Invalda INVL

What Invalda INVL does

Invalda INVL (AB Invalda INVL) is a Vilnius-headquartered, publicly-listed asset management and investment holding group operating across the Baltic states and Central/Eastern Europe. Founded in 1991 and listed on Nasdaq Vilnius since 1995 under the ticker IVL1L, the group manages approximately EUR 2.1 billion in assets across alternative investment funds, classical asset management, and family office services, employing around 150 staff of whom more than 60 are investment professionals.

The group delivers its offering through wholly-owned operating subsidiaries — INVL Asset Management (managing PE, real-asset, private-debt, and Latvian pension funds), INVL Financial Advisors operating under the INVL Šeimos biuras (Family Office) brand in Lithuania, Latvia and Estonia, and INVL Farmland Management — supplemented by managed funds (INVL Private Equity Fund II at EUR 410M, INVL Baltic Sea Growth Fund at EUR 165M, INVL Sustainable Timberland and Farmland Fund II at EUR 98M, INVL Renewable Energy Fund I at EUR 57.9M equity, INVL Bridge Finance at EUR 53.9M NAV, INVL Defence Infrastructure Fund I up to EUR 100M) and listed vehicles (INVL Technology, INVL Baltic Real Estate). The product set is complemented by feeder funds into global managers (EQT X, Main Capital Partners) and direct stakes in Artea bank (~20%), maib (7.45%) and Litagra (48.81%).

The business model is fee-based on assets under management, supplemented by performance fees / carried interest on PE and alternative funds, advisory fees from the family office channel, and returns on own capital invested alongside clients. Customer segments are institutional investors, family offices and HNW individuals, Latvian pension savers, and Baltic/CEE growth companies receiving PE capital. Revenue concentration risk is low given diversified LP base and multi-vertical fund platform; growth is driven by AuM scaling (+9.3% YoY), new fund vintages, and selective acquisitions (Mandatum Life Baltic insurance 2023; Eesti Keskkonnateenused 2025).

Name

Invalda INVL

Legal name

AB Invalda INVL

Website

https://invaldainvl.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

1–10 employees

Short description

Invalda INVL is a publicly-listed Lithuanian asset management group managing approximately EUR 2.1 billion across private equity, real-asset, private-debt, and pension funds, and providing family office services to institutional investors, HNW families, and retail savers in the Baltic states and CEE.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Trust, Fiduciary, and Custody Activities (523991)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro industry

PRIMARYFSAEAAAN

Private Client/High-Net-Worth Advisory

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Investment Advisory & Financial Planning

Keywords

• Asset management services
• Private equity funds
• Family office services
• Pension fund management
• Alternative investments

Headquarters

HQ city

Vilnius

HQ country

Lithuania

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: Management fees charged on assets under management across alternative investment funds including private equity funds, real asset funds, private debt funds, and pension fund management in Latvia. Fees are calculated as a percentage of AuM and represent a recurring revenue stream tied to the size of client assets managed.
2. Performance Fees / Carried Interest: Performance-based fees from private equity and alternative investment fund operations, where fund managers earn carried interest on investment returns above specified thresholds. The INVL Private Equity Fund II raised EUR 410 million, and the INVL Baltic Sea Growth Fund has a size of EUR 165 million.
3. Family Office and Advisory Fees: Fees from providing family office services including financial planning, portfolio management, and investment advisory to high-net-worth individuals and families. INVL Financial Advisors holds a B-category financial brokerage licence and operates under the INVL Šeimos biuras brand.
4. Own Capital Investments: Invalda INVL invests its own capital alongside clients in group-managed products, generating returns on strategic investments including stakes in Artea bank (19.94%), maib bank (7.45%), and Litagra (48.81%), as well as direct holdings valued at EUR 69.7 million as of March 2026.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Invalda INVL is an asset management and investment holding company that manages approximately EUR 2.1 billion of assets across alternative investment funds (private equity, real assets, private debt), classical asset management (Latvian pension funds, portfolio management), and family office services through INVL Šeimos biuras in the Baltic states. The group generates revenue primarily through management fees on assets under management, performance fees/carried interest from its private equity and alternative funds, advisory fees from family office clients, and returns on its own capital co-invested alongside clients.

Product overview

Invalda INVL is an asset management group operating as a platform-plus-subsidiaries structure with four main business segments: Alternative Investments (private equity, real assets, private debt), Classical Asset Management (pension funds, portfolio management), Family Office services, and Own Investments. The Alternative Investments segment includes flagship funds such as INVL Private Equity Fund II (€410M, largest PE fund in Baltics), INVL Baltic Sea Growth Fund (€165M), INVL Technology (listed, €47M cap), INVL Sustainable Timberland and Farmland Fund II (€98M), INVL Renewable Energy Fund I (€57.9M equity), INVL Baltic Real Estate (listed, €26M cap), INVL Defence Infrastructure Fund I (max €100M), INVL Bridge Finance (€53.9M NAV), and various feeder funds. Classical Asset Management offers pension funds in Latvia and portfolio management services. The Family Office (INVL Šeimos biuras) provides family governance, financial planning, and investment services across Lithuania, Latvia, and Estonia. The company also has own investments in Artea bank, maib, and Litagra, and issued €10M corporate bonds in 2024.

