Veritas, Estonia’s LHV back new €70m Baltic private equity fund

first_imgShe added that Veritas did not usually back inaugural fund launches, but that Livonia was “very well connected within the local economies.”She added: “Building regional champions instead of country-specific winners makes a lot of sense. Economic growth in the Baltic region is among the strongest in Europe and the fundamentals are in good shape.”Kristo Oidermaa, portfolio manager at LHV Pension Funds Oidermaa added that the fund commitment fit well into its existing strategy, allowing it to benefit from growth in the Baltic market.“Our investment strategy has a small home bias and we regard all three Baltic countries as our home markets,” Oidermaa said. “Over the last few years, we have considerably increased our allocation of alternative assets, with commercial real estate and timber and now private equity funds.”Kaido Veske, co-founding partner of Livonia Partners, said that the fund would focus on mature companies with a track record of up to 5 years and an annual turnover starting at €5m, but up to €40m.He added that the fund is looking for companies with an export focus and which were undercapitalized, and that while earnings volatility in the region would still be higher than elsewhere in Europe, the countries in question also boasted higher growth than Europe as a whole. Finnish pensions insurer Veritas and LHV Pension Funds, Estonia’s second largest pension fund manager, are among six investors committing €70m to a pan-Baltic private equity fund.Domiciled in Latvia, the Livonia Partners-managed fund will invest €3-15m of equity and mezzanine capital per investment in up to 12 small and medium-sized enterprises (SMEs) active largely in Estonia, Latvia and Lithuania. The first investments will be made in the next few months, with the possibility that firms in adjacent countries could also receive funding.Livonia Partners Fund I will acquire a blend of majority and minority stakes, acting as a hands-on investor and holding the stakes for around 5 years. Though it has a generalist mandate, the fund’s initial focus will be on manufacturing, business services and consumer companies, reflecting the management team’s experience.The €2.8bn Veritas has committed €5m from its private equity allocation. Ilona Karpinnen, portfolio manager, private equity, Veritas, told IPE: “Livonia fits well into our private equity portfolio, as European small and mid-market buyouts are the backbone of our private equity programme.last_img read more

Jamaica to invite rescued boys from Thailand to vacation in the…

first_imgThe Jamaican government will be inviting the 12 boys from a youth football team in Thailand, and their coach, who were recently rescued from a flooded cave to vacation in the island with all expenses paid.Minister of Tourism Edmund Bartlett said he “couldn’t think of a more appropriate gesture for these brave and extraordinary young men than to have them come and enjoy our beautiful island home. We will be using all our diplomatic channels through the Ministry of Foreign Affairs and Foreign Trade, also the Jamaican Honorary Consulate in Bangkok, Thailand, to try and make this a reality,” he said.All expenses paid vacation“This will be an all-expense paid vacation and something that we are happy to do as part of the international community and to show appreciation for the special friendship we have had with the people of Thailand over the years,” Minister Bartlett added.The 12 boys, aged 11 to 16, and their 25-year-old coach had been trapped in the Tham Luang Nang Non cave system since June 23.The world was transfixed by the daring rescue of the boys from the flooded caves, which was undertaken by a team of international divers from July 8 to 10.last_img read more

BetConstruct brings the glamour through FTVGG Live Casino

first_imgShare VBET agrees Armenian Premier League and Armenian Cup sponsorship August 13, 2020 StumbleUpon Share Submit Related Articles Nuno Gomes joins BetConstruct and FeedConstruct as brand ambassador June 18, 2020 New Polish poker table in BetGames section for STS July 15, 2020 BetConstruct has upped the glamour within its in-house live studio after launching a branded Live Casino hall for FashionTV Gaming Group (FTVGG).It is the latest joint project between the two parties, who initiated a partnership in November of last year by launching a new, unique line of branded slots.BetConstruct said that this new addition to the studio “exudes the luxury and glamour” of the FTVGG brand, and delivers a high-quality gaming experience to its operators.Within the walls of the branded hall, players can find Blackjack, Baccarat and Roulette games, each overseen by professional English​-​speaking croupiers.Vigen Badalyan, Founder and CEO of BetConstruct, said: “We shared the enthusiasm of FTVGG to enter the igaming business. When our partner-to-become selected BetConstruct to implement their ideas, it was a significant token of recognition for us. “Last year we’ve introduced the slot games with the company’s luxury lifestyle and fashion trends. And now we prove that the world of fashion trends and online gaming can merge in FashionTV branded Live Casino hall in BetConstruct.”Given that FashionTV branded items are associated with luxury events and parties around the world, this project has targeted the next generation for online gaming, where players have an opportunity to enjoy the company’s glamorous lifestyle that transcends both the real and virtual worlds.last_img read more