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 | 9 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 | 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 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 largest commercial bank in Moldova. Its assets at the end of 2019 amounted to €1.3 billion, and equity to €229 million.
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.
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.