INVL inches closer to second Growth Fund

The Lithuania-based private equity investor is now two or three new platform investments away from reaching 75-80% deployment of its debut fund, which would allow the team to start raising a second fund, Korsakaitė said. The firm is yet to make any specific decision regarding raising its new fund, she added.

When it hits the market for the next fundraise, the firm expects to target institutional and professional investors for the new vehicle, Korsakaitė said.

The anchor investor for the debut fund was the European Investment Fund, while other investors included LHV pension funds, INVL pension funds, and private and corporate investors, according to statements by the sponsor.

INVL Baltic Sea Growth Fund held its first close in February 2019 and closed on about EUR 165m in February 2020, according to Unquote Data.

The sector-agnostic investor has a focus on the Baltic Sea region and a mandate to invest across the EU. Its next vehicle would keep the same investment strategy, Korsakaitė said, although its equity tickets are likely to increase from the second fund.

The firm’s debut fund deploys equity cheques of EUR 10m-EUR 30m, according to the GP’s website.

The GP has so far announced seven platform investments from its debut fund. The most recent of these include Lithuanian vet clinic MiniVet, as well as Lithuanian medical treatment and rehabilitation centres Nemunas and Egles Sanatorija, as per the fund’s announcements earlier this month.

INVL Baltic Sea Growth Fund is targeting eight to 12 platform investments by the end of its investment period in early 2024, Korsakaitė said.

The fund’s portfolio companies had completed 16 add-on investments by the end of 2021, Korsakaitė said.

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