Siena Venture targets €25m close before year-end

The hard-cap of the Estonia-based Siena Secondary Fund I is set at €50m, Isotamm said.

The fund held a first close on 1 February, Isotamm said, with legal advice provided by Eversheds Sutherland. He declined to disclose the amount that has been raised so far from Baltic and Finnish angel investors, startup founders and family offices. 

Siena hopes to attract one or two domestic pension funds before its second close in late December, Isotamm said. 

The fund, which is the first fund for the recently established venture player, will focus on secondary transactions and will seek to buy minority stakes from founders, employees or early investors in mature Baltic and Finnish tech-driven startups with proven business models and still demonstrating growth, according to Isotamm. 

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