Livonia Partners

The investment committee is led by partners Kaido Veske, Mindaugas Utkevičius, and Kristīne Bērziņa, who collectively have decades of operational and transactional experience in the Baltic market. The founding investor, Rain Lõhmus, co-founder of Estonia's LHV Bank, provides strategic oversight but does not manage day-to-day investment operations. The partnership structure ensures that no single individual has unilateral decision-making authority on capital deployment.

Livonia's three-country, three-office structure means the firm has full-time senior partners embedded in Riga, Vilnius, and Tallinn, speaking the local languages and maintaining relationships with business owners, banks, and corporate parents. Many mid-market Baltic companies — particularly founder-owned industrial and service businesses — are too small for pan-European or Nordic funds to diligence from Stockholm or Warsaw. Livonia often structures bilateral, proprietary transactions with founders who have never run an auction process.

Most private equity capital deployed in the Baltics originates from Nordic or pan-European funds that cover the region from offices in Stockholm, Helsinki, or Warsaw. Livonia is the only dedicated buyout manager incorporated and headquartered in the Baltics with investment professionals residing full-time in Riga, Vilnius, and Tallinn. This local-embedded architecture gives the firm an edge in sourcing proprietary, off-auction transactions in a market where personal relationships with founders and bank advisors remain the primary deal origination channel.