What Skogsfond Baltikum does

Skogsfond Baltikum AB (publ) was a Swedish public limited company and closed-end Alternative Investment Fund (AIF) that acquired, developed, and divested consolidated forestry portfolios in Latvia and Lithuania. Founded in 2019 and listed on NGM Nordic AIF Sweden from June 28, 2019 to April 2, 2025, the company raised approximately 188 MSEK across four new share issues between 2019 and 2022, ultimately acquiring 9,157 hectares of forest and land in the Baltic region and afforesting 556 hectares of previously unused land with approximately one million seedlings. The fund was managed by AIFM Capital AB under oversight from Finansinspektionen, and leveraged credit facilities from SEB Riga with a target debt-to-capital ratio of up to 30%.

The business model rested on five return drivers: net biological growth of standing timber volume, periodic harvesting revenue, a portfolio premium from consolidated holdings, cost discipline, and modest leverage. Management cited site indices exceeding 10 m³sk per hectare annually in Baltic forests and Baltic land prices up to five times lower than Swedish equivalents as the core competitive premise. The company delivered a realized 14.3% average annual return to investors, materially above its 7-9% target, and completed the sale of all three forestry-owning subsidiaries in December 2024 at approximately 100% value development on a debt-free basis of 502 MSEK. Following this exit, an extraordinary shareholders' meeting in December 2024 approved voluntary liquidation; A-shares were redeemed at 1,831.59 SEK per share on April 14, 2025, representing an approximately 83% gain from the 1,000 SEK initial issue price.

Name

Skogsfond Baltikum

Legal name

Skogsfond Baltikum AB (publ)

Website

https://skogsfondbaltikum.se

Company type

Public

Founded year

2019

Operating status

Closed

Headcount range

1–10 employees

Short description

Skogsfond Baltikum was a Swedish closed-end forestry investment fund that acquired, developed, and divested 9,157 hectares of forest in Latvia and Lithuania, delivering 14.3% average annual investor returns before entering voluntary liquidation in 2025.

Ownership category

akta.pro rank

Product category

Timberland Investment Fund

NAICS

Portfolio Management and Investment Advice (523940), Timber Tract Operations (11311), Timber Tract Operations (1131), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282), Forestry (800), Investors, Nec (6799)

akta.pro primary industry

Timberland Asset Management (Institutional/Private) (AFAMAKAA)

akta.pro secondary industries

Real Assets — Timberland & Forestry (FSAHAIAJ), Timberland & Forest Asset Management (IMAMAJAA), Natural Resources — Timberland (FSAAAKAH)

Keywords

• Alternative investment fund
• Timberland investment
• Baltic forestry assets
• Forest asset management
• Real assets investing

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Forest Value Appreciation: The primary return driver is appreciation in forest asset values through biological growth. Forest stands increase in volume each year through natural growth, with the timber inventory growing continuously. This net growth in standing volume creates underlying value appreciation.
2. Timber Sales and Harvesting Revenue: Revenue generated from harvesting and selling timber from owned forest properties. Timber is sold to replace fossil-based products in various industries, creating both economic returns and climate benefits.
3. Portfolio Premium on Disposal: Consolidated forest portfolios command higher per-hectare valuations than individual properties due to economies of scale, professional management, and reduced transaction costs for buyers. This portfolio premium is realized upon eventual divestiture.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Skogsfond Baltikum is a Swedish Alternative Investment Fund (AIF) that acquires, actively develops, and divests consolidated forestry portfolios in the Baltic states of Latvia and Lithuania. The company issued A-shares to Swedish investors via NGM Nordic AIF Sweden, deploying capital to build, manage, and ultimately sell Baltic timberland assets to generate returns.

Product overview

Skogsfond Baltikum is a single, unified investment fund offering rather than a multi-product platform. The core product is the A-share (A-aktie) in Skogsfond Baltikum AB (publ), which is a Swedish Alternative Investment Fund (AIF) listed on NGM Nordic AIF Sweden. The fund acquires, develops, and ultimately divests consolidated forestry portfolios in Latvia and Lithuania. The company is currently in voluntary liquidation as of 2025, having completed the sale of its three Latvian and Lithuanian forest-owning subsidiaries in December 2024 after achieving approximately 100% value growth. The product offering centers entirely on this single investment share class with no modular add-ons or related product lines.

Differentiator

Problem solved

Functional benefit

Products and services

• Skogsfond Baltikum A-share (A-aktie) Listed fund share providing Swedish investors with regulated, diversified exposure to a portfolio of consolidated forestry assets in Latvia and Lithuania. Investors subscribed via NGM Nordic AIF Sweden through online brokerages (Nordnet, Avanza, Aktieinvest), and the share provided returns tied to forest value appreciation, biological growth, and the December 2024 portfolio divestment, with A-shares redeemed at 1,831.59 SEK per share in April 2025.

Quantifiable outcome

• 14.3% average annual return to investors (vs. 7-9% target)
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• AIFM Capital ABcoreImplementation/ SI/ Consulting Partner · 1 December 2021AIFM Capital AB serves as the alternative investment fund manager for Skogsfond Baltikum. They are responsible for fund management, regulatory compliance, and administration of the AIF structure. The company operates under AIFM license and is subject to oversight by Finansinspektionen (Swedish Financial Supervisory Authority).
• FinansinspektionencoreOthers · 1 December 2021Swedish Financial Supervisory Authority that approved and registered the investment prospectus and oversees the fund's operations under AIFM regulations.

Scale indicators9 records

Recent moves8 records

Expansion highlights2 records

Broad incumbents

• Sveaskog: Sweden's largest forest owner and a major institutional timberland manager, comparable as a large-scale Nordic forest asset manager; operates a much broader Swedish portfolio versus Skogsfond Baltikum's Baltic focus.
• Weyerhaeuser: US timberland REIT, directly comparable as a publicly traded institutional vehicle that owns and manages timberland for capital appreciation and biological growth, albeit on a North American asset base.
• Stora Enso: Finnish-Swedish forest products group with very large private timberland holdings in the Nordics and Baltics, comparable as a major institutional forest landowner in the same geography but with industrial processing operations.
• PotlatchDeltic: US timberland REIT combining timberland ownership with real estate operations, comparable as a public institutional timberland investor using a similar biological-growth-plus-portfolio-premium model.
• Holmen: Swedish forest and paper company with significant in-house timberland assets, directly comparable as a Nordic institutional owner of productive forestland, but with vertically integrated industrial operations rather than a pure asset-management model.
• Rayonier: US timberland REIT focused on commercial timberland and land resource management, comparable as a listed institutional vehicle for timberland investment with a comparable return profile of biological growth and capital appreciation.

Direct peers

• East Capital: Stockholm-based asset manager focused on the Baltic and emerging European markets, directly comparable as a Swedish-anchored investment firm offering Baltic-region exposure, including real-asset and alternative strategies.

Regional players

• Latvijas Valsts Meži (LVM): Latvian state-owned forest manager controlling the majority of Latvia's state forests, directly comparable as the dominant in-region forest asset manager in Latvia, but state-owned and not investable.
• RMK (State Forest Management Centre): Estonian state-owned forest manager operating in the Baltic region, comparable as a regional forest asset steward in a neighboring Baltic country with similar silvicultural and growth profile.
• Trigon Agri: Scandinavian-listed investor in Baltic and Ukrainian agricultural and forestry assets, comparable as a regional real-asset investor in the same geography pursuing land-based returns.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/skogsfondbaltikum
• LinkedInlinkedin.com/company/skogsfond-baltikum-ab-publ

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 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 Skogsfond Baltikum