BaltCap October Newsletter
31 October 2023
Dear partners,
We have wonderful news to share! We have launched two new successor funds—the €200M BaltCap Infrastructure Fund II, and the €200M NordicNinja VC's Fund II.

Our €200M target BaltCap Infrastructure Fund II is a testament to our dedication to the Baltics and Poland. In aiming to increase the resilience of the region, we focus on investments in renewable energy generation, energy demand reduction, and social as well as transport infrastructure.

Reflecting our ambition to address global challenges, the NordicNinja VC co-founded by BaltCap continues its mission to create a more sustainable future. The new €200M Fund II targets investments in climate tech, deeptech, and digital society to help founders in tackling global problems. 

Over the years, the investment landscape has evolved, but our approach of grit, a can-do attitude, passionate determination, and hard work has remained. BaltCap has been actively leading the regional investment ecosystem and nudging it towards more ambitious investments shaping our future.

The backing of esteemed international institutional investors and the trust of our partners have been instrumental on this journey. Thank you all for your continued trust!

Enjoy the newsletter!

Dagnis Dreimanis
Managing Partner

Deal and Portfolio News
BaltCap launches €200M successor infrastructure fund
The 20-year successor fund aims to contribute to increasing the resilience of the Baltics and Poland by focusing on investments in renewable energy generation, energy demand reduction, as well as social and transport infrastructure.
NordicNinja VC co-founded by BaltCap announces new €200M Fund II
NordicNinja VC, the Japanese–European joint venture of BaltCap and JBIC IG Partners, has announced a new €200M Fund II. The fund will focus on investments in climate tech, deep tech, and digital society to help founders tackle global challenges and create a more sustainable future.

 Read more
BaltCap to acquire second largest electricity distribution network operator in Estonia
The newly launched €200M BaltCap Infrastructure Fund II signed its first agreement to acquire full ownership in VKG Elektrivõrgud. VKG Elektrivõrgud is the second largest distribution network operator in Estonia after the state-owned Elektrilevi.
New 6.5 MW solar power plant in Latvia by BaltCap Infrastructure
PV Power Ltd, a joint venture of the BaltCap Infrastructure Fund, energy group AJ Power, and alternative investment fund manager AJP Capital, has invested EUR 4.6 M to inaugurate Latvia’s largest solar power plant. The total capacity of the solar park is 6.5 MW, which will generate more than 6000 MWh of green electricity per year.
British School of Vilnius’s new campus is ready
News from the BaltCap Infrastructure portfolio: the British School of Vilnius’s new campus is ready, providing study places for 400 children of preschool and school age. Located in the Vilnius City Innovation Industrial Park, the school ensures access to educational services for the growing community.
Nord Security raises another $100 M
BaltCap-backed Nord Security, the global leader in internet privacy and security solutions, is rapidly building a safer (cyber) future. Warburg Pincus LLC led the $100 M investment round as a global growth investor and a big industry name.
BaltCap & Team News
BaltCap Infrastructure team members on the plans of the new €200M fund
Alongside the launch of the new fund, team members opened up on the infrastructure investments landscape and goals of the Fund II to the Baltic and Polish business media:

Simonas Gustainis | Verslo Žinios podcast (in Lithuanian)
Matiss Paegle | Mediāna podcast (in Latvian)
Maciej Kopanski | Next (in Polish)
Marek-Andres Kauts | Postimees (in Estonian)
Peteris Celms and Jakub Klos-Wygas join our Infrastructure team as Investment Associates
Peteris brings experience from the US solar energy sector—Altus Power Inc., one of the early movers in the US PV market. Peteris has also worked for BluOr Bank and a boutique Swiss investment fund.

Jakub joins BaltCap from EY where he worked as an energy market consultant focusing on energy storage and biogas markets. Jakub has previously worked in PE firm Trango Partners, energy company ENEA Group, and the Polish Energy Market Agency.
Oliver Kullmann on Private Equity’s digital upgrade journey
With the leading industry players, BaltCap Partner participated in the Real Deals Nordic Summit session on ”Nordics leading the way in tech”. In addition to PE’s digital upgrade journey, topics such as how the industry harnesses data analytics, AI, and machine learning were discussed.
Valuations, value creation and volatility: Juri Perjakov’s insights
The BaltCap Finance and Technology Director discussed the main challenges that finance and operational leaders face in today’s world at the SuperReturn CFO/COO conference along with industry peers.
Maciej Kopański on financing municipal investments
The 21st Local Government Capital & Finance Forum addressed the challenges of financing municipal investments in Poland. Maciej Kopański, BInF II Fund Partner, shared knowledge on public and private cooperation models and lessons learnt from BaltCap projects.
Baltic VCA Summit 2023 aftermovie is now out
On 24–25 August, the traditional Baltic VCA Summit took place in Pärnu. The central theme, “Cooperation in the New Nordic Region”, brought together 250+ industry professionals. BaltCap looks forward to seeing you all at the Baltic VCA Summit 2024 in Lithuania.
BaltCap women join Level 20
BaltCap team members Sandra Aile, Eneken Napa, Darja Bolshakova and Riin Savi joined Level 20, a global NGO uniting 5500 women in the PE industry. Backed by 119 PE firms, Level 20 aims to improve gender diversity through mentoring and development, networking and events, outreach and advocacy, and research. The overall goal of Level 20 is that 20% of senior positions in the European PE industry should be held by women.
 Read more about Level 20
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 Skyon, Maakri 30, 24th floor / Tallinn 10145 / Phone: +372 665 0280 
Finland Maria 01, Lapinlahdenkatu 16 / Helsinki 00101 / Phone: +358 504913001 
Latvia Jaunmoku 34 / Riga LV-1046 / Phone: +371 6721 4225 Lithuania J. Jasinskio 16b / Vilnius LT-03163 / Phone: +370 5 254 6713 Poland WeWork / Krucza 50 / Warsaw 00-025 
Sweden Epicenter Mäster Samuelsgatan 36 / Stockholm 11157 / Phone: +46 8 459 30 60

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