During its first months, it has attracted 30 investors and financing totalling EUR 17 million, it claims in a press release.
Merito Partners was founded in June 2022 by a trio of well-known Latvian entrepreneurs and investors with significant previous investing experience: Mikus Janvars, Mārtiņš Baumanis and Aigars Kesenfelds and has registered its alternative investment fund manager Merito Management AIFP with the Bank of Latvia.
On its corporate website, the company describes itself, in a novel way, as a "meritocracy" – hence its name. "We assess people according to their merit and potential," it says, and even adds a handy definition:
"Meritocracy: A social system in which advancement within society is based on an individual's capabilities and merits rather than family, wealth, or social status."
Merito Management AIFP currently manages two investment funds: Merito Private Equity FUND I and Merito Sustainable Energy FUND I.
Mikus Janvars said:
"We have founded Merito Private Equity FUND I with the aim of investing in regional businesses and start-ups in various industries and stages of development, providing them with flexible growth capital. Initially, we are building our portfolio from Latvian companies, and in time we will invest in New Nordic businesses that have demonstrated their competitiveness and have the potential to develop their operations beyond our region."
Merito's second current direction is the development of solar energy parks in Latvia with the goal of building a portfolio of solar parks via its Merito Sustainable Energy FUND I.
Merito's founders say they have invested "a significant amount of their own capital" in each of the funds
under management, without specifying any figures.
"We are delighted that in the space of a couple of months, Merito has succeeded in attracting 30 investors and a significant volume of funding, which will be invested in the regional economy. We anticipate that the range of investors will continue to grow. In time, we plan to launch new investment strategies and funds," said Mikus Janvars.
