Strategies for better portfolio performance
The alternative strategies we manage, which correlate less with traditional capital markets, focus on optimising the ratio of return to risk.
Active management and engagement
We’re professional investors and our involvement in portfolio companies’ activities and active management of other investments creates value for big global players in less familiar markets.
Responsible investment
We assess the risks and opportunities related to environmental, social and governance (ESG) factors in the analysis and oversight of our investments. We believe this approach brings long-term benefits.
We operate and invest in the Baltic countries and emerging Europe. This is the region where we can create the most value, as we have over 30 years of experience and expertise and a network of partners here.
For most economic indicators, this region is the most advanced in the developing world. These countries have high growth rates and attractive asset prices along with a level of development and corporate governance standards that are almost comparable to Western Europe.
The Baltic countries stand out for their prudent management of public finances, their competitive and open growth model, and Scandinavian influence on their business culture.
Given the relatively small size of the region, the Baltic countries and emerging Europe get less attention from large investors than other emerging markets, which opens up more opportunities for us as professionals in the region.
In the business for more than 30 years now, the Invalda INVL group has solid experience managing private equity assets and building market players that are leaders in their respective fields in the Baltic countries and Central and Eastern Europe.
In collaboration with foreign private equity funds and local entrepreneurs, we have completed several dozen acquisitions, company sales and capital-raising transactions with a total value of over €2 billion.
With one of the most experienced private equity teams in the region, we successfully manage products that vary in size as well as in the investee companies’ region and type of operations. Most capital is invested in the Baltics, but there are also some investments outside the region.
We invest in private equity because we believe we create value not only by earning an attractive return for our investors, but also by contributing to economic growth in the region and the welfare of all of society.
Legal form | Closed-end investment fund for professional investors |
Management company | INVL Asset Management, UAB |
Sector | Investment in medium-sized, attractive risk-return companies, providing them with capital for further growth |
Start of operation | 6 February 2019 (the fund is expected to run for 10 years from the end of the first distribution phase) |
Website | https://bsgf.invl.com |
€165 million INVL Baltic Sea Growth Fund is the leading private equity investment fund in the Baltic States, with the European Investment Fund (EIF) as the main investor.
The fund aims to build a diversified portfolio by focusing on majority or significant minority stakes and investing from €10 to 30 million in companies with high growth potential and the ability to operate in the face of growing global competition.
The fund focuses on investment in the Baltic States and neighbouring regions such as Poland, Scandinavia and Central Europe. It has already invested in two companies providing healthcare and engineering services. You can find fund’s portfolio here: https://bsgf.invl.com/portfolio/fund-investments/
Legal form | Closed – end private equity investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Investing in companies that have the potential to become leaders in the Baltic countries and Poland seeking to achieve an attractive risk-adjusted return for investors. |
Start of operation | 10 April 2024. The fund is expected to run for 10 years from the end of the first distribution phase. The investment period will start after the announcement of the end of the first distribution phase. |
The strategy of ‘INVL Private Equity Fund II‘ (hereinafter – the Fund) is to use attractive opportunities in the Baltic States and Poland to invest in medium-sized companies that, after the injection of additional capital, have the potential to become leaders in their sector in the region, thereby ensuring very attractive risk-adjusted returns to investors. The Fund can also invest in companies listed in any country of the European Union, European Economic Area or European Free Trade Association. The Fund will focus on a controlling stake of a significant minority and will actively participate in investment management in order to significantly increase the value of capital in the long term. It will aim to target a diversified portfolio of 10-12 investments, providing late-stage capital to targets, as well as corporate buyouts and invest-in investments.
The Fund will invest in one portfolio investment from 15 million up to 35 million euros, however, in the presence of significant value growth potential with additional investments, it will be able to carry out smaller initial capital investments, and depending on the final size of the Fund, it will be able to carry out larger capital investments as well. The values of the target portfolio companies will range from 30 million euros up to 150 million euros.
Legal form | Closed – end investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Investments in companies operating in the industry sector |
Start of operation | 11 September 2024 |
Fund unit distributor | INVL Financial Advisors, FMĮ UAB |
The goal of ‘INVL BSGF Co-Invest Fund II’ (hereinafter – the Fund) is to collectively invest the accumulated monetary resources along with the closed-end fund intended for professional investors ‘INVL Baltic Sea Growth Fund’ into private equity companies with the potential to become regional leaders. The Fund’s investments can be directed towards companies running in various sectors, but priority will be given to companies operating in the heavy industry sector. The geographical focus of the Fund’s investment activities is on less developed, but higher growth potential EU countries. The main focus and highest priority will be directed towards companies located in Central Europe.
