Livonia Partners would be entering the Lithuanian, Latvian and Estonian economies with a USD 117 million or EUR 85 million fund. Partly-owned by LHV Pank group of Estonia, Livonia said it was still in the registration process. However, Founding Partner Mindaugas Utkevicius said it had already received significant commitments for its fund. Utkevicius told Bloomberg by phone that this included the EUR 20 million committed by the European Investment Fund last week.

Utkevicius added that he saw a private equity opportunity in the Baltic economies. Pension funds and similar investors from the Baltic and Nordic countries as well as those coming from Central and Eastern Europe would be investing in the fund.

Swedbank Wealth Manager Andrius Suminas told Bloomberg by phone that the target size of the new private equity firm was very big when taken in the light of current private equity investments in the region.

Suminas said, "This is great news, showing more and more investors are trusting the Baltics' impressive economic story. It also means more competition to find and further develop the region's most promising, reliable companies."