Baltics Seek Lockstep With High Tech States

.

The Baltic States are set to launch several private capital and venture capital investment funds, sending a clear message that the region wants to be in lockstep with technologically more advanced Western European and Nordic countries.

INVL Asset Management, one of Lithuania’s leading asset management companies, entrusted with more than 540 million euros of assets by nearly 200,000 clients in Lithuania and Latvia, as well as international investors, is setting up a 200 million euro private capital investment fund aimed at mature firms.

“The fund will focus on companies with distinct growth, buy-and-build and buy-out strategies with deals fluctuating in the range of 10-30 million euros,” Vytautas Plunksnis, director of Private Capital Investment Department at INVL Asset Management, told Emerging Europe. “We plan to have 8-12 companies in our portfolio.”

According to Mr Plunksnis, the first investments are planned in the Baltics  – Lithuania, Latvia and Estonia – but the fund company is also eyeing expansion to other Baltic Sea countries including Poland, Germany and the Nordic states.

Contributors to the fund include both international investors and a pension fund managed by INVL, with investments having already reached the benchmark of 0.5 billion euros, with the internal rate of return standing at 27 per cent.

Meanwhile, Lithuania’s Ministry of the Economy is rolling out a new venture capital fund of its own, Open Circle Capital.

It will invest 20 million euros in high tech firms with high growth potential SMEs.

“Investments by this fund will bridge the gap between science and business, assist companies in their initial phase and give a further impetus to the creation and growth of innovative and high value-added science-based companies in Lithuania” said minister of economy Mindaugas Sinkevicius.

“Venture capital investments in Lithuania are insufficient, especially in early-stage high tech companies. We are specifically targeting them,” Lina Sabaitiene, the ministry’s deputy minister, told Emerging Europe.

The ministry has earmarked 13.8 million euros for the fund, which will be managed by JSC Robos Capital.

BaltCap, the Baltics‘ largest manager of private and venture capital funds, recently established the 100 million euros BaltCap Infrastructure Fund, which will invest in the expansion of transport and energy infrastructure in Lithuania, Latvia and Estonia.

The European Investment Bank (EIB), Nordic Environment Finance Coporation (NEFCO), the largest Baltic pension funds and a number of other institutional investors have all put their money into the BaltCap fund. EIB‘s share is 25 million euros.

At the end of September BaltCap signed a deal that will see it take part in the construction of a 16 million euro 48MW biomass-fired power plant in Lithuanian capital Vilnius.

“These venture capital investments are to expected given that high tech innovations create an increasingly larger economic value,” Ilja Laurs, a well known Lithuanian entrepreneur and venture capital investor currently chairing Nextury Ventures, the Baltics’ largest seed capital fund to support startups, told Emerging Europe.

“For example, NASDAQ has seen a rapid rise of new high tech listings. However, the Baltics are still at the starting gate – venture capital investments in Lithuania are insufficient, especially in their early stages.”

RELATED ARTICLES

Poland’s Q2 2017 Growth Is Stronger Than Expected

WARSAW, POLAND - MAY 07, 2016: Building Palace of Culture and Science among the modern buildings of the city

Serbia Drafts New Competition Law

serbia belgrade flag

Why Was Zapad-2017 So Important?

russian tank belarus zapad

HSBC Reports CEE Growth Surge in Q3

romania national bank

Hungary Seen as Riskiest Country in CEE

risk

Michael: The Last King of Romania

Go East

Economy builds bridges in Mostar

Hungary Today: Potential and Challenge

Chain bridge on Danube river in Budapest city. Hungary. Urban landscape panorama with old buildings and domes of opera

Latvia Urged Not to Increase Expenditure As Economy Grows

Riga, Latvia - August, 2010: Panorama view from Riga cathedral on old town of Riga, Latvia

Warsaw Rising: The Polish Capital’s Skyline Gets Even Taller

varso

Romania Warned Again by European Council Over Budget Deficit

romania finance ministry

IMF Believes State-Owned Enterprises Must Be Reformed

Image of the banknotes of new Belarusian banknotes five rubles put into circulation July 1 2016

Estonia Proposes Bill of Rights and Responsibilities for Robots

Robotic hand accessing on laptop the virtual world of information. Concept of artificial intelligence and replacement of humans by machines.