Legal form | Special closed-end type private capital investment company INVL Technology |
Management company | INVL Asset Management, UAB |
Sector | Investment in companies operating in the IT sector (development) |
Exchange | Nasdaq Vilnius |
Start of operation | 14 July 2016 (the duration of the company is ten years with the possibility of extending this period for two more years) |
Website | https://invltechnology.lt |
INVL Technology operates as a closed-end investment company (CEF) which invests in and develops European IT businesses. The company is headquartered in Vilnius and is listed on the Nasdaq Vilnius stock exchange.
INVL Technology owns 3 company groups: Novian (a Baltic IT company), NRD Companies (a GovTech company), and NRD Cyber Security (a cybersecurity company).
On 14 July 2016, the Bank of Lithuania granted INVL Technology a permit to operate as a CEF for 10 years with a possible extention for 2 more years.
Legal form | Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Investment in shares of Moldova-Agroindbank (MAIB) |
Start of operation | 24 July 2018 |
Fund unit distributor | INVL Financial Advisors, FMĮ UAB (the distribution of fund units are completed) |
INVL Special Opportunities Fund has indirectly invested in the stock of Moldova-Agroindbank (MAIB), the largest bank in Moldova. The Sub-Fund started its activities on 24 July 2018.
The size of the Sub-Fund is €4.5 million. The minimum investment in the Sub-Fund was €200,000, and the maximum – €500,000.
On 2 October 2018, an international consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL and Horizon Capital and which acts via UK-based company HEIM Partners, won an auction for the sale of stake in Moldova-Agroindbank (MAIB), Moldova’s largest commercial bank. For 41.09% of the MAIB shares HEIM Partners offered MDL 451.533 million (€23.031 million).
Lithuanian based MD Partners and EBRD each owns 37.5% of the shares in HEIM Partners, while the private equity manager Horizon Capital holds 25%.
INVL Special Opportunities Fund owns 48.63% of shares in MD Partners, while Invalda INVL – 51.37%.
Moldova-Agroindbank is the leading commercial bank in Moldova. Its assets at the end of 2022 amounted to €2.1 billion, and equity to €325 million.
More information: https://www.maib.md/en
INVL Baltic Sea Growth Capital Fund
Legal form | Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Sub-Fund invests in the INVL Baltic Sea Growth Fund established in June 2018 and allows natural persons to acquire indirect exposure to investments of the latter fund |
Start of operation | 23 October 2018 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB (the distribution of fund units are completed) |
The size of INVL Baltic Sea Growth Capital Fund is €60.3 million. The raised funds were invested in INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltic States.
INVL Baltic Sea Growth Fund aims to build a diversified portfolio by focusing on majority or significant minority stakes and investing from €10 to 30 million in companies with high growth potential and the ability to operate in the face of growing global competition.
The fund focuses on investment in the Baltic States and neighbouring regions such as Poland, Scandinavia and Central Europe. It has already invested in two companies providing healthcare and engineering services. You can find fund’s portfolio here: https://bsgf.invl.com/portfolio/fund-investments/
INVL Partner Private Equity Fund I
Legal form | Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Investing in EQT X, a fund set up by world-class manager EQT to invest in European and US health care, technology and business services sector companies. |
Start of operation | 18 January 2023 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
The Sub-Fund’s assets are invested in EQT X, a €20 billion target fund established by EQT, one of the world’s largest private equity investment companies. The Sub-Fund’s main investment strategy is to invest primarily in European and US health care, technology and business services sector companies. The sectors in which the Funded CIU will invest may be subject to review and change and new sectors are identified and selected, taking into account various factors, including, but not limited to, market trends, economic and regulatory perspectives, risk-return ratio, etc.
INVL Private Equity Capital Fund II
Legal form | Closed – end investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | The fund invests in INVL Private Equity Fund II, which was established in 10 April 2024, and provides the opportunity for individuals who meet the requirements for informed investors to indirectly invest in the latter fund |
Start of operation | 15 May 2024 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
“INVL Private Equity Capital Fund II” will invest in securities issued by the master fund – “INVL Private Equity Fund II”, the business strategy of which is based on investing in medium-sized leading companies in a specific sector of business, not only in the Baltic States, but also in other EU countries and the member states of the European Free Trade Association.
