{"id":56735,"date":"2025-06-12T09:57:52","date_gmt":"2025-06-12T07:57:52","guid":{"rendered":"https:\/\/www.altum.lv\/services\/enterprises\/venture-capital-and-private-equity\/5th-generation-program\/"},"modified":"2025-06-12T11:16:36","modified_gmt":"2025-06-12T09:16:36","slug":"5th-generation-program","status":"publish","type":"page","link":"https:\/\/www.altum.lv\/en\/services\/enterprises\/venture-capital-and-private-equity\/5th-generation-program\/","title":{"rendered":"5th Generation program"},"content":{"rendered":"\t\t
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Altum<\/a>-<\/span><\/div>\n\n
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\n 5th Generation program\n <\/h1>\n \n <\/div>\n
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\n \n Venture Capital<\/a>\n \n IPO fund<\/a>\n \n <\/div>\n <\/div>\n <\/div>\n
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Decision Made in Procurement Process for Selecting Venture Capital Fund Managers<\/h2>\n

\u00a0<\/p>\n

The public procurement by ALTUM for the selection of venture capital fund managers has concluded, and the rights to sign contracts have been awarded to the ssociation of persons BUILDIT, BADideas.fund, and VNTRS Consulting AB.<\/p>\n

In the near future, contracts will be signed with the selected fund managers, who over the next five years will make investments in promising and viable pre-seed and seed-stage companies. The total amount of public funding is \u20ac55.8 million, which comes from ERDF (European Regional Development Fund) resources. Each fund will amount to \u20ac20.67 million, of which 10% will be sourced from private investors.<\/p>\n

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\u00a0<\/p>\n

Agreement signed for services of a Growth Stage Private Equity Fund Manager\u00a0<\/strong><\/h2>\n

\u00a0<\/p>\n

On 12 April\u00a0ALTUM\u00a0has concluded the selection of a Growth stage \u00a0private equity Fund Manager. As a result, the contract rights have been awarded to\u00a0FlyCap AIFP SIA.<\/strong><\/p>\n

\u00a0<\/p>\n

Over the next five years, the chosen Fund Manager will invest a total of\u00a0\u20ac24.8 million<\/strong>\u00a0from the European Regional Development Fund (ERAF). Additionally, the Fund will need to attract private investments amounting to at least\u00a040%<\/strong>\u00a0of the total Fund capital, thereby reaching a combined Fund volume of\u00a0\u20ac41.3 million<\/strong>. These investments will be directed toward prospective and sustainable growth-stage companies with a focus on export, fostering the creation of new jobs, tax revenues, and overall development of the Latvian economy.<\/p>\n

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Information about the procurement result in the Electronic Procurement System<\/a><\/p>\n

\u00a0<\/h2>\n

\u00a0<\/h2>\n

The application for the selection of venture capital fund managers in the amount of EUR 55,8 <\/span>million <\/strong>is closed<\/span><\/h2>\n

\u00a0<\/p>\n

We are happy about the interest expressed by the applicants – 11 applications were received.<\/span><\/span> We are starting work on the evaluation.<\/span><\/span> <\/strong><\/p>\n

\u00a0<\/p>\n

\u2705 3 Fund Managers will be selected to invest in pre-seed and seed stage companies<\/span><\/span><\/p>\n

\u2705 The total amount of public funding – EUR 55.8 million<\/span><\/span><\/p>\n

\u2705 Each Fund will also have to attract private investments in the amount of EUR 2.07 million<\/span><\/span><\/p>\n

\u00a0<\/h2>\n

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ALTUM announces tenders for the selection of Early Growth Stage and Growth Stage Private Equity Fund Managers. The total public funding allocated for both Funds is EUR 37.2 million.<\/strong><\/h2>\n

\u00a0<\/strong><\/p>\n

The development finance institution ALTUM has announced two tenders: one for Early Growth Stage private equity Fund manager and one for Growth Stage private equity Fund manager, who will have to invest in companies both in Latvia and in other European Union countries.<\/strong><\/p>\n

\u00a0<\/p>\n

The available public funding for both Funds amounts to EUR 37.2 million, allocated as EUR 12.4 million for Early Growth Stage investments and EUR 24.8 million for Growth Stage investments. Additionally, each Fund must attract private investments of at least 40% of the Fund`s total capital<\/strong>.<\/strong><\/p>\n

\u00a0<\/p>\n

ALTUM Board Member Ieva Jansone-Buka<\/strong>: \u201c<\/strong>We continue the selection of venture capital\/private equity Fund managers for the upcoming European funding round. The total amount of investments in companies from European funds will be EUR 93 million. Combined with private funding, it will exceed EUR 110 million, offering essential support for the growth and development of innovative, technology-based companies with high growth potential.\u201d<\/p>\n

The Fund manager selection criteria and other latest information, as well as draft limited partnership agreements, are published in the electronic procurement system:<\/strong><\/p>\n