EBRD commits €20m to BaltCap

Alice Murray
29 November 2013

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BaltCap has received a €20m commitment from the European Bank for Reconstruction and Development, as it nears a first close on its second fund.

It is understood that the new vehicle – BaltCap Private Equity Fund II – was launched around a year ago, and is nearing a first close on €50-60m. According to a source, nearly all investors for the fund have been aligned, and reaching the final close is simply a case of finalising the legal documents. The fund is targeting €100m.

The commitment from EBRD was carried out in partnership with the Baltic Innovation Fund (the fund-of-funds launched by the European Investment Fund and the governments of Estonia, Latvia and Lithuania).

The new vehicle will target companies in the Baltics with enterprise values of between €5-40m and will also consider larger transactions alongside co-investors.

Baltcap's previous fund also targeted €100m, though it held a final close on €63m in December 2009 after more than two years on the road, according to unquote" data. The vehicle received commitments from Erste Group Bank and SEB Asset Management.