The maximum size of the fund is not fixed. The number of placement phases will depend on the master fund, which has a hard cap of EUR 400 million.
More information about the master fund – “INVL Private Equity Fund II” and its investment strategy can be found here: https://www.invl.com/en/alternative-investment/private-equity/invl-private-equity-fund-ii/.
In the real assets segment, we manage investments in real estate, agricultural land and forests, infrastructure, and renewable energy. These asset classes are attractive because they correlate less with capital markets, enable portfolio diversification and help reduce the impact of inflation. Both long experience and professional fund managers help to achieve good results.
Legal form |
Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors
|
Management company | INVL Asset Management, UAB |
Sector | Sub-Fund invests in green field and brown field renewable energy (solar, wind) projects, which includes the construction of new power plants, the acquisition of existing power plants, the development and/or acquisition of infrastructure necessary for the operation of power plants, and the efficient management of existing power plants in the European Union, the United Kingdom and the Member States of the European Economic Area. |
Start of operation | 20 July 2021 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
Website | https://invlrenewable.com/en |
Legal form | Closed-end investment company |
Management company | INVL Asset Management, UAB |
Sector | Commercial real estate (rent, development) |
Exchange | Nasdaq Vilnius |
Start of operation | 22 December 2016 (the duration of the company is 30 years with the possibility of extending this period by 20 years) |
Website | https://bre.invl.com/en |
INVL Baltic Real Estate, listed on the Nasdaq Vilnius Stock Exchange, invests in commercial real estate in the Baltic States. The company manages facilities in good locations in Lithuania (Vilnius) and Latvia (Riga).
The companies owned by INVL Baltic Real Estate have invested in office, warehousing and production real estate in Lithuania and Latvia. All facilities provide rental income and almost all have prospects for further development.
Management company | INVL Asset Management, UAB |
Sector | Investment in forestry land |
Start and end of operation | 13 February 2017 – 6 June 2022 |
INVL Baltic Forests Fund I had invested in Lithuania’s forests with a focus on sustainable forestry in our country. In total, the Fund managed more than 5,600 hectares of forest. The fund has raised EUR 15 million, paid out EUR 24.87 million to investors over its history, earning them an average annual return of 27.3%, which was significantly higher than the 8% average annual return the fund was targeting.
The forest investment activity continues with INVL Sustainable Timberland and Farmland Fund II, established in 2020.
INVL Sustainable Timberland and Farmland Fund II – Capital Fund
Legal form |
Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors
|
Management company | INVL Asset Management, UAB |
Sector | Sub-Fund acts as a feeder fund of „INVL Sustainable Timberland and Farmland Fund II” which is a compartment of INVL Alternative Assets Umbrella Fund, SCSp SICAV-RAIF |
Start of operation | 14 October 2020 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
Website | https://invlsustainable.com/ |
INVL Partner Energy and Infrastructure Fund
Legal fund | Sub-Fund of INVL Alternative Assets Umbrella Fund II, a closed-ended composite investment fund for informed investors |
Sector | Investment in an infrastructure fund managed by Lords LB Asset Management |
Start of operation | 20 November 2017 |
Other information | The INVL Partner Energy and Infrastructure Fund is not publicly distributed. |
INVL Partner Global Infrastructure Fund I
Legal fund | Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Investments in core infrastructure as part of portfolio investing collective investment undertakings |
Start of operation | 17 November 2021 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
The Sub-Fund seeks to achieve a long-term increase in the value of the capital, while generating regular income from the Sub-fund’s assets. The Sub-Fund intends to achieve this investment objective by indirectly acquiring, holding and disposing of interests in the collective investment undertakings investing in core infrastructure in its portfolio.
The Sub-Fund’s investment portfolio consists of collective investment undertakings whose investment strategy seeks to acquire brownfield assets located in the Member States of the Organisation for Economic Co-operation and Development (OECD) or in the territories of other countries which are not members of the OECD, but which seek to invest in assets located in countries with a sustainable regulatory and legal environment.
