Hanseatic Capital, the 20 million euro investment fund set up by the U.S. government-financed Baltic-American Enterprise Fund (BalAEF), has started operations in the Baltic countries.
Hanseatic Capital was established to expand mezzanine investments in growth-oriented businesses across the region.
Its initial financing has been provided by BalAEF, International Finance Corporation and Hansabank, the leading financial group in the Baltic countries.
Hanseatic Capital's investment per project will amount to between 500,000 euros and 1.5 million euros, BalAEF said in a statement on May 5.
In Lithuania, BalAEF owns 33 percent of Valmeda, the operator of the Holiday Inn Hotel, and holds 40 percent of shares in Viltechmeda, a manufacturer of medical equipment.
BalAEF was established in 1994 to contribute to the private sector development in the Baltic states.
It was capitalized at $50 million by the U.S. government through the U.S. Agency for International Development. As of late 2002, BalAEF had assets worth around $54 million.
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