Belarus Introduces New Business-Friendly Auditing Procedures

MINSK, BELARUS - AUGUST 15, 2016: Aerial view of the southwestern part of the Minsk with Palace of Sport and old and new other buildings. Minsk is the capital and largest city of Belarus.

Macedonia — Stepping Out Of the Shadow Of the Balkans

EU Commissioner Launches Veiled Attack on Poland and Hungary

eu commission

Estonia — Easy Doing Business Destination seminar in the UK

Does the Sceptre of Separatism Haunt Emerging Europe?

Szekely Land Flag

The Polish Government’s Mid-Term Report: Must Do Better

Front of finance ministry in Warsaw Poland with a fountain framing the entrance. Could be used for images about Euro currency problems

Emerging Europe Looking Good in Best-Performing Cities Index

Budapest, Hungary. Aerial view of the old city Budapest, Hungary with river and Parliament Building with cloudy blue sky

China and Central Europe: Don’t Believe the Hype

China

Albania’s Economy Booms Despite Political Infighting

Panorama view to the city Tirana Albania

China Agrees to Build High-Tech Business Park in Serbia

BELGRADE SERBIA - SEPTEMBER 29 2016: View on the city center and the junction of Rivers Sava and Danube in Belgrade Serbia.

‘Traditional Values’: A Potent Weapon Against LGBT Rights

gay rights putin

Automotive and Transport Companies Dominate the CEE Region

Car bodies on the production line inside automobile factory

Investing in Ukrainian Food and Agriculture

Poland Is Set To Become a Large Economic Zone

Aerial view over the building materials processing factory. View from above.

High Real Estate Prices at Home Force Czech Investors Abroad

Construction of the Petrin lookout tower in Prague Czech Republic

Lithuania Handed Top Marks for Business Services

Beautiful panorama of Vilnius Old Town taken from Gediminas hill; Lithuania

European Commission Withholds 600 Million Euros from Ukraine

kyiv, kiev, ukraine

Slovenia Sets Green Vehicle Deadline of 2030

ljubljana

ICT Growth Continues to Boost Bosnian Economy

ict, it

Budget Chaos Hits Romanian Leu

Different Romanian Lei Banknotes on the table

GE Inaugurates Its New Bucharest Software Centre

Asian Outsource Developer Team Sitting At Desk Working Laptop Computer Mobile Application Software Real Office

Polish Shoppers in Hunt for Eggs

eggs in rack

Ukraine to Make New Privatisation Push

Romania’s Budget Deficit ‘Should Start Alarm Bells Ringing’

BUCHAREST ROMANIA - June 29 2017: Romanian Prime Minister Mihai Tudose during a swearing-in ceremony at Cotroceni palace in Bucharest capital of Romania June 29 2017.

Emerging Europe to Record Positive Growth Across the Board in 2018

coins growth

Regional News Outlets: The Real Target of Poland’s New Media Law?

poland media

Belarus-Turkey Investment Forum to increase investment and trade between the two countries

Sarajevo Stock Exchange Connected to SEE Link

sarajevo stock exchange

Economy Minister: Internationalisation Is the Key To the Slovenian Economy

Poland Fails to Spend Billions of Euros in EU Funds

euro banknotes

TV Still a Star for CME

Effective Policies Have Strengthened the Georgian Economy

TBILISI GEORGIA Jul. 18 2017: Bridge of Peace is a bow-shaped pedestrian bridge a steel and glass construction over the Kura River in downtown Tbilisi capital of Georgia

Belarus’ Economy Is Slowly Recovering From Past Declines

Globalisation Needs to Work, Not Only for the Few but for the Most and in Demonstrable Ways

Global Spread

Foreigners choose Minsk and Gomel as Belarus’ most attractive FDI destinations

Ukraine to Restart Privatisation to Realise Profits

Pricatisation electricity ukraine

Growth Continues for State-Owned Azerbaijan Airlines

Azerbaijan Baku - September 16 2015: View of the Heydar Aliyev International Airport sign in Baku Azerbaijan. The airport is the home of Azerbaijan Airlines the national flag carrier.

Chris Lowney — What Jesuit Spirituality Can Teach Us About Global Leadership

IMF Increases Growth Forecast With Emerging Europe Prominent

Dambovita river and center of Bucharest at sunset time Romania.

