She 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.
There was also applause after 27 minutes, in recognition of the 27 years the Scot was in charge of the club.Ferguson was described as “truly one of our own” and “without question one of the greatest figures in the club’s history” by the stadium announcer as he made his way to his seat. He applauded and pumped both fists to respond to the crowd’s ovation.Ferguson had emergency surgery for a brain haemorrhage on May 5 and was in intensive care for several days at Salford Royal Hospital. His last public appearance at Old Trafford was on April 29, when he presented former Arsenal manager Arsene Wenger with a commemorative trophy.Speaking on MUTV before the match, Scot Ferguson said: “I’m a bit nervous, to be honest with you, maybe a bit tense really because the last game was Arsenal back in April.“It was a long time but it’s great to be back. It’s great to go back to the stadium and it’s going to be quite emotional for me when the game starts.“It had to happen some time and I’ve been looking forward to it. It was important getting the right time and the right rest before coming to a game.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Alex Ferguson Former Manchester United manager Sir Alex Ferguson was given a standing ovation as he returned to Old Trafford for the first time since having emergency brain surgery in May.Ferguson, 76, attended United’s match against Wolves and was warmly applauded as he took his seat in the directors box shortly before kick-off.“It’s obviously been a long journey,” he said before yesterday’s game. “I’m making steps forward, doing what the doctors tell me, it’s really good.”
AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisThis Saturday, Second Avenue Bridge will be closed to all pedestrians and cars due to the ongoing maintenance work. Drivers are asked to plan ahead of time.Detour directions will be in place to reroute traffic. All local businesses will remain open and can be accessed through detour routes.The closure is the first phase of a two-phase closure. The bridge will be closed this Saturday until Friday May 5th.The bridge will be open to traffic on May 6th, until Sunday, May 14th. The bridge will then shut down again on May 15th until May 26th.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: Road Closures, Second Avenue BridgeContinue ReadingPrevious Family to Raise Scholarships ‘Sam’s Gift’ for Local Students in Honor of Alpena Girl Tragically KilledNext Historical Evergreen Gate Torn Down