EfTEN Capital

What EfTEN Capital does

EfTEN Capital AS is an Estonian alternative fund management company established in 2008 and headquartered in Tallinn, operating under an Estonian Financial Supervision Authority licence. It manages seven real estate investment funds spanning commercial (EfTEN Real Estate Fund AS, EfTEN Kinnisvarafond II, EfTEN Real Estate Fund 4, EfTEN Real Estate Fund 5), residential (EfTEN Residential Fund), diversified/listed (EfTEN United Property Fund on Nasdaq Tallinn), and opportunistic/distressed (EfTEN Special Opportunities Fund, 2023) strategies — covering all three Baltic states with 65 commercial buildings, 1,500 tenants, and a combined managed property market value exceeding €1.25 billion.

EfTEN generates revenue primarily through management fees charged on the seven funds' assets under management, supplemented by performance/incentive fees on certain vintages. Underlying funds derive rental income from office, retail, logistics, elderly care, and residential properties across Estonia, Latvia, and Lithuania. Distribution runs through three channels: direct institutional sales to pension funds (LHV), insurance groups (Vienna Insurance Group) and EBRD; a Nasdaq Tallinn–listed fund-of-funds (EfTEN United Property Fund) enabling retail access from a €10 minimum; and closed-end offerings for professional investors (minimums and management fee structures generally not publicly disclosed). Independent valuations are conducted by Colliers International Advisors OÜ, with PwC as auditor.

Customer segmentation is horizontal: institutional investors, family offices, and HNW individuals for closed-end funds; retail investors via the Nasdaq-listed vehicle; and approximately 1,500 commercial tenants across the property portfolio — including anchors such as Danske Bank, GlobalNetint, DSV, Saint-Gobain, Sõudamekodud, and Sportland. Founding partners Viljar Arakas (CEO), Tõnu Uustalu (Investment Manager), Marilin Hein (CFO), and Maie Talts (Legal) work daily at EfTEN, with regional country managers in Lithuania and Latvia, and dedicated in-house property/centre managers across the shopping-centre portfolio (Kristiine, Mustikas, UKU, Magistrali, Domina, Saulės Miestas, RYO). GRESB sustainability ratings, including a four-of-five-star rating for EfTEN Real Estate Fund 4, are a stated differentiator cited for favourable financing conditions.

Name

EfTEN Capital

Legal name

EfTEN Capital AS

Website

https://eften.ee

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

51–100 employees

Short description

EfTEN Capital AS is an Estonian alternative fund manager managing seven Baltic real estate funds (commercial, residential, distressed, and a Nasdaq Tallinn–listed diversified vehicle) with €1.25 billion in managed property across 65 buildings and 1,500 tenants in Estonia, Latvia, and Lithuania.

Ownership category

akta.pro rank

Product category

Real Estate Fund Management

NAICS

Other Financial Vehicles (52599), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798), Investors, Nec (6799)

akta.pro primary industry

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)

akta.pro secondary industry

Real Estate Funds — Core-Plus (FSANAEAG)

Keywords

• Commercial real estate
• Real estate fund management
• Alternative investment funds
• Baltic property investment
• Institutional asset management

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund management fees: EfTEN Capital charges management fees for managing its closed-end and listed alternative investment funds (EfTEN Real Estate Fund, EfTEN Kinnisvarafond II, EfTEN Real Estate Fund 4, EfTEN Real Estate Fund 5, EfTEN United Property Fund, EfTEN Residential Fund, EfTEN Special Opportunities Fund). Fees are typically calculated as a percentage of assets under management or committed capital.
2. Performance fees / incentive fees: Some EfTEN funds generate performance-based fees aligned with investor returns, including distributions to unitholders. EfTEN United Property Fund distributes 100% of dividends received from underlying funds to its own investors.
3. Rental income from direct property holdings: Subsidiaries and portfolio companies of the funds generate recurring rental income from commercial and residential properties across Estonia, Latvia, and Lithuania. EfTEN Real Estate Fund reported consolidated rental income of €8.180 million in Q1 2026 (up 6.5% YoY) and €33.083 million for full year 2025. EfTEN United Property Fund reported revenue of €3.79 million in 2025.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