INVL Partner Power Opportunities Fund
Legal form | Closed – end investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector of activity | Investing in companies that do not directly operate in energy production or infrastructure development but do business in sectors benefiting from global energy transition, including electricity, natural gas, water, wastewater and other energy and utility-related businesses, in North America and Europe. |
Start of operation | 4 September 2024 |
Placement agent | INVL Financial Advisors, FMĮ UAB |
Assets of the „INVL Partner Power Opportunities Fund“ consist of interest in fund managed by third party asset manager. Investment strategy employed by this manager involves investing in companies which main activities are related to provide key products and services to owners of special importance infrastructure, including electricity, natural gas, water, wastewater and other energy and utility-related businesses, in North America and Europe.
Private debt is an attractive asset class because of the risk-return profile of investing in corporate debt securities that are not publicly offered.
INVL private debt funds pursue long-term stable returns for their investors by investing in private debt instruments of Baltic companies that are secured by high-quality collateral, or in global products developed by world-class managers.
Legal form | Open-ended risk capital investment fund for informed investors |
Management company | Asset management company Mundus |
Sector of activity | Investment in private debt securities of companies in the alternative financing sector |
Start of operation | 2015 |
Website | https://www.mundus.lt/english#mundus-bridge-finance-fund |
INVL Bridge Finance Fund aims to generate a long-term stable return by investing in private debt securities of companies in the fast-growing alternative financing sector.
Target companies may have limited access to traditional lending instruments, but are able to ensure stable cash flows. The fund’s team actively contributes to the management of target companies, and short-term financial instruments cover the fund’s liquidity needs.
INVL Partner Global Distressed Debt Fund I
Legal form |
Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors
|
Management company | INVL Asset Management, UAB |
Sector of activity | The subfund acts as a feeder fund for a distressed debt fund established by a world-class investment management firm. |
Start of operation | 14 September 2020 |
Placement agent | INVL Financial Advisors, FMĮ UAB (the distribution of fund units are completed) |
Assets of the Sub-Fund consists of interest in fund managed by third party asset manager. Investment strategy employed by this manager involves acquisition of discounted debt securities issued by prominent companies with well established business model and acquiring of bank loans in respect of aforementioned companies. Investment returns are achieved through workouts or other means directed to increase of value to par of such acquired obligations.
We follow an open architecture policy and invest client assets raised through feeder funds in carefully selected products of trusted well-known world-class investment managers: private debt, private equity, infrastructure, etc.
Legal form | Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Sub-Fund invests in the INVL Baltic Sea Growth Fund established in June 2018 and allows natural persons to acquire indirect exposure to investments of the latter fund |
Start of operation | 23 October 2018 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB (the distribution of fund units are completed) |
The size of INVL Baltic Sea Growth Capital Fund is €60.3 million. The raised funds were invested in INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltic States.
INVL Baltic Sea Growth Fund aims to build a diversified portfolio by focusing on majority or significant minority stakes and investing from €10 to 30 million in companies with high growth potential and the ability to operate in the face of growing global competition.
The fund focuses on investment in the Baltic States and neighbouring regions such as Poland, Scandinavia and Central Europe. It has already invested in two companies providing healthcare and engineering services. You can find fund’s portfolio here: https://bsgf.invl.com/portfolio/fund-investments/
Legal form |
Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors
|
Management company | INVL Asset Management, UAB |
Sector | Sub-Fund acts as a feeder fund of „INVL Sustainable Timberland and Farmland Fund II” which is a compartment of INVL Alternative Assets Umbrella Fund, SCSp SICAV-RAIF |
Start of operation | 14 October 2020 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
Website | https://invlsustainable.com/ |
Legal form | Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Investing in EQT X, a fund set up by world-class manager EQT to invest in European and US health care, technology and business services sector companies. |
Start of operation | 18 January 2023 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
The Sub-Fund’s assets are invested in EQT X, a €20 billion target fund established by EQT, one of the world’s largest private equity investment companies. The Sub-Fund’s main investment strategy is to invest primarily in European and US health care, technology and business services sector companies. The sectors in which the Funded CIU will invest may be subject to review and change and new sectors are identified and selected, taking into account various factors, including, but not limited to, market trends, economic and regulatory perspectives, risk-return ratio, etc.
Legal form | Closed – end investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | The fund invests in INVL Private Equity Fund II, which was established in 10 April 2024, and provides the opportunity for individuals who meet the requirements for informed investors to indirectly invest in the latter fund |
Start of operation | 15 May 2024 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
“INVL Private Equity Capital Fund II” will invest in securities issued by the master fund – “INVL Private Equity Fund II”, the business strategy of which is based on investing in medium-sized leading companies in a specific sector of business, not only in the Baltic States, but also in other EU countries and the member states of the European Free Trade Association.
