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How we work

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.

Regions

Baltic countries and Emerging Europe

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.

Strategies

Private equity

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.

INVL Baltic Sea Growth Fund

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/

INVL Technology

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.

INVL Special Opportunities Fund

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 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

 

Feeder funds

INVL Baltic Sea Growth Capital Fund

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 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 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 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.

Real assets

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.

INVL Renewable Energy 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 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

INVL Baltic Real Estate

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.

INVL Baltic Farmland

Legal form Public limited liability company (AB)
Sector Agricultural land management (rent, development)
Exchange Nasdaq Vilnius
Start of operation 2014
Website https://invlbalticfarmland.com/en/

INVL Baltic Farmland, listed on the Nasdaq Vilnius Stock Exchange, owns shares in companies investing in agricultural land in Lithuania. Currently, INVL Baltic Farmland owns 3,000 ha of agricultural land in Lithuania, which is rented out to farmers and agricultural companies.

On 30 June 2015, landowner companies and INVL Baltic Farmland signed a basic property administration agreement with INVL Farmland Management, which administers the companies’ land to ensure steady income growth for shareholders and increase the value of the land.

Investment in agricultural land is long-term and recommended for investors who are satisfied with their rental yield and potential gains from increased agricultural land prices. Since the prices of agricultural products are determined in global markets, this investment enables participation in the world food supply chain.

INVL Baltic Forest Fund I

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.

Feeder Funds and Fund of Funds

INVL Sustainable Timberland and Farmland Fund II – Capital Fund

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 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 Global Real Estate Fund I

Private debt

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.

INVL Bridge Finance

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.

Feeder fund

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.

Feeder Funds

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.

INVL Baltic Sea Growth Capital Fund

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 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 Sustainable Timberland and Farmland Fund II – Capital Fund

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 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 Private Equity 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 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 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 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 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.

Fund of Funds

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.

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 Global Real Estate Fund I

Legal fund 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.

Interested in investment opportunities?

Contact for institutional investors: paulius.zurauskas@invl.com