EfTEN Capital is an Estonian fund management company that manages seven real estate investment funds investing in commercial, residential, and special opportunities properties across the Baltic states. The funds hold 65 commercial buildings with approximately 1,500 tenants and combined market value of €1.25 billion, ranging from closed-end institutional vehicles to a publicly listed retail-accessible fund (EfTEN United Property Fund) on Nasdaq Tallinn.

Product overview

EfTEN Capital is an alternative fund manager offering seven distinct real estate investment funds spanning commercial, residential, and special opportunities categories. The core products include EfTEN Real Estate Fund AS (publicly listed commercial real estate), EfTEN Kinnisvarafond II and EfTEN Real Estate Fund 4 (closed-end commercial funds), EfTEN Real Estate Fund 5 (green investment fund), EfTEN United Property Fund (diversified listed fund functioning as Baltic real estate index), EfTEN Residential Fund (residential investments), and EfTEN Special Opportunities Fund (distressed assets). Together these funds manage 65 commercial properties with approximately 1,500 tenants across Estonia, Latvia, and Lithuania, with combined market value of €1.25 billion.

Differentiator

Problem solved

Functional benefit

Brands

• EfTEN Real Estate Fund: Public closed-end alternative investment fund established in 2015, investing in commercial real estate across the Baltics
• EfTEN Kinnisvarafond II
• EfTEN Real Estate Fund 4
• EfTEN Real Estate Fund 5
• EfTEN United Property Fund
• EfTEN Residential Fund
• EfTEN Special Opportunities Fund

Products and services

• EfTEN Real Estate Fund AS A publicly listed closed-end alternative investment fund established in 2015, investing in commercial real estate across the Baltics. Consolidated rental income of €8.180 million in Q1 2026 with EBITDA of €6.817 million. Listed on Nasdaq Tallinn (ticker EFO).
• EfTEN Kinnisvarafond II AS A cash-flow generating commercial real estate fund established in 2015, investing in commercial properties across Estonia, Latvia, and Lithuania. Portfolio includes 18 commercial properties with NAV of €111 million.
• EfTEN Real Estate Fund 4 A closed-end trust fund established in 2018, investing in cash-flow generating commercial real estate. Completed its investment phase and holds GRESB sustainability rating (four out of five stars — highest among Baltic property funds).
• EfTEN Real Estate Fund 5 An alternative closed-end fund established in 2021, following green investment principles with annual GRESB (Global Real Estate Sustainability Benchmark) rating objectives. Successor fund to EfTEN Real Estate Fund 4. First acquisition was the Danske Bank office building in Vilnius CBD in December 2021.
• EfTEN United Property Fund The first fund in the Baltics enabling investment in diversified commercial and residential real estate. Listed on Nasdaq Tallinn since May 2022, functioning as a Baltic real estate market index with investments across multiple segments including commercial buildings, developments, and rental apartments. Minimum investment from €10 for retail investors. 2025 net profit was €3.57 million.
• EfTEN Residential Fund A closed-end trust fund established in 2020, investing in residential real estate across the Baltics. Includes rental apartment developments in Kaunas and Riga.
• EfTEN Special Opportunities Fund A closed-end trust fund established in 2023, investing in distressed or near-distressed cash-flow generating commercial real estate in Estonia, Latvia, and Lithuania. Promotes sustainable management through green lease principles, EPC and BREEAM certifications.

