As we head into the final stretch of 2026, it feels like a good time to pause and reflect on how far we’ve come since our last update—and on the things that continue to matter most.
The market remains cautious. Financial conditions are still tight, and across the region, discipline continues to take precedence over volume when closing deals. However, we are also seeing encouraging signs of stabilisation. Increasing attention is being paid to what truly creates sustainable value: strong operations, resilient companies, and the people who lead them.
This is very much how we’ve continued to move forward at BaltCap.
In recent months, Adoro has begun construction of a new 200-bed care home in Riga, while Gemma opened its newest residential care home in Kaunas, and started building the next one. The PLG Group agreed to acquire iaBilet, further strengthening its position on the Romanian market, and the Delamode Group completed a strategic divestment, allowing it to focus even more on its core business.
Behind every achievement is a team that works diligently to build resilience and long-term value—reaching the thousands of people whom the companies in our portfolio serve every day, whether it’s senior care, ticket sales, or everyday goods. There is still plenty of work ahead. But there is also a lot to be proud of.
Let’s keep moving forward together, growing stronger!
Dagnis Dreimanis
Member of the Supervisory Board
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Carol Kuuskman appointed Chief Financial Officer at BaltCap
Carol leads BaltCap’s finance function, overseeing financial management, reporting, and planning, including fund accounting, investor reporting, and financial controls. She has been part of the BaltCap team since 2025. Prior to joining BaltCap, Carol worked at the Estonian Competition Authority as a financial and electricity market analyst covering regulated energy markets. Carol holds a master’s degree in Finance and Accounting from the Tallinn University of Technology (TalTech), where she also completed her bachelor’s degree in Applied Economics.
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Martin Kodar on exit strategies at 0100 Emerging Europe
BaltCap Partner Martin Kodar joined a panel on "The Exit Question: Timing, Structure, or Patience?" at 0100 Emerging Europe in Budapest, sharing his perspective on how GPs across the region are navigating today's exit environment.
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BaltCap team strategy meeting in Bauska
The BaltCap team recently gathered in Bauska for a strategy meeting, where we discussed BaltCap's vision and direction for the future, alongside key business opportunities and challenges. In addition to the discussions, we took part in some intense competitions—ranging from motocross to watercraft sports—to celebrate our team’s work, and enjoy the lively atmosphere.
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Pihlakodu opens its sixth care home in Tallinn
BaltCap-backed Pihlakodu has opened Kristiine Pihlakodu, the sixth care home in its growing chain. The new care home breaks away from the traditional elderly care home model, placing greater emphasis on residents’ sense of security, dignity, social life, and daily activities, including a large therapeutic garden where residents can engage in gardening, and spend time with family members who come to visit them.
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Adoro lays time capsule at its new Šmerlis assisted care residence in Riga
BaltCap-backed Adoro has placed a time capsule with a message for future generations in the foundation of its newest care residence in Riga. The 5400 m² building, scheduled to open in June 2027, will offer 200 beds for seniors, along with a physical therapy area, geothermal heating, full accessibility, and a landscaped garden. The project marks the next step in expanding Adoro’s network of modern, person-centred care residences, designed to help residents maintain their independence while receiving care tailored to their needs.
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Adoro has acquired the former University of Latvia complex in Riga to carry out its largest project to date
Adoro Properties has acquired the former Faculty of Physics, Mathematics and Optometry of the University of Latvia, along with the adjacent dormitory buildings in Āgenskalns, Riga: a complex with a total area exceeding 9000 m². Adoro plans to create a unique health and senior care neighbourhood, housing more than 300 residents, and creating over 100 new jobs. Adoro is also considering offering part of the complex to seniors who do not require daily care, in accordance with an assisted living model in which residents rent a home with the option to add services as needed, such as meals or housekeeping.
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PLG Group signs agreement to acquire iaBilet, expanding further into Romania
The BaltCap portfolio company PLG Group has signed an agreement to acquire iaBilet, one of Romania's best-known ticket sales platforms, from Resource Partners. Founded in 2012, iaBilet has since partnered with several of Romania’s leading festivals, and developed a wide range of tools for consumers and event organisers.
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Delamode Group completes sale of Pall-Ex Romania
The BaltCap-backed Delamode Group has completed the sale of its wholly owned Romanian logistics subsidiary Pall-Ex, which specialises in domestic palletised freight delivery, to BoldMind Capital. This transaction marks the next step in the group’s strategy, which aims to focus resources and investments on key markets and service areas. Pall-Ex employs approximately 115 people in Romania and will continue to operate under its existing brand, ensuring continuity for customers and partners.
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Gemma opens Marių namai in Kaunas
BaltCap-backed Gemma has officially opened Marių namai, a new senior care home in Kaunas’s Marios Regional Park, accommodating 74 seniors in nearly 2000 m². The €3.5 million project includes single and double rooms, common areas, a massage room, and a physical therapy room, with medical, social care, and rehabilitation specialists working on site.
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Gemma's new Dainava care home: designed for city living
BaltCap-backed Gemma is building its new Dainava care home in an urban part of Kaunas, surrounded by residential buildings and everyday services, so that seniors can remain part of city life, and keep their routines and social connections. The A++ energy class building will be fully accessible, and feature terraces and balconies, a gym, a restaurant, and a spacious green courtyard. The home is scheduled to open in 2027.
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PEPI RER renews RecyClass certifications for recycled plastic content
PEPI RER, the manufacturing company behind the IGLU brand, successfully renewed two RecyClass certifications in September 2026. The certifications cover the internal recycling process and the traceability of recycled content in specific low-density polyethylene (PE-LD) foam-sheet products.
The certifications strengthen the traceability and credibility of PEPI RER’s recycled-content claims, and support the company’s continued transition towards more circular material use.
This is an important step for PEPI RER: the certifications provide independent third-party verification of the origin, traceability, and declared percentage of recycled plastic in the certified products. It allows the company to make substantiated recycled-content claims, increases transparency for customers, and supports the continued development of circular material flows within its manufacturing process
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30 years
track record
90+
platform investments
15+
investment professionals
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~€400+m
assets under management
50+
exits
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