Venture capitalists promise €70m regional investment

Venture capital fund Livonia Partners Fund I intends to invest $70 million in the Baltic states, the fund's representatives told the BNS newswire Wednesday.

"The Baltic region's venture capital fund Livonia Partners Fund I has started making investments from its first fund," the representatives said, adding that the fund's investors are from the Baltic and Nordic countries, as well as Western Europe, and that they include retirement funds, insurance companies and development finance institutions.

The fund plans to provide three to 15 million euros in equity or mezzanine financing to 8-12 companies with strong growth potential that are actively doing business in the Baltics and neighboring regions.

Livonia Partners, the first pan-Baltic fund domiciled in Latvia, was approved by the EBRD on April 8 2015 to provide growth and acquisition capital to small and medium-sized enterprises in Estonia, Latvia and Lithuania.

The fund has been established by Kristine Berzina, Rain Lohmus, Mindaugas Utkevicius and Kaido Veske. The Latvian-registered fund has offices in Riga, Tallinn and Vilnius.

The Latvian Financial and Capital Market Commission licensed EuVECA Livonia Partners for managing alternative investment funds on April 9, 2014.

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