BaltCap Latvia is the first venture capital fund manager to successfully complete private fundraising under the European Investment Fund-managed JEREMIE initiatives in Europe.
In July 2009, the European Investment Fund (EIF) selected BaltCap to manage two new venture capital funds dedicated to investing in SMEs in Latvia and Lithuania under the JEREMIE (Joint European Resources for Micro to Medium Enterprises) initiative.
The funds, which were raised by BaltCap in 2010, provide start-up and expansion financing to companies with exceptional growth potential in the Baltic states. Typically, BaltCap will equity stakes of between EUR 0.3m and EUR 3m.
Aggregate available financing to Latvian micro, small and medium-size enterprises will be up to EUR30 million. BaltCap Latvia Venture Capital Fund K.S. will provide start-up and expansion financing to companies with exceptional growth potential, typically taking equity stakes of between EUR 0.3m and EUR 3m, with the aim of building a diversified portfolio of 15-20 investments.
The Fund focuses on manufacturing, services, energy, information technologies and other sectors underdeveloped by EU standards.
The EIF-managed JEREMIE Holding Fund has provided EUR 20m of the overall Fund size and EUR 10m has been raised from leading local institutional and private investors, including Citadele Asset Management, SEB Wealth Management, Finasta Asset Management, Pirmais Slegtais Pensiju Fonds and private individuals.