Welcome to the last newsletter of 2021 that covers our latest news and summarizes the year! It has been an extraordinary year — a time of continuing to adapt to constant changes and establishing the new normal for the entire world, including us. Still, yet not giving up the dream to restore life as we knew it before the covid pandemic.
For BaltCap, 2021 has been one of the most successful years so far. Closing our biggest fund, entering in our biggest deal, making 14 new investments and add-ons into 13 portfolio companies, and exiting 6 companies. You'll find a concise summary of our achievements in more detail below.
In addition to active deal flow, also BaltCap's organizational growth has been outstanding. Two new partners, four new team members as well as establishing ourselves as a multi-strategy fund manager with a presence in six countries will doubtlessly echo from 2021.
I am confident we have built a strong foundation for BaltCap 3.0 and that next year will bring us to even further heights. In 2022 we kick off with fundraising in infrastructure and venture capital strategies and take action to contribute to our freshly announced BaltCap Climate Commitment.
We are grateful to our team, investors, portfolio and advisors for making 2021 the incredible year it was and wish you all a joyful holiday season!
Peeter Saks
Managing Partner
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BaltCap welcomes a new team member
Lukas Kavaliauskas joined BaltCap Infrastructure Fund as the Development and Construction Director. Lukas brings valuable experience from Newsec, BPT and Cityservice, where he was responsible for large commercial buildings reconstructions. – Read more
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BaltCap announces its Climate Commitment plan
To actively contribute to decarbonizing the economy BaltCap announced its Climate Commitment plan and launched portfolio-wide CO2 measurement. BaltCap as a fund management company aims to become carbon neutral in scopes 1&2 emissions by 2025.
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BaltCap Managing Partners Martin Kõdar and Simonas Gustainis talk about reaching strategic climate goals in a short interview. – Read the interview
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BaltCap Infrastructure Fund and the urban municipality of Lubań signed a Public-Private Partnership agreement to modernise a sports infrastructure
The PLN 20 million project aims to create the residents an energy-efficient sports complex in less than two years. – Read more
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BaltCap Growth Fund invests in Weekend to back the further growth of the fast-growing Pan-Baltic footwear and apparel retailer
Weekend operates 13 large-format physical stores and a rapidly growing on-line channel across the Baltics. With €26 mln turnover in 2021, the year-on-year of the company growth will reach over 50%. – Read more
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World Economic Forum report on avoiding greenwashing in energy production. Based on the experience of BaltCap Infrastructure Fund the investor-focused case study tackles using biomass as a source of clean energy. It highlights that biomass can be considered a renewable energy source only when it is produced with low lifecycle emissions and does not harm the forest ecosystem or its biodiversity. – Read more
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Tradehouse acquires Apellis and becomes the exclusive distributor of world-famous Jane Iredale brand in the Baltics and Finland
With the transaction, BaltCap-backed Tradehouse further strengthens its position as a leading beauty products wholesale and retail company in Estonia and expands its reach in Finland and the Baltics. – Read more (in Estonian)
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Šarunas Stepukonis, BaltCap Infrastructure Fund Partner at Baltic Real Estate Investment Forum
Industry experts discussed how infrastructure can successfully serve the development of real estate. Sarunas assured that BInF is already devoted, and will continue to vigorously contribute to the sustainable development of real estate sector in the near future. – Read more
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Kristjan Kalda, Partner at BaltCap at Verslo žinios business conference
Kristjan participated in a panel tackling the business outlook from the private equity perspective. He highlighted that sustainability is a priority as the leading fund managers are looking for investments that actively combat climate-change and improve society. – Read more
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Juri Pervjakov, BaltCap Finance and Technology Director at Private Equity International forum
Why do ransomware attacks increase in the PE market? Juri explained how to combat increasingly sophisticated cyber threats. He stressed that taking ownership of risk within the company while outsourcing IT functions is essential. – Read more
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BaltCap raises gender pay gap as a focus topic at Estonian Responsible Business Forum
What does the gender pay gap mean, does it really exist, how can it be measured and what do Estonian business leaders think of the matter? Workshop led by Riin Savi, Head of Culture at BaltCap on January 27th. – Read more
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Matiss Paegle, Investment Director at BaltCap at Latvian PPP conference
Matiss introduced the recent projects of BaltCap Infrastructure Fund focusing on the opportunities of PPP.
– Download the presentation (in Latvian)
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Marek-Andres Kauts, Investment Director at BaltCap on building the new concert house for Estonian National Symphony (ERSO)
At a high-level roundtable focusing on financing models of the ERSO's new building, Marek-Andres emphasized that PPP-s allow completing highly complex projects with significant positive impact for the society that the public sector alone would not initiate. – Read more
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€177M successor fund closed
1 new & 3 add-on investments
3 exits
In 2021 BPEF III was closed at a hard cap, raising €177 million, the fund now holds three companies Krekenavos, Ridango, Piletilevi. In BPEF II three significant exits were made and the fund continues divestment phase.
– Read more
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2 new platform investments
3 add-on investments
1 exit
In 2021 Growth Fund continued investing in leading Baltic specialty retail and closed two new investments: Tradehouse and Weekend. It now backs 7 portfolio companies. During the year also active add-ons were pursued and KOOL was exited.
– Read more
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6 new greenfield investments
€162.4M of CAPEX committed for next 3 years
In 2021 six new greenfield investments were signed, including the Lithuanian National Stadium for creating a 85 000m² multifunctional sports complex. Also projects for street-lightning construction and upgrading educational and sports infrastructure in Poland and Lithuania were initiated.
– Read more
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3 unicorns on board
3 new investments
7 follow-ons
In 2021, NordicNinja invested in five new technology companies, including DappRadar, Mavenoid, and ClimateView. As of December 2021, three portfolio companies had surpassed $1 billion valuation, with a handful of early stage companies growing at record pace.
– Read more
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