Livonia Partners
Livonia Partners is a Riga-domiciled pan-Baltic private equity firm managing €230-240M across Fund I (€73M) and Fund II (€157M). It acquires majority and minority stakes of €3-15M in Baltic and Nordic companies with enterprise values of €10-100M, spanning healthcare, manufacturing, TMT, and climate solutions, with 21 portfolio investments to date.
- Company typePrivate
- Founded2015
- HeadquartersRiga, Latvia
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Livonia Partners does
Livonia Partners (SIA Livonia Partners) is a pan-Baltic private equity investment firm, founded in 2015 and domiciled in Riga, Latvia, with regional offices in Tallinn, Estonia, and Vilnius, Lithuania. The firm is the largest dedicated PE investor in the Baltic region, operating two flagship funds: Livonia Partners Fund I (closed at €73 million in 2015) and KS Livonia Partners Fund II (closed at €157 million in September 2022, above target). Total assets under management stand at approximately €230-240 million. The firm acquires majority and minority equity stakes of €3-15 million per transaction in mature companies with enterprise values typically ranging from €10 million to €100 million, focusing on TMT, manufacturing, business and consumer services, healthcare, and climate-solutions sectors across the Baltic states and select Nordic and Central European markets.
The firm operates an active ownership model, partnering with founders and management teams to drive growth, international expansion, and operational improvement. As of 2022, Livonia's portfolio of 21 companies employed over 2,400 people and generated combined revenues exceeding €400 million. Recent investments include Medicum (Estonian healthcare), Telema (e-invoicing), Wildix (UCaaS), Digital Mind (Microsoft ERP), Bagfactory (sustainable packaging), Bestair (heat pumps), and CSUB (composites for renewables). Notable exits include Thermory (grown from €20M to €100M+ revenue and sold to UG Investeeringud), Fenestra (sold to Trigon Capital), Stebby (sold to Up Group), and Freor, with a 10x return on Qvalitas at 44% IRR.
Livonia's revenue model is the standard PE two-stream structure: recurring management fees charged to fund investors (LPs) on committed capital, and transaction-based carried interest on successful exits above a preferred return threshold. Fund investors include Swedbank (largest LP), Luminor, European Bank for Reconstruction and Development (EBRD), European Investment Fund (EIF via Baltic Innovation Fund 2), and other Baltic and Nordic pension funds and family offices. The firm has built a distinctive ESG proposition: it was the first climate-neutral PE fund manager in the Baltics (2023), is a UN PRI signatory, holds Article 8 SFDR classification, and has published five consecutive annual sustainability reports. Fund II carries a binding commitment to invest at least 10% of capital in climate-positive opportunities. The founding partners include Kaido Veske (Estonia), Kristīne Bērziņa (Latvia), Rain Lõhmus (now advisor), and Mindaugas Utkevičius (Lithuania), with Mindaugas Rapolas and Ernests Bordans (INSEAD MBA) promoted to Partner as next-generation deal partners in 2022.
Livonia Partners firmographics
Firmographics- Name
- Livonia Partners
- Legal name
- SIA Livonia Partners
- Website
- https://livoniapartners.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Livonia Partners is a Riga-domiciled pan-Baltic private equity firm managing €230-240M across Fund I (€73M) and Fund II (€157M). It acquires majority and minority stakes of €3-15M in Baltic and Nordic companies with enterprise values of €10-100M, spanning healthcare, manufacturing, TMT, and climate solutions, with 21 portfolio investments to date.
- Ownership category
- akta.pro rank
Livonia Partners industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Secondary Venture Funds (VC Secondaries) (FSANAAAK)
Keywords
Where Livonia Partners is headquartered
LocationHeadquarters
- HQ city
- Riga
- HQ country
- Latvia
- HQ region
- Europe
Offices3 records
Markets served
Livonia Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Management Fees: Private equity fund management fees charged to fund investors (LPs) based on committed capital
- Carried Interest: Performance-based carried interest from successful exits of portfolio companies above the preferred return threshold
Go-to-market motion2 records
Distribution channels1 record
Marketing channels6 records
Livonia Partners product offering
Product offeringCore offering
Livonia Partners is a pan-Baltic private equity investment firm that manages dedicated buyout funds (Fund I at €73 million and Fund II at €157 million) investing majority and minority equity stakes of €3-15 million in medium-sized companies with enterprise values of €10-100 million. The firm partners with entrepreneurs and management teams across the Baltic region and beyond, providing growth capital, active ownership support, and strategic guidance across sectors including TMT, manufacturing, and business and consumer services.
Product overview
Livonia Partners is a pan-Baltic private equity investment firm that does not offer software products or services. The firm invests in successful companies in the Baltic region and beyond, with a focus on sectors including TMT (technology, media, telecommunications), manufacturing, and business and consumer services. The company's investment portfolio includes various portfolio companies such as Medicum (healthcare services), Telema (EDI and e-invoicing), Wildix (unified communications), Stebby (wellness platforms), Bagfactory (sustainable packaging), Bestair (heat pumps and climate solutions), CSUB (composite solutions), Freor (commercial refrigeration), Fenestra (windows), Hortes (gardening retail), and others. These are investments in external companies, not products or services offered by Livonia Partners itself.
Differentiator
Problem solved
Functional benefit
Brands
- KS Livonia Partners Fund II: Second buy-out fund managed by Livonia Partners, raised at EUR 157 million in 2022.
