What SG Capital Partners does

SG Capital Partners AIFP, SIA is a Riga, Latvia-headquartered alternative investment fund manager founded in 2015 and supervised by Latvijas Banka (Bank of Latvia) and the Financial and Capital Market Commission. The firm manages approximately €200 million in total assets under management across three distinct fund vehicles: SG Capital Partners Fund I, KS (a Baltic commercial real estate fund investing in office and warehouse properties certified under the BREEAM In-Use sustainability scheme); Sustainable Forest and Land Fund I, KS (a forestry and land fund operating under FSC-C182247 certification with EU Taxonomy alignment for carbon sequestration and biodiversity); and the Baltic Private Credit Fund (a 2025-launched AIF providing SME financing via loans and bond purchases, anchored by a €20M cornerstone commitment from the European Investment Fund). Beyond fund management, SG Capital directly owns and operates two flagship real estate platforms: the Skanstes City business district in Riga (with conference center, 1,300 parking spaces, 80 EV charging stations, and tenants including ERGO occupying 1,800+ m²) and NORDO Industrial Park (a Class A industrial facility undergoing €6M Swedbank-financed reconstruction of 16,000 m², exclusively marketed with Colliers Baltics).

The firm's product architecture combines traditional closed-end fund structures (target 5-15 year horizons) with direct operating asset management, evidenced by an in-house team covering investment management, asset management, ESG, compliance/AML, legal, forest management, real estate leasing and property management, construction management, and finance. Revenue mechanics are industry-standard for an AIF manager: recurring management fees charged on assets under management across all three funds, supplemented by performance-based carried interest from successful investments. Customer acquisition is direct and relationship-driven, targeting institutional investors (pension funds, insurance companies), ESG-focused investors seeking sustainable forestry exposure, and Latvian SMEs requiring flexible credit without equity dilution.

The firm holds an explicit first-mover ESG position in the Baltic investment landscape, evidenced by FSC and BREEAM certifications, EU Taxonomy alignment, and a 2025 memorandum with the Latvian Private Equity and VC Association (LVCA) and Finance Latvia Association (FNA) to channel 2nd pillar pension fund capital (currently only 8% domestically allocated out of €9 billion) into local real estate, infrastructure, and forest assets. Forward strategy is articulated as expansion into rental housing, infrastructure financing, and continued SME lending across the Baltic region.

Name

SG Capital Partners

Legal name

SG Capital Partners AIFP

Website

https://sgcapital.lv

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

SG Capital Partners is a Riga-based, Latvijas Banka-supervised alternative investment fund manager managing €200M in AUM across Baltic commercial real estate, FSC-certified forestry, and a newly launched Baltic SME private credit fund anchored by the European Investment Fund.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SDG / Thematic Sustainable Investment Funds (FSANAJAN)

akta.pro secondary industries

Independent Venture Debt Funds / Platforms (FSANAIAB), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Alternative investment management
• Commercial real estate funds
• Sustainable forestry investing
• Private credit financing
• ESG portfolio management

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D

Revenue model

1. Fund Management Fees: Management fees charged on assets under management across multiple funds including SG Capital Partners Fund I, Sustainable Forest and Land Fund I, and Baltic Private Credit Fund
2. Carried Interest: Performance-based carried interest from successful fund investments and portfolio value appreciation

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

SG Capital Partners AIFP is a licensed alternative investment fund manager that operates three closed-end investment vehicles in the Baltic region: (1) SG Capital Partners Fund I, KS — a commercial real estate fund investing in office and warehouse properties certified under BREEAM In-Use sustainability standards; (2) Sustainable Forest and Land Fund I, KS — a forestry fund applying FSC-certified sustainable forest management for carbon sequestration and biodiversity; and (3) Baltic Private Credit Fund — a private credit fund providing loans and bond financing to small and medium-sized enterprises in the Baltic region.

Product overview

SG Capital Partners is an Alternative Investment Fund Manager offering three distinct investment funds: (1) SG Capital Partners Fund I, KS - a Baltic commercial real estate fund investing in office and warehouse properties with BREEAM sustainability certification; (2) Sustainable Forest and Land Fund I, KS - a forestry fund focused on sustainable forest management and carbon sequestration with FSC certification; and (3) Baltic Private Credit Fund - a private credit fund (in development) providing SME financing through loans and bonds in the Baltic region.

