BaltCap holds first close on €126m for BPEF III

The vehicle targets a region that the firm refers to as the “new Nordics”, comprising the traditional Nordic countries of Norway, Sweden, Finland, Denmark and Iceland as well as the Baltic countries: Estonia, Latvia and Lithuania.

BaltCap registered the fund in March 2019 and is targeting €200m for the vehicle. It has already surpassed the volume of BPEF II, which held a final close on €92m in 2014.

Investors
The EIF has backed the vehicle at first close, investing partially through the Baltic Innovation Fund 2 initiative, which was created by the Estonian, Latvian and Lithuanian governments investing alongside the EIF.

Other LPs include the EBRD, the Nordic Environment Finance Corporation, LHV Pension Funds, SEB Pension Funds, EQ Asset Management and unnamed family offices.

Investments
The fund will build a portfolio of 8-10 platform investments into companies in the Nordic and Baltic regions with enterprise values of €10-50m. The average equity investment will be €10-20m.

People
Baltcap Management – Martin Kõdar (managing partner).

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