Lithuania Gives Innovation a StartUp

MILAN ITALY - MAY 2: People visit Lithuania pavilion at Expo universal exposition on the theme of food on MAY 2 2015 in Milan.

Warsaw Back on Top in Polish Banking

WARSAW, POLAND - MAY 07, 2016: Building Palace of Culture and Science among the modern buildings of the city

Western Ukraine Could Be an Entry Point into the Country

CEE Nation Brands Still Behind Western Counterparts

TALLINN ESTONIA- JUNE 17: View of the modern high rise buildings on border with an old part of the city on June 17 2012 in Tallinn Estonia

Visegrad Group Looks East

Bulgaria and Romania Get EBRD SME Boost

Startup Diversity Teamwork Brainstorming Meeting Concept

Women, to Tractors!

Tug of war contest between boys and girls. Two groups of children of different sex pulling opposite ends of rope. Concept of gender equality among kids, team sports. Vector illustration for banner

Investigations Into the Corrupt Ukrainian Fuel and Energy Sectors

Ukrainian money hryvnia. The national currency. Corruption in Ukraine

German Multivac invests €15 million near Sofia

Euroscepticism in Serbia: An Image Problem?

Chickens Blamed for Romanian Budget Deficit

Two white chickens or hens inside a chicken coop or hen house seen through chicken wire.

Bloomberg Croatia Business Day 2015

One in Five Poles Unaware of Source of Funds for 500 Plus Programme

OECD: Tightening Labour Markets Sustain Growth in Emerging Europe

workers, employment

Meghri Becomes Armenia’s Third FEZ

armenia emerging europe

Slowly, Tech Brand Belarus Emerges

belarus tech

Larisa Manastirli: Where is Bulgaria After Ten Years in the EU?

CEE-Benefits and Disadvantages of Joining the Eurozone

forint zloty euro

World Bank’s Doing Business Report 2016 Resume For Emerging Europe

The Slovak Matchmaking Fair open for registration

More EU Help for Belarus SMEs

GRODNO BELARUS - DECEMBER 13 2013: Seamstress in textile factory sewing with a industrial sewing machine .

UK Economic Growth Slows as Brexit Uncertainty Bites

flags of UK and EU combined over icons of London - Brexit concept

e-Estonia: Believe the Hype

Baltic Bank Merger May Tempt Polish Heavyweight

DNB Bank Vilnius

Double Ratings Agency Boost for Bulgaria

Georgia’s Growth Continues

Batumi, Adjara, Georgia - May 27, 2016: Batumi, Adjara, Georgia. Gogebashvili Street Road And Marine Station Or Maritime Station Building Batumi On Background

Still Potential for Growth in CEE as Economies Stabilise

CEE Is Key to China’s Belt and Road Initiative

Shanghai skyline Panoramic view of shanghai skyline and huangpu river Shanghai China

Mobilising Private Sector Investment in Belarus, Moldova & Ukraine

IFC

Digital Business Space Gives All Businesses an Office in Sarajevo

Sarajevo Bosnia and Herzegovina - August 24 2015. View from Vraca Memorial Park with building of Avaz Twist Tower

GSA Names Ukraine as UK’s Offshoring Destination of the Year

map of ukraine emerging europe

Slovenia is CEE’s leader in innovation

All for One, and One for All

GE

Baltic States to Launch Combined Capital Market

capital markets

Košice Business Matchmaking Event Brings in Hungarians

kosice, slovakia

Emerging Europe Makes Some Progress on Closing Gender Gap

world economic forum gender gap report

World Bank: Brexit Hides Greater Challenges to the European Union and the CEE Region

Prospering Czechia Still Needs a Bigger Workforce

prague emerging europe

Bosnia and Herzegovina: Focussing on Stability and Business Climate

Sarajevo Bosnia and Herzegovina - August 23 2015. View of Miljacka River in Sarajevo city

Lviv Region in Double Logistics Boost

goods train logistics

Kosovo: A Population of Talented Young Entrepreneurs Waits at Europe’s Door

CEE: Innovate or Get Eaten

innovation

NATO Opens New Moldova Office

NATO Moldova

Georgia Leads Emerging Europe in Ease of Doing Business Report

Trans Adriatic Pipeline Will Fuel Albanian Growth

Xanthi. Greece - July 30 2017: aerial view of construction of gas pipeline Trans Adriatic Pipeline - TAP in north Greece. The pipeline starts from the Caspian sea and reaches the coast of southern Italy