Differentiator

Problem solved

Functional benefit

Brands

• INVL Private Equity Fund II: Largest private equity fund in the Baltic region, raising EUR 410 million, investing in high-growth companies in the Baltic region, Poland, Romania and broader EU.
• INVL Baltic Sea Growth Fund
• INVL Technology
• INVL Special Opportunities Fund
• INVL Sustainable Timberland and Farmland Fund II
• INVL Renewable Energy Fund I
• INVL Baltic Real Estate
• INVL Bridge Finance
• INVL Šeimos biuras (INVL Family Office)
• INVL Asset Management
• INVL BSGF Co-Invest Fund II
• INVL BSGF Salt Invest

Products and services

• INVL Private Equity Fund II Private equity fund with EUR 410 million targeting investments of EUR 10-60 million per company in high-growth businesses across the Baltics, Poland, Romania, and wider EU. The largest private equity fund in the Baltic region, serving institutional and qualified investors seeking growth capital exposure in CEE.
• INVL Baltic Sea Growth Fund Private equity fund with EUR 165 million size, backed by the European Investment Fund as principal investor, focused on investments in the Baltics and neighbouring regions including Poland, Scandinavia, and Central Europe. Targets high-growth companies with active ownership support.
• INVL Technology Nasdaq-listed closed-end investment company focused on IT enterprises serving large businesses and government segments, including e-governance, IT services, programming, and cybersecurity across EEA, OECD countries, and Israel. Market capitalisation of EUR 47 million as of December 31, 2025.
• INVL Special Opportunities Fund Private equity fund with initial size of EUR 4.5 million that indirectly invested in Moldova's largest bank maib alongside EBRD and Horizon Capital, with the strategic goal of transforming maib into a digital banking leader in Moldova.
• INVL Sustainable Timberland and Farmland Fund II Real assets fund investing in sustainable forestry and agricultural land with EUR 98 million raised against a EUR 100 million target and EUR 200 million maximum. Operates initially in the Baltics with planned expansion to Eastern EU countries.
• INVL Renewable Energy Fund I Renewable energy fund with EUR 57.9 million raised equity targeting 350+ MW capacity, investing in solar and wind projects across greenfield and brownfield stages in the EU, UK, and EEA countries, with a target net return of 11% for investors.
• INVL Baltic Real Estate Nasdaq Vilnius-listed commercial real estate company with EUR 26 million market capitalisation as of December 31, 2025, holding office, storage, and manufacturing properties in Lithuania and Latvia that generate rental income.
• INVL Defence Infrastructure Fund I Defence infrastructure fund with maximum size of EUR 100 million, participating in the construction of Lithuania's Rūdninkai military town for the German and Lithuanian armed forces, approved by the Bank of Lithuania.
• INVL Bridge Finance Private debt fund with EUR 53.9 million net asset value seeking long-term stable returns by investing in privately and publicly placed debt securities of enterprises, with 28 completed and 7 active investments.
• Latvia Pension Funds (II and III Pillar) II and III pillar pension funds managed in Latvia since 2002, offering four different II pillar pension funds and III pillar savings options with age-appropriate investment strategies for retirement savers.
• Portfolio Management Services Professional discretionary portfolio management services including client situation analysis, investment management plan development, portfolio construction, ongoing supervision, and regular client reporting for individuals and institutions.
• INVL Šeimos biuras (Family Office) Multi-jurisdiction family office offering services including family governance, financial planning, portfolio management on a fiduciary basis, third-party product analysis and selection, tax and legal services analysis, and investment asset account consolidation, with branches in Lithuania, Latvia, and Estonia.
• Global Private Equity Access Fund Feeder fund investing in EQT X (managed by global manager EQT) targeting healthcare, technology, and business services sectors in Europe and the USA. Provides qualified investors with access to underlying global manager at lower minimums.
• European Software Private Equity Access Fund Feeder fund enabling investors to access Main Capital Partners' private equity fund with a EUR 125,000 minimum, targeting B2B software companies in Northern and Western Europe.
• Invalda INVL Bonds EUR 10 million non-convertible medium-term corporate bonds with 7% fixed annual interest rate, 3-year duration, collateralized by Šiaulių bankas shares with LTV not exceeding 50%, listed on the Nasdaq Baltic debt securities list.

Quantifiable outcome

• INVL Private Equity Fund II raised EUR 410 million within 8 months, becoming the largest private equity fund in the Baltics
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered major, core and minor.

