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BaltCap

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Classification
Slugbaltcap
HQTallinn
Stage FocusBaltCap operates across multiple stages: buyout fund inve…
Intel StatusAccepting submissions
🔥 BERNIE'S HOT TAKE

BaltCap is the Baltic heavyweight you go to when you want an investor who actually knows how to build companies in emerging Europe. Portfolio CEOs rave about their decade-plus partnerships and result-oriented approach, which tells you everything about their post-investment value-add. The recent €100M+ infrastructure fund embezzlement scandal involving partner Šarūnas Stepukonis was a black eye, but their handling shows institutional maturity. They're the rare Eastern European fund that can execute London Stock Exchange take-privates and has genuine multi-decade track record. Their focus on digitization and automation shows they get where markets are heading, not just chasing yesterday's winners.

KEY TAKEAWAYS
  • Best for: Baltic/Nordic expansion with seasoned operators who know emerging Europe
  • Watch out for: Recent governance issues, though they're addressing them systematically
  • Known for: 25+ years of building regional champions with hands-on post-investment support
Investment Thesis

BaltCap is a private equity and venture capital investor in the Baltic states focusing on investment on the growth and realization of small and medium enterprises, aiming to build businesses that increase the quality of life in our societies.

Stage & Sector Focus

BaltCap operates across multiple stages: buyout fund invests in local market leaders with buy-and-build objective, growth fund targets fast growing companies with proven business models, investing €5-20 million of equity for enterprise values between €10-100 million.

Notable Portfolio
Delamode Group (Xpediator)Hansab GroupUnimedMagnetic MROVKG ElektrivõrgudFitekAGroupEesti Keskkonnateenused
Key Partners
Peeter Saks
CEO & Managing Partner

Peeter became CEO and Managing Partner of BaltCap in 2005. He has worked in investment banking and private equity since 1994, with past positions including founder and managing director of Suprema Securities and chairman of Tallinn Stock Exchange.

Martin Kõdar
Managing Partner

Martin is recognized for the highly professional experienced team at BaltCap. He manages the development of the fund and leads the investment committee.

Kristjan Kalda
Partner

Kristjan is a founding partner who emphasizes that digitalization and automation businesses are constantly on their radar. He serves as lecturer at Tallinn Technical University and Estonian Business School.

Simonas Gustainis
Partner

Simonas leads the infrastructure team and focuses on infrastructure investments in the Baltics and Poland.

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