- Livonia Partners Fund I
Products and services
- Livonia Partners Fund I
Quantifiable outcome
- 21 investments completed with 2,400+ employees and €400M+ combined revenues across portfolio
- +2 more outcomes
Companies that use Livonia Partners
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles2 records
Livonia Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Livonia Partners partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- Green Finance InstitutecoreEmma Harvey-Smith from the Green Finance Institute delivered keynote at Livonia's Sustainable Growth Forum 2026, discussing capital flow into energy transition and the challenge of availability of investable, scalable, de-risked opportunities
- Level 20coreLevel 20 is an organization promoting gender diversity in private equity. Livonia helped launch Level 20 in the Baltics and team members joined to reinforce commitment to gender diversity initiatives within private equity
- Lithuanian Responsible Business Association (LAVA)minorLivonia Partners became member of Lithuanian Responsible Business Association, enhancing their responsible business practices
- UN Principles for Responsible Investment (PRI)coreLivonia Partners is a signatory of the UN PRI, committing to responsible investment principles and integrating ESG considerations throughout their investment process
- Invest EuropecoreActive member engaging in partnerships to accelerate sustainable transformation across portfolio
- Baltic Venture Capital Associations (LT VCA, LV VCA, EST VCA)coreLivonia holds board representation across all three Baltic venture capital associations, supporting regional PE and VC events
- Stockholm School of Economics in RigaminorCooperation established to contribute to world-class business education in Baltics and raise awareness about private equity industry among university students. Livonia representatives lecture on private equity and venture capital; company offers summer internships and funded four scholarships
- Up GroupminorFrench rewards and benefits leader acquired controlling stake of Stebby from Livonia Partners; operates in 23 countries generating €759 million revenues; enables Up Group to gain broader foothold in Europe and Baltic States
- LMT (Latvijas Mobilais Telefons)minorLargest mobile operator in Latvia acquired 100% of Santa Monica Networks from Livonia Partners, enabling combined company to become leader in digital transformation
- BarrusminorAcquired majority stake in Glassense (formerly Klaasimeister/Polar Glass merger) from Livonia Partners; Barrus is largest glulam components producer in Estonia
Scale indicators9 records
Recent moves9 records
Expansion highlights5 records
Livonia Partners competitors and assessment
Company assessmentDirect peers
- BaltCap: Largest dedicated Baltic private equity firm managing multiple buyout and growth funds across Estonia, Latvia, and Lithuania. Directly comparable to Livonia Partners in geography, stage, and ticket size, and the closest head-to-head competitor for Baltic mid-market deals.
- INVL Asset Management: Lithuania-based asset manager running private equity and alternative investment funds, including Baltic-focused strategies. Comparable to Livonia Partners in offering PE fund products to Baltic institutional investors and pursuing regional mid-market opportunities.
- KJK Capital: Nordic-Baltic private equity investor focused on small to mid-cap industrial and consumer companies. Directly comparable in regional focus, ticket size, and active ownership approach to portfolio companies in Northern Europe.
Broad incumbents
- EQT Partners: One of Europe's largest private equity firms with significant Nordic heritage and active investments across the Baltic region. Operates at much larger scale than Livonia Partners but competes for the same regional mid-market opportunities and institutional LP capital.
- IK Partners: European mid-market private equity firm with Nordic roots and active deal-sourcing across Northern Europe including the Baltics. Comparable in targeting mid-cap buyouts but operates broader sector mandates and larger fund vintages.
- The Riverside Company: Global mid-market private equity firm with European operations investing in companies at similar enterprise values to Livonia's mandate. Comparable in deal size and active ownership approach, though broader geographic and sector focus.
- Nordic Capital: Major Nordic private equity firm with extensive healthcare, technology, and financial services sector specializations. Comparable as a regional incumbent with Baltic exposure through portfolio companies, though operating at significantly larger fund sizes.
Emerging players
- Practica Capital: Baltic venture capital and growth equity firm investing across Estonia, Latvia, and Lithuania. Comparable in regional focus and LP base, though focused on earlier-stage growth equity rather than Livonia's buyout strategy.
- Karma Ventures: Early-stage venture capital fund focused on Baltic and Nordic technology companies. Adjacent in Baltic PE/VC ecosystem and serves as co-investor and competitor for talent and LP relationships in the region.
Regional players
- Trigon Capital: Estonian financial services group with private equity and advisory activities, including the acquisition of Fenestra from Livonia Partners Fund I. Comparable as a Baltic-based capital provider and has been both an investor and buyer in Livonia's ecosystem.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Livonia Partners social profiles
Digital presenceLivonia Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Livonia Partners leadership team
Management profileNumber of profiles
Profiles8 records
Livonia Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Livonia Partners M&A and investment
M&A and investmentM&A4 records
Investments8 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Livonia Partners
What does Livonia Partners do?
Livonia Partners is a pan-Baltic private equity investment firm that manages dedicated buyout funds (Fund I at €73 million and Fund II at €157 million) investing majority and minority equity stakes of €3-15 million in medium-sized companies with enterprise values of €10-100 million. The firm partners with entrepreneurs and management teams across the Baltic region and beyond, providing growth capital, active ownership support, and strategic guidance across sectors including TMT, manufacturing, and business and consumer services.
Is Livonia Partners a public or private company?
Livonia Partners is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Livonia Partners founded?
Livonia Partners was founded in 2015. It employs 11 to 50 people.
Where is Livonia Partners based?
Livonia Partners is headquartered in Riga, Latvia, in the Europe region.
How does Livonia Partners make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Livonia Partners's main competitors?
Direct peers on record are BaltCap, INVL Asset Management and KJK Capital. Broad incumbents are EQT Partners, IK Partners, The Riverside Company and Nordic Capital. Emerging players are Practica Capital and Karma Ventures. Trigon Capital is listed as a regional player.
Does Livonia Partners have an API?
No public API is recorded for Livonia Partners.
What industry is Livonia Partners in?
Livonia Partners's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSANAAAK, Secondary Venture Funds (VC Secondaries). Its NAICS code is 52394 and its SIC code is 6282.