What LitCapital does

LitCapital is a Vilnius-based, independent private equity fund management company founded in 2010 that operates two closed-end growth capital funds: LitCapital I (EUR 25M, raised in 2010 with the European Investment Fund under the JEREMIE initiative) and the LcX Opportunity Fund (EUR 34M, closed in December 2019 with INVEGA, Baltic pension funds, family offices and HNWIs). The firm targets high-growth small and medium-sized enterprises in the Baltic region, the Nordics and Poland, writing equity tickets of EUR 1–5.4M per company via new share issuance or partial buyouts and taking active board roles with a 3–5 year horizon; it is licensed by the Lithuanian Securities Commission under Bank of Lithuania supervision and is a UN PRI signatory.

The underlying "product" is the funds themselves plus the value-creation platform built around them. LitCapital sources deals through direct relationships with founders, management teams and intermediaries, then supports portfolio companies with strategic guidance, top-talent recruitment, digitalization, add-on acquisition financing and exits. The current LcX portfolio spans laser optics (Altechna, 100% owned, 8.1x EBITDA growth since investment), EV powertrains and charging (Elinta Motors, Elinta Charge — operations in 25+ countries), B2B SaaS for compliance and marketing (Ondato KYC/AML, Whatagraph marketing analytics, Cargo Stream logistics), digital classifieds/marketplaces (Horizontal Media: Autogidas, Domoplius, Sena, Tempo, Sutarta), premium sportswear (Audimas) and craft beverages (Genys Brewing, 45% stake, June 2026 regulatory approval). Fund I generated 3.2x cash-on-cash and >26% IRR across 7 exits, including Baltik Vairas (5.7x CoC, >34% IRR) which won CEE Deal of the Year 2020.

Revenue is generated through standard PE fund economics: recurring management fees on committed/invested capital, plus performance-based carried interest on successful exits. The firm employs 6+ people — Founder & Managing Partner Šarūnas Šiugžda, Partners Julius Dukšta and Jonas Kvedaravičius (ex-head of Swedbank IB Lithuania), a Venture Partner, an Investment Manager, and an Investor Relations & ESG Manager. Distribution is entirely direct-relationship based, supported by a corporate website, newsletter, industry events (Invest Europe, RealDeals) and earned media, with no channel intermediaries.

Name

LitCapital

Legal name

UAB LitCapital Asset Management

Website

https://litcapital.lt

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

LitCapital is a Lithuanian private equity fund manager operating two growth capital funds (EUR 59M total AUM) that invest EUR 1–5.4M in high-growth SMEs across the Baltic region, Nordics and Poland, providing capital alongside strategic and operational support.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Small-Cap / Micro-Buyout (FSANABAD)

Keywords

• Private equity fund
• Growth capital investment
• SME equity financing
• Buyout investment
• Portfolio management

Headquarters

HQ city

Vilnius

HQ country

Lithuania

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management: Generates revenue through management fees and carried interest (performance fees) from managing growth capital funds. First fund EUR 25M raised in 2010, second fund EUR 34M LcX Opportunity Fund raised in 2020.
2. Portfolio Company Returns: Returns generated through successful exits of portfolio companies, delivering 3.2x cash-on-cash return and >26% IRR on first fund.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

LitCapital manages private equity growth capital funds that invest EUR 1-5.4M per transaction into small and medium-sized enterprises across the Baltic region, Nordics, and Poland, taking minority or majority stakes through new share issuance or partial buyouts. Alongside capital, the firm provides strategic guidance, board-level involvement, talent recruitment, and support for add-on acquisitions, with investment horizons of 3-5 years and exits executed through trade sales, secondary buyouts, or IPOs.

