BaltCap has reached its hard cap of €100 million ($117 million) in a final close for BaltCap Infrastructure Fund (BInF). With additional contributions from Citadele pension funds and existing investors, including the recent European Bank for Reconstruction and Development (EBRD) commitment of €20 million ($23.4 million), the firm was able to hold a final close.
BaltCap launched the BInF in July last year with the expected size of €100 million ($117 million). The fund invests in transport, energy and social infrastructure development across Lithuania, Latvia and Estonia. Since the start of operation, the fund has invested €16 million ($18.7 million) in a 48-megawatt biomass plant in Vilnius, Lithuania. According to estimations, the plant will generate nearly 10 percent of Vilnius’ heat demand. The plant will be built and become operational by the beginning of 2019.
Last year, the fund also acquired 75 percent of Anaerobic Holding’s shares for €9.45 million ($11 million). Anaerobic Holding owns and operates three biogas plants in Latvia with a total installed capacity of 4.9 megawatts. Investors of the BInF include all of the largest pension funds of the Baltic States, a life insurance company and international financial institutions. More than half of the funds were raised from the pension funds based in Lithuania, Latvia and Estonia; it was the largest combined local pension funds’ commitment to the Baltics-focused private equity fund to date.
