ZGI Capital

Investment decisions are led by Managing Partner Girts Berzins, who founded the firm in 2005, alongside Partner Janis Zalitis. The firm's small senior team structure means both remain directly involved in sourcing, diligence, and post-investment governance. ZGI does not publicly disclose a formal investment committee composition separate from its named partners, which is consistent with its tightly held private equity platform model.

ZGI invests across all three Baltic states — Latvia, Lithuania, and Estonia. While its headquarters and historical deal density skew toward Latvia, the firm has pursued opportunities throughout the region where it can leverage its local network and institutional presence. Some portfolio companies have scaled to serve broader European markets.

ZGI operates across early-stage venture, growth equity, expansion capital, and management buy-in transactions. The firm is comfortable writing first or second institutional checks into seed and early-stage companies, and it also participates in later-stage growth rounds for existing portfolio holdings. This stage-flexible mandate distinguishes it from Baltic-focused venture firms that concentrate exclusively on seed-stage activity.

ZGI's primary activity is direct equity investment into portfolio companies rather than fund-of-fund commitments. The firm structures its participation through direct equity and co-investment arrangements, often serving as lead or co-lead investor. Its disclosure on any fund commitment activity to external managers is limited.

The firm pursues a generalist mandate within technology-enabled sectors where the Baltic region has built competitive strengths. This includes enterprise software, fintech, industrial technology, and energy transition, as well as select consumer platforms. ZGI's sector focus is pragmatic — driven by the deal flow the Baltics naturally produce rather than a rigid thematic screen.