latvia case studies

Signed projects

Board approval is the final stage in the project approval process. After Board approval, the EBRD and the client sign the deal and it becomes legally binding. Signed project lists reflect year-end data.

Signed projects  (0.1Mb)

Case study

EBRD invests in BaltCap Private Equity Fund

The EBRD has invested up to €20 million in the BaltCap Private Equity Fund to support the growth and development of medium-sized enterprises in the Baltic states of Estonia, Latvia and Lithuania.

The Fund is concentrating on equity investments from €2 to €15 million in innovative local companies in the Baltics which are active in rapidly growing sectors or in promising new areas.

Many local enterprises have benefited from EU enlargement and the favourable economic climate in neighbouring countries. The inflow of new equity is crucial to making this dynamic development sustainable. The EBRD plays a key role by acting as a catalyst for other potential investors.

The targeted size of the Fund is €70 million with a maximum set at €100 million and a first round of funding of €57 million. The Bank will commit an initial minimum of €15 million which will help the Fund to achieve its minimum size. Further EBRD commitments will be made following an overall increase of the volume of the fund. The EBRD aims to keep its share at 20 per cent.

The EBRD has been investing in the Baltic states since its foundation in 1991, investing €1.26 billion of its own funds and mobilising another €2.44 billion from its partners. The Bank is proud to be associated with the successful changes which allowed for the countries’ EU membership in 2004. In line with these developments the Bank decided to focus its activities in the Baltic states, such as providing risk capital.

The EBRD has in the past worked closely with the management team of BaltCap in three prior investment funds: Baltic Investment Fund I and II (1995), Baltic Investment Fund III (1999) and Baltic SME Fund (2001). The EBRD will have the right to nominate one member of the advisory board of BaltCap.