TGS Baltic has represented UAB INVL Asset Management and funds managed by it on the acquisition of shares in Lithuania SME Fund and BaltCap Latvia Venture Capital Fund from UAB SEB Venture Capital. Sorainen advised the sellers on the deal.
UAB INVL Asset Management is a Lithuanian asset management company managing pension funds, investment funds, and private equity and investment portfolios. According to TGS Baltic, "the company manages four pension funds of the 2nd pillar and four pension funds of the 3rd pillar. On June 30, 2016, funds managed by UAB INVL Asset Management had the most participants in Lithuania (over 6,200 participants) and the company held 46.73 percent of the funds market. Investment funds managed by UAB INVL Asset Management are offered in Lithuania, Scandinavian countries, and Germany. Companies of this group manage pension and investment funds, alternative investments, individual portfolios, private equity and other financial instruments. Assets under their management are worth EUR 340 million, they belong to over 150,000 clients in Lithuania and Latvia and to international investors. Assets managed by the investment funds of the company amounted to EUR 41.2 million as on June 27, 2016."
According to TGS Baltic, its services on the deal "included preparation and approval of the framework share purchase agreement, preparation of the new Lithuania SME Fund operational agreement and other documents in connection with the change, representing the fund and investors in the Register of Legal Entities, coordination of actions regarding the Latvian fund, etc."
The TGS Baltic team was led by Partner Vidmantas Drizga, supported by Senior Associate Mantas Gofmanas.
The Sorainen team advising SEB Venture Capital in the transaction was led by Counsel Mantas Petkevicius.