June 2021

Dear BaltCap partners
Welcome to the very first BaltCap newsletter. From now on, our bi-monthly newsletter will provide you insights about the latest developments in BaltCap, our team and portfolio. 

The current issue will introduce our most important updates from the previous months. The successes and new beginnings we are utmost proud of – closing the third BaltCap buyout fund at a record size, making three significant exits and two new investments, just to name a few. Also, we are delighted to introduce you our teams’ and portfolio companies’ latest efforts in the environmental, societal and governance field and present you with our latest ESG report.

We are thankful for your cooperation and I hope you enjoy reading our newsletter. 
Best wishes for the summer,

Martin Kõdar
Managing Partner

BaltCap news
BaltCap closes the third buyout fund at record size
BaltCap Private Equity Fund III (BPEF III) held the final close at hard cap, raising €177 million (including co-investment facility), assuring BaltCap's position as the largest private equity investor in the Baltics.
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BaltCap welcomes new team members
BaltCap has strengthened its growing team with two new professionals – Investment Associate Kristjan-Mart Piirsalu and Back Office Specialist Helina Aab. With new members on board, BaltCap unites more than 35 investment professionals with various industry backgrounds in Tallinn, Riga, Vilnius, Warsaw, Helsinki and Stockholm offices.
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Oliver Kullman, partner at BaltCap listed among Real Deals’ Future 40 Investment Leaders
Published annually and selected by a judging panel of industry experts, the Real Deals Future 40 list highlights the top 40 mid-market private equity investment professionals who have achieved commendable exits in 2020.
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BaltCap ESG report 2020 published 
BaltCap Environmental, Social and Governance report (ESG) 2020 is now available on our homepage. The report covers the 2020 ESG developments of our portfolio companies and includes examples of best practices and sustainability initiatives.

BaltCap received the highest recognition from Responsible Business Forum in Estonia (VEF)
BaltCap was awarded for successfully integrating ESG practices into daily operations and contributing to the development of sustainable businesses. 
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Introducing our fresh-looking brand
BaltCap has refreshed its brand. In the last years, we have entered new investment strategies and attracted new investors to our funds, broadened the target markets, grown our team and opened new country offices in Warsaw, Stockholm and Finland.

Our refreshed brand reflects the recent dynamics. It is bold, modern, minimalistic and carries the unique story of BaltCap. You can get acquainted with our new brand on our homepage and in social media.


Simonas Gustainis, Managing Partner at BaltCap presented BaltCap's ESG journey at the BICG Annual Governance Conference 2021
Gustainis gave an overview of BaltCap's 25-year ESG experience, which has been a journey of moving from responsible investment towards investing for impact. He also shed light on the ESG expectations of investors. 
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BaltCap's Legal and Compliance Manager, Maido Lillemets, at EstVCA's seminar on ESG fundamentals in Private Equity
Lillemets shared his insights about the implications of SFDR to fund managers and covered the next steps ahead. 
Read more
Deal and Portfolio News
BaltCap has agreed to sell Ecoservice to Eco Baltia, the largest environment management group in the Baltics
BaltCap Private Equity Fund II (BPEF II) has agreed to sell Ecoservice to Eco Baltia Group, the largest environment management group in the Baltics backed by private equity fund INVL Baltic Sea Growth Fund and European Bank for the Reconstruction and Development. 
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BaltCap sold one of the leading European wooden garden furniture producers EKJU
BaltCap Latvia Venture Capital Fund sold EKJU SIA, one of the leading European wood garden decoration and furniture producers, to AMATA SIA supported by private equity fund Flycap and Signet Bank.
  Read more
NordicNinja VC, the joint venture of BaltCap and our Japanese partners JBIC, Panasonic, Omron, and Honda announced investment in DappRadar
DappRadar is the latest global startup player from the Baltic blockchain scene, the industry's largest distribution platform for decentralized applications – #dapps – running on blockchain or peer-to-peer network of computers.  
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BaltCap sold Qvalitas and Unimed to leading Nordic healthcare company Mehiläinen
BaltCap Private Equity Fund II sold the leading Estonian private healthcare companies – occupational healthcare provider Qvalitas Arstikeskus and dental care chain Unimed Grupp – to Mehiläinen, the leading private provider of health care and social services in Finland
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BaltCap acquired Baltic Ticket Holdings, the leading ticketing company in the Baltics and Belarus
BaltCap Private Equity Fund III (BPEF III) acquires majority in Baltic Ticket Holdings OÜ to further back the growth of the ticket selling network in the Baltics and beyond. 
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BaltCap to carry out largest street lighting PPP investment in Poland
The project is worth nearly PLN 22.4 million, making it the largest local-government investment in street lighting in Poland conducted as a public-private partnership. 
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Karell Kiirabi welcomes new vehicles with self-disinfection capability
Karell Kiirabi, BaltCap Growth Fund portfolio company and proud partner of Tervisekassa (Estonian Health Insurance Fund), welcomes 10 brand new vehicles with self-disinfection capability, the first of its kind in Estonia. This major fleet upgrade demonstrates Karell’s continued commitment to building strong and sustainable local communities in North and North-East of Estonia. 
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NordicNinja VC portfolio company Logmore partnered with DHL securing the delivery of 7+ million COVID-19 vaccine doses across Europe
Logmore secures the COVID-19 vaccine deliveries by attaching its Dry Ice data loggers to each delivery box, ensuring last mile condition monitoring. 
 Read more
BaltCap in Numbers

25+ years
track record

investment strategies

platform investments

investment professionals

6 countries
with branch offices

capital raised to date



Contact us

BaltCap offices
Estonia Tartu mnt 2 / Tallinn 10145 / Phone: +372 665 0280 Latvia Jaunmoku 34 / Riga LV-1046 /
Phone: +371 6721 4225 Lithuania J. Jasinskio 16b / Vilnius LT-03163 / Phone: +370 5 254 6713
Finland Maria 01, Lapinlahdenkatu 16 / Helsinki 00101 / Phone: +358 504913001
Sweden Epicenter Mäster Samuelsgatan 36 / Stockholm 11157 / Phone: +46 8 459 30 60
Poland WeWork / Krucza 50 / Warsaw 00-025