FlyCap

Three partners — Jānis Skutelis, Jānis Liepiņš, and Ģirts Milgrāvis — share investment-committee duties at the Riga-based manager. Day-to-day underwriting is led by investment manager Kārlis Ziemelis, with support from investment analyst Mārtiņš Pumpurs. The firm maintains a single investment-team structure across its fund vintages, with no separate credit committee disclosed.

FlyCap leans on the partners’ deep Baltic networks and its government-procurement track record. The firm previously won a Latvian state mandate to manage growth-stage venture-capital allocations, which built a referral pipeline among export-oriented manufacturing and technology founders. Its 75% Latvia allocation suggests most origination is domestic and relationship-driven rather than auction-based.

FlyCap is a licensed alternative-investment-fund manager (AIFM), not a family office. While its earliest Fund I included equity and convertible-loan instruments, the firm has since repositioned around private-debt and mezzanine financing. Today FlyCap functions as a sub-institutional credit provider, sitting between bank senior debt and borrower equity, rather than a traditional venture-capital firm.

The firm structures its capital through proprietary AIF vehicles — most recently FlyCap Private Debt Fund III — and writes direct bilateral loans to portfolio companies. There is no indication that FlyCap commits capital to third-party funds. All disclosed investments appear to be direct debt facilities, reflecting an in-house origination-and-underwriting model.

FlyCap targets post-revenue expansion and late-stage growth, not seed or early-stage venture. Its published criteria require positive cash flow, annual revenue above €1 million, and year-on-year revenue growth exceeding 10%. Combined with a 5× EBITDA leverage cap, the screen captures profitable SMEs scaling into new export markets or making CO2-reduction investments.

The firm's public materials do not list exclusion lists, but its preferred-sectors language — healthcare, B2B services, IT and technology, and export-oriented manufacturing — implies avoidance of consumer discretionary, speculative real estate, and energy-intensive industries. Its emphasis on CO2-reducing projects suggests a tilt away from high-carbon sectors.

FlyCap has not publicly disclosed a single wealth origin. The firm operates as a regulated alternative-investment-fund manager, raising its capital from external limited partners rather than deploying a single-family fortune. Its three partners are professional asset managers, not heirs to a known industrial or financial legacy.