INVL Bridge Finance fund exceeds EUR 50 million, delivering a 9.2% return to investors
INVL Bridge Finance, a private debt fund managed by INVL Asset Management, one of the leading alternative asset managers in the Baltic States, ended 2025 with solid growth. The fund’s net asset value surpassed EUR 50 million, while delivering an annual net return of 9.2% to investors.
The fund’s Executive Partner Viktorija Vaitkevičienė says these results confirm that the Baltics have joined the global private credit wave – a key driver of business development and investment diversification.
The fund doubles its capital inflows
In 2025, INVL Bridge Finance attracted more than EUR 13 million of new commitments from investors in Lithuania, Latvia and Estonia – twice as much as in 2024. Since inception, total commitments have reached almost EUR 64 million.
According to Ms Vaitkevičienė, the fund ensured a consistent cash flow to investors last year, distributing almost EUR 4 million in payouts. Over its 11 years of operation, cumulative distributions have approached EUR 32 million.
To date, the fund has financed 27 projects. The current active portfolio consists of six companies, and 2025 ended dynamically with two new investments completed in the real‑estate and alternative‑lending sectors. The year also saw a partial exit from AB Civinity and a full exit from SIA Finto Capital, totalling EUR 8 million, enabling reinvestment of realised returns into new projects.
Increasing engagement from private investors
“Global investment giants such as BlackRock forecast that assets managed by private debt managers will double by 2030,” says Ms Vaitkevičienė. “However, it’s not only about scale – the very structure of funds is changing. We see a clear global trend: investors increasingly prefer flexible evergreen or semi‑liquid funds over traditional closed‑ended vehicles that lock in capital for five to seven years.
“This demand for liquidity is also reaching the Baltics. Investors in our region are seeking not only higher yields but also the ability to access or reinvest funds periodically rather than tying up capital for long periods. Our results fully reflect that – the fund’s more flexible structure has enabled us to attract a record amount of capital from private investors.”
Growing financing supply benefits businesses
With EU capital requirements tightening, banks are optimising their balance sheets and sharing risk with private debt managers. This collaboration allows companies to obtain financing simultaneously from both banks and private credit funds.
“Alternative financing is no longer just a back‑up option,” says Ms Vaitkevičienė. “As interest rates decline, the cost of private credit has become affordable even for strong, bank‑grade companies that, for various reasons, cannot or do not wish to use traditional bank loans.
“Today, businesses can choose flexibly between public bonds, crowdfunding platforms and private funds, so the boundaries between these instruments – and sometimes even banks themselves – are becoming blurred. Growing competition among financiers means businesses can secure better terms.
“As a fund, we see the greatest potential in financing larger projects (EUR 2–10 million) – amounts often too big for smaller lenders such as credit unions or platforms. Private funds can bridge that gap, offering both speed and the right scale.”
Active outlook ahead
Looking ahead, Ms Vaitkevičienė expects that, despite geopolitical or macroeconomic fluctuations, the financing needs of businesses will continue to grow.
“Trends will remain similar – we are seeing more financiers prepared not only to serve the local market but also to expand beyond the Baltics, as well as more companies seeking funding,” she says. “The market is maturing, and businesses increasingly recognise that private credit is not a last‑resort option but often a strategic choice for expansion or acquisitions.
“Both public and private markets will remain active, and we are fully prepared to meet this rising demand,” she concludes.
About INVL Asset Management
INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development.
We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages or has under supervision EUR 2 billion of assets across multiple asset classes, including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia, and Estonia, managing pension funds in Latvia, and investing in global third-party funds. For further information, visit www.invl.com/en/.
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