Slovenia: Emerging Europe’s Hidden Giant

ljubljana slovenia

After Economic Shocks Armenia Plans for Macroeconomic Stability

yerevan armenia minister of finance

Azerbaijan, Georgia, Turkey Launch New ‘Silk Rail’ Link

Plovdiv — an emerging outsourcing destination

EBRD Transition Report Highlights Financial Sector Resilience

Baku

Ukraine’s Economic Recovery: Good, But Slow

ukraine money

EY: Belarus’ IT Scene Is Thriving

High tech park minsk

A Risky Evaluation of Croatia’s Economy?

ZAGREB, CROATIA - JULY 17, 2017: Square Ban Josip Jelacic with tourists and trams on a summer day in Zagreb. City of Zagreb is the capital of Croatia.

Mayor: Armenia And Its Capital Yerevan Offer Safe Investment And Tourism To a Growing World

Belarus Steps Up Liberalisation of Business

belarus

Albania’s Economy Not Benefiting From Largest Oil Reserves in Region

Air Passenger Volumes Reach Record High in the Baltics

airbaltic

Doing Business Across Eurasia Could Be Easier

Eurasia emerging europe schneider group

More Brexit Fears As the UK Proves To Be A Needed Member

City of London view from Waterloo Bridge. This view includes: St. Paul`s Cathedral The Gherkin Tower 42 and Blackfriars Bridge.

Hungary’s Solar Dreamer

hand sun and blue sky with copyspace showing freedom or solar power concept

Ex-Banker to Become Poland’s Next Prime Minister

IMF: Institutions Key to Sustainable Growth

IMF

Beyond Borders: Immigration Within the EU

refugees immigrants

Towards a resilient Europe, strategies for the future

CEE Playing Catch Up on R&D Spending

science, r&d

Wizz Air in Huge Polish & Ukrainian Expansion

wizz air a320

EU: Consumption Still Driving Growth

Czechs Hold Emerging Europe’s Most Powerful Passport

Investors Eye Opportunities in Emerging European Infrastructure

infrastructure

Lithuania Set to Streamline Competition Legislation

Industrial dock with cranes on the quay

Putin Urges Belarus to End Oil Transit Through Lithuania

Athens Greece - May 27 2016: Russian President Vladimir Putin delivers

Sunday Trading in Poland Under Renewed Threat

Slovakia: Growth Continues But Problems Remain

Poland & Ukraine Should Join Outsourcing Forces

outsourcing

21st century Manufacturing Arrives at Great Stone

Great stone

Fitch And the World Bank: Economic Growth To Remain Solid Within CEE In 2016

Georgian PM Reshapes and Reshuffles Cabinet

Giorgi Kvirikashvili

Bulgaria: Real Estate’s New Frontier?

Young Georgians Make Their Mark at Emerging Europe-EBRD Event

maximilien lambertson at emergeing ebrd outlook on georgia

Emerging Europe Back on Track to Convergence

wiiw

New investors interested in Belarus’ Great Stone Industrial Park

IMF Urges Croatia to Speed Up Reform

croatia

Continental Launch Largest Ever Lithuanian Greenfield Investment

kaunas lithuania

Nadiya Savchenko: I Dream of a Great Ukraine

Panorama of the top part of the Andrew's Descent from Castle Hill in springtime in Kiev Ukraine.

EU May Offer Georgia, Moldova and Ukraine Customs Union and Schengen Access

schengen

Merkel: Albania is taking big steps forward

Romanian Car Maker Dacia Sees Sales Boom

Sables d Olonne France - May 07 2017 : Dacia Tour 2017 is a commercial operation organized by the car builder in order to present its cars throughout France - Close-up on cars

