Lithuanian PE association elects BaltCap's Alekna as new chair

The association has elected an entirely new board, and members will be appointed for two years.

Alekna has worked as an investment director with Baltic buyout fund manager BaltCap since 2010; he also serves as chair on the supervisory board of various BaltCap portfolio companies. These include Lithuanian engineering firm Kelprojektas, Estonia-based media company FCR Media and Lithuanian waste management company Ecoservice.

Speaking to Unquote, Alekna said the first results of previous efforts to boost private equity and venture capital activity in the region are beginning to show and the association will continue along a similar track.

Alekna expects fundraising efforts to start up soon in a favourable environment, both for first-time funds as well as second-time funds that got a head-start under the Jeremie initiative launched by the Enterprise Investment Fund (EIF).

Jeremie, the Joint European Resources for Micro to Medium Enterprises initiative set up by EIF in 2007, helped first-time funds establish themselves in the Baltic countries. These local funds have mostly been invested and in the past two years have started exiting portfolio companies with positive returns, Alekna said.

He added that, with local LPs such as pension and insurance funds already in the market for the most part, a main challenge for LT VCA is to increase awareness of the Baltic private equity market among western European LPs.

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