INVL Private Equity Fund II closes at €410 million, exceeds cap

Key Takeaways

Sector: Sector Agnostic.
Geography: Estonia, Latvia, Lithuania, Poland, Romania.

Analysis

In just 8 months after its first close, INVL Private Equity Fund II has completed its final closing at €410 million, surpassing both its initial €250 million target and the hard cap of €400 million. This marks one of the most successful private equity fundraises in the Central and Eastern Europe (CEE) region.

The second-generation fund is approximately 2.5× larger than its predecessor. Darius Šulnis, CEO of Invalda INVL, said the fund’s success is a positive signal for companies in the Baltics, Poland, and the wider region seeking capital or liquidity. He emphasized that the current environment favors strategic acquisitions of strong, growing businesses.

Deimantė Korsakaitė, Managing Partner at the fund, highlighted investor confidence: securing this level of commitments amid a volatile global market validates their strategy. Since the first closing, deals have been signed to invest in Eesti Keskkonnateenused, Estonia’s largest waste management group, and POLMED, a leading private healthcare provider in Poland. Both deals are expected to close this year.

The fund attracted a diverse investor base, including institutional investors, successful entrepreneurs, and family offices from across the Baltics. Key commitments came from the European Investment Fund, and pension funds managed by SEB, Luminor, Artea, and IPAS INVL Asset Management in Latvia. Smaller investors participated through the INVL Private Equity Capital Fund II feeder vehicle, which reached €166 million.

Asta Jovaišienė, Head of INVL Family Office, noted the fund offers not just financial returns, but also purpose-driven investments in real economic growth. This matches the values of clients seeking responsible investment opportunities with long-term vision.

Since launching its first fund in 2019, INVL has more than doubled in size and expanded its team across Lithuania, Latvia, and Poland. The fund recently appointed Sylwester Urbanek, a senior private equity professional with over 25 years of experience, as Head of Poland to strengthen its presence there. The team now includes nearly 20 professionals.

With €410 million in commitments, INVL Private Equity Fund II is the largest private equity fund in the Baltics and among the largest in CEE. It is sector-agnostic and targets equity investments of €10–60 million, with co-investor flexibility. The fund focuses on acquiring majority or significant minority stakes in companies with regional leadership potential across the Baltic States, Poland, Romania, and the broader European Union.

The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager and part of the Invalda INVL Group, which has over 30 years of experience and manages more than €2 billion in assets. The group operates across private equity, renewable energy, real estate, agricultural land, forests, and private debt, and offers family office and pension fund services throughout the region.