Czech Republic Raises Interest Rates

czech koruna

Czech Land Prices Continue to Increase

farm land

Poland to Switch from Emerging to Developed Market by September 2018

warsaw stock exchange

SEE Link — Sharing SEE Europe’s Hopes for a Brighter Investment Future

Assaults on the Judiciary: How CEE Governments Are Trying to Restrict Judicial Independence, and Why It’s Not Working… For Now

poland romania justice system

Lviv Is the Pearl and the Soul of Ukraine

Serbia, Belarus and Ukraine Ranked Lowly by Wharton Business School

Kyiv Ukraine - April 172017: The postal square in Kiev on Podol the Dnipro river. view of the square from the river panorama

CEE Emigrants Could Boost Their Countries’ Economies

Londoners walking through Millennium Bridge with St.Paul's Cathedral at the background after sunset - London, UK

Derek Chollet: There Is a Resurgence of Supporters of the Transatlantic Relationship

white house

Growth Increase Offers Glimmer of Hope for Moldova

chisinau

Czech Election Result Could Delay Euro Adoption Until 2025

czech banknotes nominal value two and five thousand crowns on white background. 300 000 Kc is approximately 12 450 US dollars (USD) or 11 100 Euro (EUR)

Latvian Deputy Prime Minister Highlights Riga’s Potential

riga

Emerging Europe Key to China’s Belt & Road Plans

freight, ship, trade

The Reality in Romania Exposes False Perceptions Of The Country

Visegrád Divided

visegrad

Romanian Opposition Unites Against ‘Crime Syndicate’ Government

IMF Wants Banking Sector Reform in Western Balkans

croatia national bank

Škoda too Strong for VW Group

MLADA BOLESLAV CZECH REPUBLIC - MAY 30: Skoda Octavia on conveyor line during Doors Open Day at Skoda Auto a.s. factory. Skoda auto celebrated 120 years since its founding on May 30 2015 in Mlada Boleslav.

The End of Poland’s Shale Gas Eldorado

Budapest’s Property Boom Goes Nationwide

building

Estcoin: Estonia’s Own Digital Currency?

1 euro coin money (EUR) currency of European Union Estonia over blue background

Poland’s Flying Circus

airport poland

Estonia Leading CEE Country in WEF Competitiveness Index

pharmaceutical factory woman worker operating production line at pharmacy industry manufacture factory

The Czech government attracts FDI and creates jobs

Moldova Launches New e-Procurement System In Search For Positive Change

Photo team work process, holding contract hand, signs documents. Account managers young crew works with startup project.New idea presentation, analyze marketing reports.Blurred, film effect, horizontal.

Ukraine’s Finance Ministry Wants Urgent Tax Reform

Jadranka Joksimović: Serbia Takes Its Candidacy of the EU Seriously

bigstock-Joint-Press-Conference-Of-Serb-155400338.jpg

Retail Rents Rise Across Emerging Europe

Na Prikope Prague

Montenegro Accelerates Legal Reform

montenegro law reform

High-Tech Park in Minsk is growing rapidly

Valga and Valka – Where Estonia and Latvia Work Together

Valga valka emerging europe

Despite Public Anxieties, Migration is Playing a Key Role in ECA Growth

Bratislava city aerial panoramic view. Bratislava is the capital of Slovakia.

PE and VC Investment In CEE Is At an Eight-Year High

venture capital

Lithuanian Grocery Giant Maxima Set For Polish Expansion

maxima

Toyota Announces 400 Million Zloty Polish Investment

toyota

Do Your Homework First and Starting Business in Poland is Easier

Poland’s Business Constitution Must Be Finalised

Front of finance ministry in Warsaw Poland with a fountain framing the entrance. Could be used for images about Euro currency problems

EconMin: Bulgaria — Number One Outsourcing Destination And an Island of Stability in Europe

Is Prague the New Face of Overtourism?

prague tourists

Non-Financial Reporting No Longer a Secondary Consideration in CEE

Poland Set for New Expressways, But Problems on the Roads Remain

poland roads

EU Membership and Transition into Market Economies Have Helped CEE Achieve Social Progress

Revenues Of Bulgarian IT Companies Have Sextupled In the Last Decade

Ukraine’s Q2 Growth Climbs

kyiv ukraine emerging europe

Global Players Dash for Tempting CEE

dollar pound euro coin on euro background.

