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Cobalt Advises EBRD on Investment in BaltCap

Cobalt Advises EBRD on Investment in BaltCap

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Cobalt Estonia has advised the EBRD on its investment of EUR 20 million into the BaltCap Infrastructure Fund, making the EBRD the second anchor investor of the fund, following the European Investment Bank's identical investment last year.

With additional contributions from Citadel pension funds and existing investors, the fund’s total volume has reached EUR 100 million.

“We are pleased to support the BaltCap Infrastructure Fund with a sizable EUR 20 million investment," said EBRD President Suma Chakrabarti in a BaltCap press release. "The fund will address the scarcity of infrastructure equity funding in the region and promote the private financing of crucial infrastructure in all three Baltic States. With the fund’s strong commitment to the climate change mitigation, the Bank’s support of the BaltCap Infrastructure Fund sets an important milestone in EBRD’s promotion of green agenda in the private equity industry.”

Estonian Minister of Finance Toomas Toniste added: “We are proud to welcome this investment in the Baltcap Infrastructure Fund, the first infrastructure fund in the Baltics with the goal to catalyze private investors to finance infrastructure projects. The fund’s investment strategy addresses the rising investment needs in the region in transport, energy efficiency, and renewable energy sectors. Last year, the new Estonian regulation for a new type of fund in the form of a limited partnership came into effect. This fund regime has been designed along the lines of the best qualities of limited partnership structures of various countries. We are glad more and more regional venture capital fund managers, including BaltCap, are using the new Estonian limited partnership type of fund.”

“For us it was imperative to attract EBRD as one of the anchor investors of the fund, especially because of their institutional expertise and commitment to the growth of the Baltic region,” said BaltCap Partner Sarunas Stepukonis. ”We are humbled with the trust of our investors that put us in a unique position to provide unmatched long-term financing solutions for sustainable homeland infrastructure development.”

Cobalt's team in Estonia advising the EBRD included Partner Kristel Raidla-Talur and Senior Associate Karl Kull.

Cobalt did not reply to our inquiries on the matter.