• Main Capital PartnersmajorStrategic or Co-development Partner · 17 March 2026INVL Asset Management launched the European Software Private Equity Access Fund, a feeder fund enabling investors to access Main Capital Partners' Netherlands-based private equity fund. Main Capital Partners manages nine alternative investment funds with over EUR 7 billion in assets under management and has achieved 44% aggregate realised return from 38 portfolio company exits generating EUR 2.1 billion.
• Polish Private and Risk Capital Association (PSIK)coreStrategic or Co-development Partner · 1 January 2025Invalda INVL became a member of the Polish Private and Risk Capital Association (PSIK) in 2025. PSIK has represented the Polish private and venture capital sector for over 20 years, uniting private and venture capital investors operating in Poland.
• Mandatum LifemajorStrategic or Co-development Partner · 15 June 2021Invalda INVL signed an agreement to acquire Mandatum Life's Baltic insurance business, with completion expected by mid-2022 pending regulatory approval. The transaction aimed to expand Invalda INVL's offerings in life and health insurance, utilizing Mandatum Life's expertise and client base in the Baltics. The acquisition was subsequently completed in 2022-2023 as part of broader retail business consolidation.
• United Nations-supported Principles for Responsible Investment (PRI)coreStrategic or Co-development Partner · 1 January 2017Invalda INVL together with INVL Asset Management in Lithuania and Latvia joined the UN-supported Principles for Responsible Investment (PRI) in mid-2017. PRI defines six principles for responsible investment integrating environmental, social, and governance factors into investment practice.
• Investors Association (Investuotojų asociacija)minorStrategic or Co-development Partner · 1 January 2017Invalda INVL joined the Investors Association at the end of 2017. The association organises meetings with company executives and financial market events for members, advocates for retail investor rights, and provides evidence-based recommendations to the Government and Parliament.
• Invest EuropecoreStrategic or Co-development PartnerFull member of Invest Europe, the European association uniting private equity and venture capital sector companies and investors. Invalda INVL and INVL Asset Management are members in Lithuania and Latvia, adhering to the association's code of conduct and professional standards.
• Lithuanian Risk and Private Capital AssociationcoreStrategic or Co-development PartnerInvalda INVL is a member of the Lithuanian Risk and Private Capital Association, which unites private and venture capital market participants in Lithuania and works with competent Lithuanian institutions and partners to develop the sector.
• EQTmajorStrategic or Co-development PartnerThrough the Global Private Equity Access Fund, INVL Asset Management enables investment in EQT X, which invests in healthcare, technology, and business services sectors in Europe and the US. EQT is a world-class global investment manager.

Scale indicators24 records

Recent moves8 records

Expansion highlights6 records

Others

• EBRD (European Bank for Reconstruction and Development): Multilateral development bank co-investing alongside Invalda INVL in Moldova's maib and active across CEE private capital. Comparable as a co-investor and indirect validator of INVL's regional thesis rather than as a competitor.
• Artea bank (formerly Šiaulių bankas): Lithuanian bank in which Invalda INVL holds approximately 20% and which absorbed INVL's retail asset management business via 2022-2023 merger. Comparable as a portfolio company and capital-allocation partner rather than a direct competitor.
• INVL Technology: Nasdaq Vilnius-listed closed-end investment company managed within the Invalda INVL ecosystem, focused on IT investments across EEA and OECD. Comparable as a sister listed vehicle, useful for understanding Invalda INVL's listed-affiliate strategy.

Broad incumbents

• SEB: Major Nordic universal bank with deep Baltic operations across Lithuania, Latvia, and Estonia, including asset management, pension funds, and private banking. Comparable as a broad incumbent offering overlapping investment products in the same geographies.
• EQT: Global PE/alternative asset manager headquartered in Sweden, with EUR 240B+ AUM and broad European and US coverage. Comparable as a tier-1 global PE manager whose flagship fund (EQT X) INVL distributes via feeder structure, and as a benchmark for the scale ceiling Invalda INVL is targeting.
• Partners Group: Swiss-listed global private markets investment manager with EUR 150B+ AUM across PE, private debt, real assets, and infrastructure. Comparable as a broad incumbent offering an alternative asset platform that Invalda INVL competes against for CEE institutional mandates.
• Swedbank: Leading Nordic universal bank with the largest Baltic retail and asset management footprint. Comparable as a broad incumbent in Baltic pension fund and portfolio management, competing for the same institutional and retail capital pools.

Direct peers

• Main Capital Partners: Netherlands-based PE firm managing EUR 7B+ focused on B2B software buyouts in Northern and Western Europe. Directly comparable as a sector-specialist PE manager and as a strategic partner through INVL's feeder fund distributing Main Capital's product in the Baltics.
• BaltCap: Baltic-focused private equity and venture capital firm managing buyout and growth funds across Lithuania, Latvia, and Estonia. Directly comparable as the most established regional PE peer competing for Baltic mid-market deals and institutional LP capital.
• LHV Group: Estonian financial group providing banking, asset management, and pension fund services in the Baltics. Directly comparable as a listed Baltic asset management and wealth platform targeting institutional and retail clients in the same regional market as Invalda INVL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/invalda
• Facebookfacebook.com/invlassetmanagement

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invalda INVL