Based out of Lithuania, the INVL Baltic Sea Growth Fund (‘The Fund’), the largest private equity investment fund for the Baltic region, has completed its final close, reaching a total of €164.7 million.
As per the company claims, the fund will seek to assemble a diversified portfolio of Baltic Sea based companies, targeting deals with a ticket size of €10 million to €30 million, that showcase high growth potential and the ability to compete on a truly global basis.
Darius Šulnis, the Managing Partner of INVL Baltic Sea Growth Fund:
We are delighted to reach this final close, having received strong support from our investor base. We took the decision not to extend the placement of the Fund, given that the amount raised is sufficient to implement our investment strategy and deliver strong returns for our investors. We are actively working on a number of new investments that will ultimately allow us to leverage our ability to execute complex deals with promising growth prospects.
The Fund will focus on growth capital, buyout, and “buy and build” investments. It is expected that the portfolio of the Fund will comprise 8-12 investments in total.
For the uninitiated, the INVL Baltic Sea Growth Fund brings together a diversified panel of investors, including public investors (the EIF being the anchor investor), Baltic region institutional investors (Estonia’s LHV pension funds, INVL pension funds), private and corporate investors.
The Fund is focused on the Baltic States and the neighboring regions of Poland, Scandinavia, and Central Europe specifically. It is focused on the Baltic States and the neighboring areas of Poland, Scandinavia, and Central Europe specifically.
Deimantė Korsakaitė, the Executive Partner of INVL Baltic Sea Growth Fund:
We very much value the vote of confidence and trust given to us during this process that has resulted in closing the largest private equity fund in the Baltic region, having the support of the European Investment Fund (“the EIF”) and the most experienced Baltic institutional, corporate investors and high net-worth individuals who have good knowledge of the Baltics market and opportunities that it provides. Our main priority and focus now will be the deployment of capital already raised over the next 2-3 years, the development of sustainable portfolio companies, the delivery of strong returns for our investor base, and coming back to the market with Fund II in due course.
The EIF, which is a part of the European Investment Bank, committed €30 million with the support of the European Fund for Strategic Investments, as well as allocating resources from the Baltic Innovation Fund, the “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia respectively, which aims to increase capital investment in high growth potential small and medium-sized enterprises in the Baltic States.
Main image credits: INVL
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