Differentiator

Problem solved

Functional benefit

Brands

• SG Capital Partners Fund I: Baltic-focused commercial real estate fund investing in sustainable office and warehouse properties certified under BREEAM In-use standards
• SG Capital Partners Sustainable Forest and Land Fund I
• SG Capital Baltic Private Credit Fund

Products and services

• SG Capital Partners Fund I, KS A Baltic-focused commercial real estate fund that generates stable, long-term returns through investments in high-quality, sustainable office and warehouse properties, with assets certified under BREEAM In-Use sustainability standards. Total assets exceed EUR 140 million. Target investors are institutional investors, pension funds, insurance companies, and HNW investors.
• Sustainable Forest and Land Fund I, KS A sustainable forestry and land fund dedicated to protecting and enhancing Baltic ecosystems through FSC-certified (FSC-C182247) sustainable forest management, carbon sequestration, biodiversity conservation, and ecological resilience. Designed for institutional and ESG-focused investors seeking climate-mitigation exposure.
• Baltic Private Credit Fund A private credit fund providing loans and bond financing to small and medium-sized enterprises in Latvia and the Baltic region. Targets 25-35 projects with average ticket size of EUR 3-4 million, offering growth, acquisition, and working capital financing without requiring equity dilution or profit sharing from borrowers.

Quantifiable outcome

• €100 million in financing unlocked for Latvian companies through EIF partnership
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• SIA EKOTEH BŪVEminorOthers · 1 August 2025Construction company contracted for NORDO industrial building reconstruction at Noliktavu Street 7, modernizing 16,000 m² to Class A standards.
• Latvian Private Equity and Venture Capital Association (LVCA)minorStrategic or Co-development Partner · 13 June 2025Memorandum signed with Finance Latvia Association (FNA) to promote pension fund investments in Latvia. Goal: structured approach to investing in local businesses, infrastructure, real estate, and forests.
• Finance Latvia Association (FNA)minorStrategic or Co-development Partner · 13 June 2025Joint memorandum with LVCA to boost pension fund investments in Latvian economy. Target €9 billion in 2nd pillar assets with focus on increasing domestic investment from current 8%.
• Colliers BalticscoreStrategic or Co-development Partner · 4 June 2025NORDO signed exclusive cooperation agreement with Colliers Baltics for industrial space marketing and tenant acquisition. Focus on new A-class building at Noliktavu Street 7 with 30,000 m² modernization.
• Lauder ArchitectsminorImplementation/ SI/ Consulting Partner · 14 April 2025Architectural firm engaged for Skanstes City conference center design and interior execution. Project includes modern meeting rooms, podcast studio, and relaxation zones.
• Ceļu Būves Firma IgateminorOthers · 13 March 2025Construction company that built the new Skanstes City parking lot with 380 new spaces. Project investment exceeded €2 million.
• Iela Inženieri SIAminorImplementation/ SI/ Consulting Partner · 13 March 2025Design work provider for Skanstes City parking lot expansion project spanning 1.6 hectares.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• NREP: Large Nordic real estate investment manager operating across the Nordics and Baltics. Comparable as a broad real estate fund manager competing for Baltic institutional capital and high-quality commercial property.
• Patria (Blackstone affiliate): Estonian investment manager with backing from Blackstone operating real estate and private equity funds in the Baltics. Comparable as a larger, well-capitalized Baltic alternative asset manager with overlapping real estate and growth strategies.

Direct peers

• BaltCap: Largest Baltic private equity and venture capital firm managing multiple funds across the Baltics. Directly comparable as a regional alternative investment fund manager targeting similar institutional investors and SMEs with diversified strategies.
• Capitalica Asset Management: Lithuanian alternative investment fund manager focused on Baltic commercial real estate and private credit. Comparable as a multi-fund Baltic AIFM combining real estate and growth-capital strategies for institutional investors.
• Lords LB Asset Management: Lithuanian fund management group operating Baltic private equity, real estate, and venture capital funds. Comparable as a multi-strategy Baltic AIFM with regulated fund vehicles targeting institutional investors and SMEs.
• EfTEN Capital: Estonian-headquartered real estate fund manager operating across the Baltics with publicly listed real estate funds. Comparable as a Baltic-focused AIFM running institutional real estate vehicles with sustainability/ESG orientation.
• Northern Horizon Capital: Nordic/Baltic alternative investment firm managing real estate, infrastructure, and private equity funds. Comparable as a regulated AIFM with regional real estate and alternative asset strategies serving institutional investors.
• East Capital: Stockholm-based asset manager specializing in Baltic and Eastern European public and private investments. Comparable as a regional fund manager serving Nordic/Baltic institutional clients across alternative asset classes.

Others

• European Investment Fund (EIF): EU institution providing cornerstone commitments to SME-focused private credit and venture funds across Europe. Comparable as a counterparty/limited partner in blended finance structures, relevant given EIF's €20M commitment into SG Capital's Baltic Private Credit Fund.
• Swedbank: Leading Baltic bank providing senior debt for real estate projects. Comparable as a financing counterparty relevant to SG Capital's NORDO redevelopment and broader capital stack for Baltic commercial real estate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sg-capital-aifp

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 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 SG Capital Partners