# Livonia Partners

Livonia Partners is a Private Equity based in Riga, Latvia.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Riga, Latvia
- **Region:** Europe
- **Address:** Riga, Latvia
- **Founded:** 2013
- **Assets under management:** $150M – $300M (Altss estimate)
- **Website:** www.livoniapartners.com
- **LinkedIn:** https://www.linkedin.com/company/livonia-partners

## Regulatory record

- **Reports private funds:** No

## About

Livonia Partners is a pan-Baltic private equity fund manager, currently investing from €157 million Fund II. We look out for Baltic businesses that show strong growth potential and invest up to €25 million per company. We acquire shares from owners that wish to sell, and we also invest growth equity.

## Sectors

- Industrial Tech
- Consumer
- Business Services
- Healthcare Services
- Energy Transition & Renewables

## Offices

- Vilnius, Lithuania
- Tallinn, Estonia

## People

- Kaido Veske — Partner
- Mindaugas Utkevičius — Partner
- Kristīne Bērziņa — Partner
- Rain Lõhmus — Founding Investor

## Questions

### Who makes the investment decisions at 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.

### How does Livonia source deals that larger regional funds miss?

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.

### How is Livonia different from the Baltic offices of global private equity funds?

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.

## Related profiles

- [Livingston Capital Management](https://altss.com/profile/livingston-capital-management)
- [LivWell Ventures](https://altss.com/profile/livwell-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/livonia-partners

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