BaltCap holds €40m first close for growth fund

The fund is the seventh vehicle raised by BaltCap and has a target of €50m.

As part of the fundraising, BaltCap also hired Estonian Business Angels Network managing director Heidi Kakko and Astrec Invest general partner Marek Kiisa as partners in its Estonian office. The pair will manage the fund alongside partners Kornelijus Celutka in Lithuania and Martins Jaunarajs in Latvia.

The development comes three months after the GP promoted Jaunarajs, Celutka, Kristjan Kalda and Oliver Kullman to partner; and three years after the GP held a second close for its buy-and-build-focused vehicle BaltCap Private Equity Fund II (BPEF II) on €85m. BPEF II recently acquired online automotive marketplace Sanoma Baltics alongside management.

Investors
BGF received commitments from local pension funds and the European Investment Fund.

Investments
The new vehicle will make growth capital investments of €500,000-3m in 15-20 companies across Estonia, Latvia and Lithuania. It will invest in businesses with a turnover of €1-5m.

As with BaltCap's previous funds, BGF will have a generalist remit, though the GP has typically invested primarily in the industrial, healthcare and technology sectors, according to unquote" data.

People
BaltCap – Martin Kõdar (managing partner); Heidi Kakko (partner, investment committee member); Marek Kiisa, Kornelijus Celutka, Martins Jaunarajs (partners).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Venture
• CEE
• Baltcap Management Ltd
• Latvia
• Estonia
• Lithuania
• Venture