Baltcap Private Equity Fund II



Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

26 Nov 2013



PSD disclosed:

14 Jun 2013

Project Description

The EBRD is considering an investment of up to EUR 20 million to BaltCap Private Equity Fund II (the “Fund”). The Fund will invest in equity and equity-related securities of small or medium sized enterprises (“SMEs”) and Small Mid-Cap enterprises (“SMCs”) in Estonia, Latvia and Lithuania (the “Baltics” or “Baltic States”).

Transition Impact

The transition impact of the proposed project would come from the following areas:

(i) the Fund will facilitate improved access of SMEs and SMCs in the Baltics to equity capital and provide wider demonstration of the attractiveness of private equity financing;

(ii) the regional buy-and-build strategy of the Fund will facilitate much needed consolidation of SMEs and SMCs in the Baltics and promote their 'regionalisation'’; this will also demonstrate to other private equity funds and companies the viability of a cross-border consolidation strategy in the Baltics;

(iii) the Fund will promote high standards of corporate governance and integrity at the level of the Fund and the investee companies.

The Client

BaltCap is a leading private equity and venture capital fund manager in the Baltics, investing in the region since 1996.

EBRD Finance

The Bank will invest up to EUR 20 million.

Project Cost

The target size of the Fund is EUR 100 million.

Environmental Impact

Categorised FI.

The Fund will be required to comply with EBRD Performance Requirements 2 (Labour and Working Conditions) and 9 (Financial Intermediaries) and implement the EBRD's Environmental and Social Procedures for Active Equity Investments.

The Fund will be required to submit an annual environmental and social report to the Bank.

Technical Cooperation


Company Contact

Martin Kõdar
Managing Partner
Tartu mnt. 2,
10145 Tallinn, Estonia

Tel: +372-6650-280
Fax: +372-6650-281

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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