Named customers13 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Invego Uus-Järveküla OÜcoreStrategic or Co-development Partner · 1 June 202680%-owned subsidiary of EfTEN United Property Fund developing the Uus-Järveküla residential district near Tallinn. Of 39 terraced houses in the first phase, 90% were booked. Five remaining terraced houses expected to be sold by autumn 2026. Development financing provided by EfTEN United Property Fund.
• NewsecminorStrategic or Co-development Partner · 8 December 2021Newsec acted as financial advisor to EfTEN in the acquisition of the Danske Bank office building in Vilnius in December 2021. Newsec is a major Nordic real estate advisory firm.
• Colliers International Advisors OÜcoreStrategic or Co-development Partner · 8 December 2021Colliers provides independent property valuation services for EfTEN funds. Valued the Magistrali kaubanduskeskus at €31,690,000 (end of May 2026) and conducted the first independent valuation of EfTEN United Property Fund assets in December 2021. Colliers is a leading global real estate advisory firm.
• Fort Law FirmminorImplementation/ SI/ Consulting Partner · 8 December 2021Fort Law firm represented EfTEN as legal counsel in the acquisition of the Danske Bank office building in Vilnius (December 2021 transaction).
• PricewaterhouseCoopers (PwC)coreImplementation/ SI/ Consulting Partner · 8 December 2021PwC audited EfTEN Real Estate Fund AS's 2025 consolidated annual report. The fund's auditor also verified the compliance of the remuneration report. Audited financial statements are a key requirement for listed fund operations.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• CBRE Investment Management: CBRE Investment Management is the global real estate investment management arm of CBRE Group, managing separate accounts and pooled real estate funds globally. Comparable to EfTEN as a broad incumbent in commercial real estate fund management with sustainability benchmarking and institutional client base.
• DWS Real Estate: DWS Real Estate is one of Europe's largest real estate investment managers operating open-ended and closed-end real estate funds. Comparable to EfTEN as a broad incumbent with closed-end commercial real estate fund products, ESG/GRESB benchmarking, and institutional investor distribution.
• Cromwell Property Group: Cromwell Property Group is an ASX-listed real estate investment manager with European operations across multiple property funds. Comparable to EfTEN as a broader incumbent in commercial real estate fund management with diversified property funds and institutional client focus.
• Schroder Real Estate: Schroder Real Estate is the global real estate investment management arm of Schroders plc, managing direct real estate funds across Europe and globally. Comparable to EfTEN as a broad incumbent offering institutional commercial real estate funds with sustainability/GRESB focus and pan-European reach.

Direct peers

• Lords LB Asset Management: Lords LB Asset Management is one of the largest independent asset managers in Lithuania, operating real estate, private equity, and bond funds. Comparable to EfTEN as a Baltic regional competitor in commercial real estate fund management with institutional and retail investor offerings.
• East Capital: East Capital is a Swedish-founded asset management firm specializing in the Baltic and broader emerging European markets with multiple real estate and equity funds. Directly comparable to EfTEN given overlapping Baltic regional focus, multi-fund platform, institutional client base, and asset management licensing.
• Capitalica Asset Management: Capitalica is a Lithuanian real estate investment management company managing commercial real estate funds focused on the Baltics. Comparable to EfTEN as a Baltic commercial real estate fund operator with similar institutional investor focus and regional asset acquisition strategy.
• Baltic Horizon Fund: Baltic Horizon Fund is a Nasdaq Tallinn-listed closed-end real estate fund investing in commercial properties across Estonia, Latvia, and Lithuania. Directly comparable to EfTEN as the only other listed Baltic-focused commercial real estate fund vehicle with a similar mandate, regional footprint, and institutional investor base.
• Northern Horizon Capital: Northern Horizon Capital is a Nordic-Baltic asset manager operating healthcare, real estate, and infrastructure funds including the listed Northern Horizon Baltic Real Estate Fund. Directly comparable to EfTEN in Baltic real estate fund management with similar listed fund structures and regional focus.
• Invalda INVL: Invalda INVL is one of the largest Lithuanian investment management groups managing real estate, private equity, and alternative investment funds. Comparable to EfTEN as a Baltic regional competitor in alternative asset and real estate fund management with institutional and retail investor offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/eften.ee
• LinkedInlinkedin.com/company/eften-capital-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about EfTEN Capital