BPM Capital closes Baltics mezzanine fund on €70m

The fund was announced in 2013 with a €50m target and €70m hard-cap.

Kalmer Kikas is the managing partner of BPM Capital, which he founded alongside a team of investment professionals with experience from the Nordic and Baltic mezzanine fund sector.

Van Campen Liem provided legal advice for the fundraising.

Investors
LPs in BPM Mezzanine Fund include the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD), as well as Ambient Sound Investments, LHV Pension Funds and Swedbank Investment Funds.

The EIF is the fund's cornerstone investor, committing a total of €30m through the Baltic Innovation fund and the Mezzanine Facility for Growth. The EBRD backed BPM to the tune of €10m, signing its commitment in 2014.

Investments
The vehicle will invest in mezzanine transactions in Estonia, Latvia, Lithuania and Poland, focusing on high-growth SMEs and lower mid-cap businesses.

BPM's fund will not focus on specific sectors, and will target mainly sponsorless expansion and acquisition projects aimed at facilitating growth in the Baltic countries and Poland, investing between €2m and €10.5m per ticket.

It may also consider mezzanine investments in buyouts, expansion financing, capital restructurings and shareholding reorganisations.

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• Topics
• CEE
• Mezzanine
• Poland
• Estonia