INVL Baltic Sea Growth Fund

What INVL Baltic Sea Growth Fund does

INVL Baltic Sea Growth Fund is a closed-end private equity investment fund established on 26 June 2018 and managed by INVL Asset Management, UAB, part of Lithuania's Invalda INVL group. The fund invests in late-stage growth SMEs and small to mid-cap companies primarily in the Baltic Sea Region with opportunistic deals across the EU, EEA, and EFTA, taking controlling or significant minority stakes with typical equity tickets of EUR 10-100 million and the capacity to execute larger transactions with co-investors. Its portfolio of 10 companies spans healthcare services (InMedica, Eglės sanatorija, Reneso/MBL), plastic and PVC recycling (Eco Baltia, Metal-Plast), veterinary care (MiniVet), beauty and cosmetics (B2Y), packaged foods (Galinta), paper manufacturing (Pehart Group), and engineering (FERN Group, since written off).

The fund's commercial model is that of a regulated PE vehicle: it pools capital from professional and institutional limited partners (with portfolio leverage arranged through partners like IFC, Banca Transilvania, and ING Bank Romania), executes buyouts and growth investments via share purchases, and generates returns through exits — InMedica and MBL (MidEuropa) being the most recent realizations. Distribution is restricted to qualified professional investors via direct engagement managed by INVL Asset Management from its Vilnius headquarters at Gynėjų g. 14.

Operationally the fund is sector-agnostic but tracks strict criteria — good fundamentals, attractive industry outlook, competitive market position, significant growth potential, resilience to economic turbulence, and entrepreneurial spirit. It holds Article 8 SFDR classification under EU Regulation 2019/2088 and issues ESG reports annually (2021-2025 published). In October 2025 the firm announced its successor vehicle, INVL Baltic Sea Growth Fund II, closing at EUR 410 million, signaling material scaling of the platform.

Name

INVL Baltic Sea Growth Fund

Legal name

INVL Baltic Sea Growth Fund

Website

https://bsgf.invl.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

INVL Baltic Sea Growth Fund is a Vilnius-based, EUR 164.7 million closed-end private equity fund managed by INVL Asset Management, UAB, that takes controlling or significant minority stakes in late-stage growth SMEs and small-cap companies across the Baltic Sea Region and wider EU, serving institutional and professional LPs.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

Keywords

• Private equity fund
• Growth capital
• Portfolio management
• Equity investments
• Mid market acquisitions

Headquarters

HQ city

Vilnius

HQ country

Lithuania

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Equity Fund Management: The fund generates returns through equity investments in portfolio companies, realizing gains through organic growth, acquisitions, and active value creation. Returns are realized through exits of portfolio companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

INVL Baltic Sea Growth Fund is a closed-end private equity investment fund for professional investors that acquires controlling or significant minority stakes in late-stage growth SMEs and small to mid-cap companies, primarily in the Baltic Sea Region with opportunistic investments across the EU, EEA, and EFTA. The fund provides growth capital through share purchases from existing owners and supports portfolio companies with active value creation, organic growth initiatives, and add-on acquisitions. Typical investment size is €10–€100 million per company, with the ability to execute larger transactions alongside co-investors.

Product overview

INVL Baltic Sea Growth Fund is a closed-end private equity investment fund for professional investors managed by INVL Asset Management. The fund targets controlling or significant minority stakes in late-stage growth SMEs and small to mid-cap companies across the Baltic Sea Region and opportunistically across EU, EEA, and EFTA countries. The fund focuses on companies with good fundamentals, attractive industry outlook, competitive market positions, significant growth potential, and resilience to economic turbulence. Its portfolio includes investments in healthcare services (InMedica), dental manufacturing (Reneso/MBL), plastic recycling and waste management (Eco Baltia), beauty and cosmetics (B2Y), veterinary care (MiniVet), medical rehabilitation (Eglės sanatorija), PVC recycling (Metal-Plast), packaged foods (Galinta), and household paper products manufacturing (Pehart Group). The fund operates with a size of €164.7 million, typically investing in companies with values between €10–€100 million.

Differentiator

Problem solved

Functional benefit

Products and services

• INVL Baltic Sea Growth Fund Closed-end private equity investment fund for Professional Investors that targets controlling or significant minority equity stakes in late-stage growth SMEs and small to mid-cap companies, primarily in the Baltic Sea Region and opportunistically across the EU, EEA, and EFTA. Typical ticket size €10–€100 million, with capacity for larger co-invested transactions. The fund is classified as an EU SFDR Article 8 product and offers tailored solutions through share acquisitions from existing owners and growth capital injections, with active value creation via organic growth, acquisitions, and operational support.

Quantifiable outcome

• Eco Baltia generated €282m revenue in 2025
• +3 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• BaltCap: Lithuania-based private equity firm investing in Baltic SMEs and mid-market companies with buyout and growth strategies. Directly comparable as a Baltic-region growth equity sponsor serving similar company sizes, geographies, and target types.
• Livonia Partners: Baltic-focused mid-market PE firm acquiring controlling stakes in growth-stage SMEs across the Baltic states. Closest direct peer given overlapping geography, similar ticket sizes, and growth-oriented investment mandate.
• Abris Capital Partners: Central European PE firm focused on mid-market buyouts and growth investments, including Romania and Poland. Directly connected via the Pehart Group transaction (Abris sold Pehart to INVL BSGF).
• MidEuropa Partners: Central European private equity firm focused on mid-market buyouts. Directly comparable as a counterparty: MidEuropa acquired majority stake in MBL from INVL BSGF in December 2025, evidencing shared deal universe in CEE/Nordics.
• Altor Equity Partners: Nordic mid-market private equity firm investing in growth-oriented SMEs with a hands-on value-creation approach. Comparable given Nordic/Baltic geographic footprint, similar ticket sizes, and sector-agnostic growth equity mandate.
• Summa Equity: Nordic private equity firm investing in companies addressing societal and sustainability challenges. Comparable due to Nordic-Baltic regional focus, ESG-aligned investment thesis, and growth-stage ticket sizes.
• KJK Capital: Finland-based PE investor focused on Northern European mid-market buyouts and growth capital. Comparable due to Nordic-Baltic regional focus and similar focus on SMEs and lower-mid-market companies.

Broad incumbents

• EQT Partners: Major Nordic-headquartered global private equity firm with broad sector exposure including Baltic/Central European deals. Comparable as a larger incumbent in the same Nordic-Baltic PE ecosystem with overlap in target company profiles.
• Penta Investments: Central European investment group with PE activities across CEE. Comparable as a broader CEE-focused investment platform with overlapping deal sourcing and target company characteristics.

Regional players

• Genesis Capital: Czech-based private equity firm focused on Central European mid-market buyouts. Comparable in mid-market PE deal size and growth-stage mandate, though its primary geography (Czech Republic) differs from INVL's Baltic focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/invl

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

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

M&A5 records

Investments1 record

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

Frequently asked questions about INVL Baltic Sea Growth Fund