Baltic small and medium-sized companies are the focus of a new €14 million venture capital fund launched by Baltcap Management.
The Baltic SME fund will target growth sectors such as IT and communications, distribution and logistics, consumer products, manufacturing and infrastructure. The fund will be acquiring minority stakes in companies of between €300,000 and euro1 million. Target companies will have a maximum turnover of €40 million, maximum assets of €27 million and no more than 250 employees.
Investors in the fund include the European Bank for Reconstruction and Development (EBRD), the European Investment fund, SME Finance Facility Special Fund and Baltic Investment Fund III.
This is the fourth SME fund managed by Baltcap Management which now has four funds in the Baltics, with a total capital of euro91 million and with €58 million available for investments in companies. These include the GIMV Czech & Slovak SME Fund, Euroventures Danube SME Fund, and the first Hungarian SME Fund.