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| BaltCap’s Latvia Venture Capital Fund |
BaltCap, the leading private equity and venture capital firm in the Baltic republics, has broken new ground with the closing of a venture capital fund in cooperation with the European Investment Fund (EIF). The €30 million BaltCap Latvia Venture Capital Fund is the first private fundraising in emerging Europe to be established under the Joint European Resources for Micro to Medium Enterprises (Jeremie) project. Jeremie was established by the European Commission in conjunction with the European Investment Bank (EIB) and the EIF to promote increased access to finance for the development of micro, small and medium-sized enterprises (SMEs) in the EU over the period 2007-13. Jeremie-related projects have been planned in Bulgaria, Cyprus, Romania and Slovakia too.
The BaltCap fund is also the first structured venture capital fundraising in the Baltic states since the onset of the global economic crisis. The fund, which will provide start-up and expansion capital, is likely to target 15 to 20 different ventures, with equity stakes ranging between €300,000 and €3 million. The EIF acted as anchor investor of the new fund with a commitment of €20 million.