Emerging Europe Makes Great Strides in Improving Business Regulation for Entrepreneurs

Skopje Macedonia

Business Standards Are High in SEE But Vary Widely

Aerial view of The Cathedral of the Assumption in Varna

The Azerbaijani Laundromat: Why It Matters

azerbaijani money laundering

Croatian Salaries Are Growing in Line With Other CEE Countries

Dubrovnik Croatia emerging europe

Belarus Refinery Boss Upbeat Despite Challenges

oil refinery

Romanian Economy Grows Fast in 2017

Brasov cityscape panoramic and aerial view over medieval architecture of Brasov town, in Transylvania Romania

Mixed Results for Emerging Europe in Legatum Prosperity Index

prosperity

Polish Government in Climbdown on Social Contribution Hike

Belarus is the most creative EEU country

CEE Tech Growth Continues: Poland and the Czech Republic Lead the Way

technology

CEE Boosted by Positive Tourism Trends Across the Region

cruise ship in Kotor Bay Montenegro. Aerial view panorama. Kotor bay Montenegro.

Poland Stays Cool on Euro Adoption

Euro cash and Zloty on one photo.

Romania Cuts Income Tax, Introduces Solidarity Tax

CLUJ NAPOKA ROMANIA - OCT 2 2016: People on the central street of Cluj Napoka - the unofficial capital of Transylvania.

Measure, Strengthen, and Grow

dacia brand

Albania’s Construction Sector Supports the Country’s Growth

SARANDA, ALBANIA - MAY 18: View of the city Saranda, most important tourist attraction of the Albanian Riviera on May 18, 2017 in Saranda, Albania.

Kaczyński Defends PiS Record

Romanian Cyber Security Firm Valued at 600 million US dollars in Private Equity Swoop

cyber security

Polish Labour Market Deficits Are Impacting All

Construction site with crane and building. Construction site in western europe - in Poland.

CEE Must Improve Infrastructure and Logistics

Aerial view of Gliwice Sosnica motorway junction. There are international traffic in four directions

Bulgaria’s cooperation with Israel could boost the economy

Tech Giant Expands Romanian Operations

Bulgaria’s Bitcoin Mystery

bitcoin bulgaria

Erste Group: Public Debt Falling Across CEE

erste group

Industrial Production Prices in New Increase

electricity

EBRD Finances Small Business Support And Foreign Trade Promotion In Belarus

Growing Rzeszów

Rynek Glowny in Rzeszow. Rzeszow Podkarpackie Poland.

Bad Payers Still Causing Problems for Romanian Firms

Close up Romanian currency note, LEI or LEU, Romania

Kraków: Officially Emerging Europe’s Most Elegant City

Krakow. Image of Krakow Market square, Poland during sunrise.

Slovenia is the CEE region’s leader in VAT collection

World Bank: Western Balkans Need to Speed Up Growth For Faster Convergence

world bank

What Went Wrong in Ukraine – And When?

Chinese Electric Car Maker Seeks Emerging Europe Base

zhi dou d2

Changes Are Making Ukrainian Banking More Aligned with International Standards

CEE Lags in Business Connectivity

ANIS romanian ICT

Skiing in Emerging Europe

gudauri ski georgia

Ametek opened a new factory in Subotica

Lithuania Wants to Bring Home its Skilled Workers

VILNIUS - FEBRUARY 25: Many people choose books at the indoor book

Romanian Inflation Hits Four-Year High

supermarket, prices, inflation

Ukraine Is Offering Europe Unique Combat and Technological Experience

Ukraine’s Anti-Corruption Boss Survives, For Now

Artem Sytnyk

Estonia Leads Baltics in Cutting Sugar in Food and Drink

Albania is creating three free economic zones

Investment in Croatia’s Regions Key to Further Development

CAKOVEC, CROATIA - JULY 02: Parish Church of Saint Nicholas in Cakovec, Croatia, on July 02, 2016.

Poles Still Keen on German Jobs

Brandenburg Gate in Berlin in Germany. The Brandenburg Gate is a triumphal arch a city gate in the center of Berlin. It is one of the most known sites in Berlin.

Romanian Cabinet Reshuffled as New Splits Emerge in Ruling Party

BUCHAREST ROMANIA - MAY 25 2014: The Victoria Palace. Victoria Square.

Economic Confidence Rises Across Eurozone

Lech Wałęsa: Hard Options Can Force Nations to Get Down to Work

Leave a Reply

Your email address will not be published. Required fields are marked *