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.

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.