Product overview

LitCapital is a Lithuanian private equity fund manager operating two growth capital funds (LitCapital I at EUR 25M and LcX Opportunity Fund at EUR 34M) that invest in advanced small and medium-sized companies in the Baltic region and broader CEE/Nordics. The portfolio comprises diverse technology and technology-enabled companies across multiple sectors including: e-commerce marketplaces (Sena.lt, Tempo.lt, Autogidas.lt, Domoplius.lt, Sutarta.lt under Horizontal Media), electric mobility (Elinta Motors, Elinta Charge), optical technology (Altechna), compliance software (Ondato), marketing analytics (Whatagraph), logistics technology (Cargo Stream), premium sportswear manufacturing (Audimas), and craft beverages (Genys Brewing). LitCapital provides capital along with strategic expertise in talent attraction, business model development, finance, sales, and add-on acquisitions.

Differentiator

Problem solved

Functional benefit

Products and services

• LitCapital I (Fund 1) A EUR 25 million growth capital fund established in 2010 in cooperation with the European Investment Fund (EIF) under the JEREMIE initiative, targeting high-growth small and medium-sized enterprises in Lithuania. Provides equity investments of EUR 1-3.75M per company with a 3-6 year investment horizon, alongside strategic guidance, talent attraction, and add-on acquisition support.
• LcX Opportunity Fund (Fund 2) A EUR 34 million growth fund investing EUR 1-5.4M in growing businesses across the Baltic states, Nordics, and Poland, capable of holding minority or majority stakes with a 3-5 year investment horizon. Can invest in both profitable and unprofitable companies, broadening the addressable opportunity set to include Series A and B technology rounds.

Quantifiable outcome

• Portfolio companies revenue grew ~200% aggregate during holding period
• +5 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• United Nations-Supported Principles for Responsible Investment (UN PRI)coreStrategic or Co-development Partner · 1 January 2021LitCapital became signatory to UN PRI as part of commitment to ESG issues. Aligns investment decisions with responsible investment principles.
• Lithuanian Private Equity and Venture Capital AssociationminorStrategic or Co-development Partner · 1 January 2021LitCapital is a proud founder of LT VCA which unites key alternative market participants in Lithuania with 63 active members.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Resource Partners: CEE mid-market private equity firm with a similar SME growth/buyout mandate; comparable check sizes and value-add approach for portfolio companies in adjacent geographies.
• Mid Europa Partners: One of the largest CEE-focused PE firms with multi-billion AUM operating buyout and growth funds across Central Europe; competes for the larger end of LitCapital's addressable Baltic/CEE SME market.
• Enterprise Investors: Polish-rooted CEE private equity manager deploying growth capital into SMEs in Poland and the broader region; relevant peer given LitCapital's geographic expansion into Poland.
• MCI Capital: CEE private equity and venture capital firm with decades of regional track record, including digital commerce and SaaS investments comparable to LitCapital's portfolio verticals (Whatagraph, Ondato, Horizontal Media).
• Innova Capital: Polish private equity firm focused on mid-market buyouts and growth investments in Central Europe; comparable in stage, geography, and SME orientation.
• Abris Capital Partners: CEE-focused private equity firm investing in mid-market companies in Poland and Romania; analogous model of providing growth capital plus active portfolio support to SMEs in CEE.

Direct peers

• BaltCap: BaltCap is the leading Baltic private equity fund manager with multiple buyout and venture funds investing in SMEs across Lithuania, Latvia, and Estonia — a direct competitor for the same regional deal pool and LP relationships as LitCapital.
• KJK Management: Lithuanian-origin PE firm that acquired LitCapital portfolio company Baltik Vairas in 2019; operates regional buyout funds with comparable Baltic/Nordic SME mandate and ticket sizes.
• INVL Asset Management: Lithuania-based asset manager operating alternative investment funds including private equity and venture capital strategies, targeting Baltic growth SMEs — overlapping client (LP and portfolio) base with LitCapital.

Broad incumbents

• Advent International: Global private equity firm with extensive CEE and Baltic deal activity (e.g. Tieto, Asseco Poland) and significantly larger funds; relevant as a deep-pocketed competitor moving into the same region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/litcapital
• LinkedInlinkedin.com/company/litcapital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 LitCapital