Building business champions

BaltCap focuses on building businesses that increase the quality of life in our societies. We are the largest private equity fund manager in the Baltic states.

BaltCap is the largest and most experienced private equity investor in the Baltic states

25+ years

track record


investment strategies


investment professionals


platform investments


capital raised to date



Buy&Build strategy


revenue growth


EBITDA growth



Our buyout fund invests in local market leaders with a buy-and-build objective to create internationally recognised business champions.


Our growth fund invests in fast growing companies with proven and profitable business models.


We target investments contributing to mitigating climate risks. Our primary focus is providing development capital for transport, energy and education infrastructure projects in the Baltics and Poland.


NordicNinja – a joint-venture between BaltCap and Japanese partners focusing on deeptech venture investments in the New Nordics.

Viru Elektrivõrgud is the second largest electricity distribution system operator (DSO) in Estonia
IGLU Holdings is a Latvia-based manufacturer and exporter of IGLU-branded kids' soft play blocks
Hansab Group develops and provides security and service automation solutions to B2B customers in logistics, finance, public, retail and other sectors.
Delamode Group is a dynamic logistics and freight forwarding solutions provider, delivering tailored and customer-centric services globally
HansaMatrix is one of the leading manufacturers of electronic systems and components in Northern Europe
Rahva Raamat is the largest integrated book retailer, publisher, and distributor in Estonia

BaltCap has an open-minded approach combined with a deep knowledge of what practical actions look like. They are experts in the Baltic market with a clear vision and strong ethics.

By teaming up with BaltCap on Magnetic MRO project we gained like-minded business partners who think big, execute creatively, and have zero compromises on business ethics.

BaltCap is well informed about the business and always acts fast and professionally. Communication with BaltCap team is fun both during and outside office hours.

I have been cooperating with BaltCap for over ten years managing three portfolio companies together. They have undeniably one of the best and result-oriented teams in the region.

We were incredibly lucky to have a professional owner like BaltCap. Their experienced team led Unimed to a remarkable growth journey. The strategic backing of BaltCap enabled us to invest in new and existing clinics, and was critical when coping with the Covid-19 crisis.


BaltCap Private Equity Fund III acquired Fitekin and ONEA, which are pre-accounting software platforms for invoice management…
The BaltCap portfolio company Piletilevi Group has acquired a majority stake in two Polish ticket sales platforms—…
The main stage of the internal investigation launched by BaltCap and supported by external experts into the misconduct of…
BaltCap Growth Fund (BGF) exits Estonian ambulance service provider Karell Kiirabi as BGF portfolio company Pihlakodu sells…
BaltCap Infrastructure Fund II (BInF II) completed the acquisition of VKG Elektrivõrgud and now owns 100% of the company.…
BaltCap terminated the contract with BaltCap Infrastructure Fund Partner Šarunas Stepukonis and contacted the Lithuanian…