# FlyCap

FlyCap is an Asset Manager based in Riga, Latvia.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Riga, Latvia
- **Region:** Europe
- **Address:** 15A Matrozu Str., Riga, LV-1048, Latvia
- **Founded:** 2013
- **Assets under management:** €42 million (per firm website)
- **Website:** www.flycap.lv
- **LinkedIn:** https://www.linkedin.com/company/flycap

## Regulatory record

- **Reports private funds:** No

## About

FlyCap is a private debt fund manager established in 2013, managing €80 million in assets under management. The firm provides financing to businesses through private debt investments. FlyCap's preferred sectors include healthcare, B2B, IT&TECH, and export-oriented manufacturing.

## Sectors

- Private Credit
- Healthcare
- Enterprise Software
- Industrial Tech
- Export-Oriented Manufacturing

## People

- Jānis Skutelis — Partner
- Jānis Liepiņš — Partner
- Ģirts Milgrāvis — Partner

## Questions

### Who runs investment decisions at 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.

### Does FlyCap participate in fund commitments or only direct deals?

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.

### What investment stages does FlyCap typically target?

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.

## Related profiles

- [Flybridge](https://altss.com/profile/flybridge-capital-partners)
- [Flyer One Ventures](https://altss.com/profile/flyer-one-ventures)

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Last updated: 2026-07-10T23:37:57.000Z

Canonical page: https://altss.com/profile/flycap

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