INVL Asset Management raises €106m

The Lithuania-based asset manager holds first close for largest Baltic-focused fund.

INVL Asset Management has held a first closing of INVL Baltic Sea Growth Fund at €106 million, making it the largest private equity fund in the Baltic countries. The firm plans to raise €200 million for the fund, with a second and final close expected in 2019. It will make investments between €10 million and €30 million in mature companies that can compete on global markets.

EIF acted as an anchor investor for the vehicle, committing up to €30 million. Estonia-based LHV Asset Management has also invested in INVL Baltic Sea Growth Fund, as have INVL pension funds and other financial and private investors.