The maximum size of the fund is not fixed. The number of placement phases will depend on the master fund, which has a hard cap of EUR 400 million. More information about the master fund – “INVL Private Equity Fund II” and its investment strategy can be found here: https://www.invl.com/en/alternative-investment/private-equity/invl-private-equity-fund-ii/.
Legal form | Sub-Fund of INVL Alternative Assets Umbrella Fund II, a closed-ended composite investment fund for informed investors |
Sector | Investment in an infrastructure fund managed by Lords LB Asset Management |
Start of operation | 20 November 2017 |
Other information | The INVL Partner Energy and Infrastructure Fund is not publicly distributed. |
Legal form | Closed – end investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector of activity | Investing in companies that do not directly operate in energy production or infrastructure development but do business in sectors benefiting from global energy transition, including electricity, natural gas, water, wastewater and other energy and utility-related businesses, in North America and Europe. |
Start of operation | 4 September 2024 |
Placement agent | INVL Financial Advisors, FMĮ UAB |
Assets of the „INVL Partner Power Opportunities Fund“ consist of interest in fund managed by third party asset manager. Investment strategy employed by this manager involves investing in companies which main activities are related to provide key products and services to owners of special importance infrastructure, including electricity, natural gas, water, wastewater and other energy and utility-related businesses, in North America and Europe.
Legal form |
Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors
|
Management company | INVL Asset Management, UAB |
Sector of activity | The Sub-Fund acts as a feeder fund for a distressed debt fund established by a world-class investment management firm. |
Start of operation | 14 September 2020 |
Placement agent | INVL Financial Advisors, FMĮ UAB (the distribution of fund units are completed) |
Assets of the Sub-Fund consists of interest in fund managed by third party asset manager. Investment strategy employed by this manager involves acquisition of discounted debt securities issued by prominent companies with well established business model and acquiring of bank loans in respect of aforementioned companies. Investment returns are achieved through workouts or other means directed to increase of value to par of such acquired obligations.
We follow an open architecture policy and invest client assets raised through Fund of Funds. We invest through parallel investment structures, such as Parallel Vehicles or Side Car Vehicles, managed by reputable and globally recognized managers in various fields, including infrastructure, real estate, and others.
Legal form | Sub-Fund of INVL Alternative Assets Umbrella Fund, a closed-ended composite investment fund for informed investors |
Management company | INVL Asset Management, UAB |
Sector | Investments in core infrastructure as part of portfolio investing collective investment undertakings |
Start of operation | 17 November 2021 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
The Sub-Fund seeks to achieve a long-term increase in the value of the capital, while generating regular income from the Sub-fund’s assets. The Sub-Fund intends to achieve this investment objective by indirectly acquiring, holding and disposing of interests in the collective investment undertakings investing in core infrastructure in its portfolio.
The Sub-Fund’s investment portfolio consists of collective investment undertakings whose investment strategy seeks to acquire brownfield assets located in the Member States of the Organisation for Economic Co-operation and Development (OECD) or in the territories of other countries which are not members of the OECD, but which seek to invest in assets located in countries with a sustainable regulatory and legal environment.
Legal form | Open-end investment fund for informed investors INVL Partner Global Real Estate Fund I |
Management company | INVL Asset Management, UAB |
Sector | Investments in high quality real estate (office, retail, apartment buildings, etc.) as part of portfolio investing collective investment undertakings, or in other funds managed by other managers in Europe and the US. |
Start of operation | 10 January 2024 |
Distributor of fund units | INVL Financial Advisors, FMĮ UAB |
The Fund shall seek a long-term appreciation of the capital invested in the Fund by the investors while receiving a steady return on the Fund’s assets. The Fund intends to achieve this investment objective by acquiring, holding and disposing of stakes in the Portfolio collective investment undertakings, or in other funds managed by managers in Europe and the US, which invest in high quality real estate (office, retail, apartment buildings, etc.).
The Portfolio collective investment undertakings shall seek to acquire a portfolio of real estate assets that will generate steady income. The managers of the Portfolio collective investment undertakings shall seek to diversify the portfolio according to the location of the investees, the type of property, the size, the lease term, the profile of the tenant, and other normal diversification considerations.
Contact for institutional investors:
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.