Lithuanian private equity manager INVL Asset Management has begun fundraising for its second PE fund, according to a statement.
INVL has a number of products in the sustainability space, including an article nine- categorised renewable energy fund, and a sustainable timberland strategy. The new fund, INVL Private Equity Fund II, is a successor to INVL’s Baltic Sea Growth Fund, which closed in 2020 at €165 million having fallen short of its €200 million target.
The Baltic Sea Growth Fund, which acquired a 28 percent stake in waste management and recycling group Metal-Plast last week, focuses on the healthcare, civil engineering, environmental management, veterinary services and hygiene sectors. Investors in the fund include the European Investment Fund, which invested €30 million, and Estonian pension fund AS LHV Group. Its investment period ends next year, according to the statement.