre-treatment steps to fractionate biomass and simplifying product separation.