Invalda INVL Group raises largest PE fund in the Baltics exceeding target at first close reaching € 305 million

Invalda INVL Group today announces that it has successfully completed a first closing of its second-generation private equity fund (“INVL Private Equity Fund II”), reaching EUR 305 million and exceeding its target of EUR 250 million. Invalda INVL Group is very active in Romanian market through few of its strategies and with the launch of the fund will be seeking to increase its presence in Romania. It’s predecessor fund INVL Baltic Sea Growth Fund has recently agreed to invest in the Pehart Group, a leading producer of household and industrial paper products in the country, its renewable energy fund is planning to invest EUR 220 million in renewable energy projects and forestry fund is actively investing into Romanian forest.
The INVL Private Equity Fund II has received strong backing from both existing and new investors, forming an exceptional investor base. This includes some of the most successful entrepreneurs from across the Baltics, family offices and institutional investors such as the European Investment Fund, pensions funds managed by Luminor asset management companies, SB Asset Management and IPAS INVL Asset Management in Latvia, as well as life insurance company UAB SB Draudimas. Fundraising will continue to reach a hard cap of EUR 400 million.

The minimum investment in the INVL Private Equity Fund II was EUR 10 million. However, investors could invest in the fund via INVL Private Equity Capital Fund II with a ticket as low as EUR 125,000 which subsequently reached a total size of EUR 116 million.

To fully align interests with the INVL Private Equity Fund II investors, Invalda INVL and the fund’s management team have also invested EUR 32,7 million, currently representing 11% of the total fund size.

Darius Šulnis, CEO at Invalda INVL, commented: “This highly successful fundraising reflects investors’ trust in our work, as well as a pragmatic view on the region’s perspectives and potential. It also signals opportunities for companies and countries in the region seeking investment.

INVL Private Equity Fund II will invest in businesses across Lithuania, Latvia, Estonia, Poland, Romania and the broader EU - backing those with the potential to become leaders in their competitive fields and drive value creation, along with the talented and determined people behind their success. In a rapidly changing environment, we see an increasing number of attractive investment opportunities. Having successfully built and developed multiple businesses, we understand the dedication, ambition and challenges that come with seizing new opportunities and driving growth. We take an active role in companies’ development, believing that this is the key to delivering strong returns for our investors - whose support, capital and high standards empower us to act.”

Deimantė Korsakaitė, Managing Partner at INVL Private Equity Fund II and INVL Baltic Sea Growth Fund, added: “This is a historic milestone for the Baltics, as we have announced the largest private equity fund ever raised in the region. We are extremely grateful to our investors for their trust. It is both an honour and a great responsibility to uphold this confidence in us. We will continue the successful strategy of our predecessor, the INVL Baltic Sea Growth Fund and remain fully committed to work hand-in-hand with management teams to drive transformative growth and create long-term value for companies, our investors as well as contributing to the growth of the economy. We strongly believe that our experience and network bolster our capabilities as a value-add partner to companies.”

The new fund will build on the strategy of the INVL Baltic Sea Growth Fund, seizing attractive opportunities across the Baltics, Poland, Romania and the broader EU. The INVL Private Equity Fund II is sector-agnostic and will invest in companies with the potential to become regional leaders in their respective industries, focusing on acquiring majority or significant minority stakes. Through active investment management, the fund aims to drive long-term value creation.

The strategy includes forming a diversified portfolio of 10–12 investments, providing late-stage growth capital to target companies and executing both buyout and buy-and-build strategies. Investment size will typically be in the region of EUR 10 million to EUR 40 million, with a preferred equity ticket of around EUR 25-30 million. However, the fund will also pursue larger deals together with co-investors.

Deimantė Korsakaitė continued: “The predecessor INVL Baltic Sea Growth Fund which raised EUR 165 million closed the year in 2024 with a 25% net internal rate of return (Net IRR), total value to paid-in capital (TVPI) exceeding 2x and having announced the first agreed exit from its portfolio company InMedica that is to become one of the largest investments in healthcare services in the Baltics to date.”

-ENDS-

About INVL Private Equity Fund II

The EUR 305 million INVL Private Equity Fund II is the largest private equity fund in the Baltics. It aims to build a diversified portfolio by acquiring majority or significant minority stakes in high-growth companies, with investment sizes ranging from EUR 10 million to EUR 40 million. The fund focuses on businesses with strong potential to grow and compete amid intensifying global competition, targeting opportunities in the Baltic countries, Poland, Romania and the broader Europe Union.

The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies manage or have under supervision more than EUR 1.6 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia and Estonia, manages pension funds in Latvia and invests in global third-party funds.

The information provided by KomuniK