BaltCap Latvia has announced a new Latvian-focused venture capital fund in concert with the European Investment Fund (EIF), making it the first to complete fundraising under EIF’s JEREMIE process. JEREMIE is made available to select financial institutions through the EU Cohesion policy to help streamline and maximize SME investment.
Investors of the new €30 million fund include EIF’s managed JEREMIE Holding Fund (€20 million) and several local investors and wealthy individuals (€10 million). The fund has a goal of 15-20 investments with a focus on small and medium-size businesses. Investments will be made as startup funding or expansion capital for existing companies with high growth potential.
Since 1995 BaltCap has been one of the leading private equity and venture capital providers active in the Baltic Region. The firm operates in Estonia, Latvia and Lithuania, specializing in buyouts and mid-market expansion opportunities.
BaltCap has managed five funds since its inception, two of which have been fully exited, worth a total of €130 million. In addition, twenty-four of the firm’s thirty-eight investments have been fully exited. The typical BaltCap investment gives the company a majority or significant minority interest and has a window of 3-5 years.