Invalda INVL, one of the leading investment groups in the Baltics, announced the final close of its second-generation private equity vehicle, INVL Private Equity Fund II, with total commitments of €410 million, surpassing both its initial target of €250 million and its €400 million hard cap.
The fund, which completed fundraising in just eight months, marks the largest private equity fundraise in Central and Eastern Europe (CEE) in recent years and one of the most successful in the firm’s history.
The new fund, which is roughly 2.5 times larger than its predecessor, attracted strong demand from institutional investors, family offices, and entrepreneurs across the region. Investors include the European Investment Fund (EIF) and pension funds managed by SEB, Luminor, and Artea, as well as IPAS INVL Asset Management in Latvia and UAB Artea Life Insurance. Smaller investors with commitments below €10 million participated through the feeder vehicle INVL Private Equity Capital Fund II, which reached a final size of €166 million.
INVL Private Equity Fund II is managed by INVL Asset Management, part of the Invalda INVL Group, a leading Baltic alternative asset manager with more than €2 billion in assets under management. The fund will focus on acquiring majority or significant minority stakes in companies across the Baltics, Poland, Romania, and the broader European Union, targeting equity investments ranging from €10 million to €60 million, with a preferred size of about €35 million.
The fund has already announced agreements to invest in Eesti Keskkonnateenused, Estonia’s largest waste management group, and POLMED, one of Poland’s leading private healthcare providers, both of which are expected to close this year. With a team of nearly 20 professionals, the fund has also expanded its presence in Poland through the addition of Sylwester Urbanek as Head of Poland, bringing more than 25 years of private equity experience to lead regional expansion.
The final close demonstrates the growing appeal of the CEE private equity market and the firm’s ability to drive capital despite a challenging global fundraising environment.
KEY QUOTES:
“We have been investing and will continue to invest in our region. The fund’s success in raising capital is great news for companies across the Baltics, Poland, and the broader region that are seeking new capital or liquidity. The current environment favors those prepared to acquire strong, growing businesses, and we intend to make the most of it for the benefit of our investors.”
Darius Šulnis, CEO, Invalda INVL
”We are thankful to our long-standing and new investors for their trust. Securing this level of commitments from a diversified investor base in the current turbulent global environment is a strong endorsement of our work and confidence in our strategy, and we will work relentlessly to deliver the returns that investors expect. Since the first closing we have announced the signing of deals to invest in Eesti Keskkonnateenused, Estonia’s largest waste management group, and POLMED, one of Poland’s leading private multi-profile medical service providers. Both transactions are expected to close this year.”
Deimantė Korsakaitė, Managing Partner, INVL Private Equity Fund II and INVL Baltic Sea Growth Fund
“INVL Family Office provides its clients with access to exclusive investment opportunities, offering exposure to alternative asset class. One of the most notable examples in recent years is INVL Private Equity Fund II. At INVL Family Office, we believe this fund aims to deliver not only financial returns but also purpose – the chance to contribute to real economic growth by indirectly investing in ambitious businesses. It aligns well with our clients’ values and meets their needs, as they seek responsible investments backed by proven expertise and a clear long-term vision.“
Asta Jovaišienė, Head, INVL Family Office
“Since the launch of our first-generation fund in 2019, we have not only more than doubled in size but also significantly expanded our team. Today the team, managing the funds, spans not only through Lithuania and Latvia, but as well Poland headed by the recently appointed Head of Poland. With full speed and focus ahead, we look forward to backing companies mainly in Baltics, Poland, Romania and across the broader EU that are aiming to seize growth opportunities. We are looking to acquire majority or significant minority stakes investing equity tickets of EUR 10 to 60 million with a sweet spot of c. EUR 35 million.”
Deimantė Korsakaitė, Managing Partner, INVL Private Equity Fund II
