News & Events | News

Thursday 10th January 2008

BaltCap, the leading private equity firm in the Baltic States announced the first close of BaltCap Private Equity Fund at EUR 58 million. The Fund will invest in mid-sized private companies across the Baltic States Estonia, Latvia and Lithuania focusing on both expansion financing and buyouts. The targeted Fund size at final closing is EUR 100 million.

The Fund’s investors include European Bank for Reconstruction and Development, European Investment Fund (under the European Union "Competitiveness and Innovation Framework Programme” mandate), Icebank, SEB Ühispank Pension Funds, Erste Bank and other local and Nordic banks, pension funds and insurance companies.

"We are pleased to announce the first closing of the Fund and are grateful for the confidence that a number of respected institutional investors have placed in us," said Managing Partner of BaltCap Mr. Peeter Saks. "The launch of the Fund is a superb start for the independent development of BaltCap after the management buyout completed last month."

"BaltCap's proven track record in the target region together with locally established and experienced team provides us an excellent opportunity to start with private equity exposure in the Baltics" said Mr. Vahur Madisson, Fund Manager at the SEB Ühispank Pension Funds.

BaltCap Private Equity Fund will continue the investment strategy that has proven successful in previous BaltCap funds. The Fund will typically invest between EUR 5 and 10 million in medium sized companies with strong growth potential by acquiring either majority or significant minority equity positions. The industry focus will be on consumer related businesses, B2B service providers, specialised manufacturing, construction and ICT companies. 

The Fund will concentrate its activities on Estonia, Latvia and Lithuania, but will also be able to invest in other Central and Eastern European countries in order to facilitate the international expansion of the Baltic companies.

Lead legal counsel to the Fund was SJ Berwin LLP who advised on the structuring of the Fund, the key documentation and negotiations with investors. The SJ Berwin LLP team was headed by partner Sonya Pauls from the Munich office who was assisted by associates Adam Lippiett, Martin Brockhausen and Claudia Zeibe.

The Fund was advised on Jersey legal and regulatory issues by Voisin. Estonian firm, Luiga Mody Hääl Borenius, acted as legal and tax counsel on all pertinent Estonian issues.

Contact:

Sonya Pauls +49 (0)89 89 0 81 0, Email sonya.pauls@sjberwin.com

ann-charlott.steinbrueck@sjberwin.com, Marketing and Communication +49 (0)69 50 50 32 318, Email ann-charlott.steinbrueck@sjberwin.com