Meet our Team & Management Board members

Kristjan Kalda  I  Chairman
Partner at BaltCap

Kristjan is one of BaltCap's co-founders. He has over 15 years’ experience in Private Equity and he was the first chairman of EstVCA. He has previously served as the head of the mergers and acquisitions team at investment bank Suprema. Currently Kristjan serves as the chairman of the supervisory board of BaltCap portfolio companies Magnetic MRO, TREV2 Group, and Fitek.



Kalmer Kikas
Managing Partner at BPM Capital

BPM Capital is a provider of mezzanine capital in Baltic region and Poland with €70m commitments under management. Kalmer has previously held executive positions in companies like Baltic Mezzanine, Hansaetic Capital and BalAEF. Kalmer holds a BA in Economics from Estonian Agricultural University and an MBA degree from Henley Management College.


Margus Uudam
Founding Partner at Karma Ventures

Karma Ventures is an A round focused VC fund for Europe, domiciled in Luxembourg. Backed by Skype engineering co-founders, EIF and other institutional investors, Karma Ventures is focusing on technology creators across many verticals. Margus has 9 years of experience as a head of VC investments at ASI where he managed a global venture portfolio of 30 companies.


Heidi Kakko
Partner at BaltCap Growth Fund

Previously Heidi has managed the angel network EstBAN, and was the member of the board and fund manager of SmartCap. Heidi has been developing Estonian venture market since 2008. Prior to that she has worked for 3 companies as the CEO and more than 10 years on transactions at PwC. Heidi graduated from the University of Tartu, cum laude, and has taken PE&VC courses in Harvard Business School.


Kaido Veske
Founding Partner at Livonia Partners

Livonia is an investment company managing Livonia Partners Fund I which is investing €70 million of equity capital into companies in the Baltics. Kaido brings to Livonia private equity investing experience from the U.S. and Europe. Kaido started his career in London and New York working for investment bank Bear Stearns. Later he spent 3 years at Irving Place Capital. He holds a BSc in Economics from The Wharton School, University of Pennsylvania, and an MBA from INSEAD.


Martin Hendre
Operating Partner at Tera Ventures

Martin has formerly worked 15 years as an institutional investor, management executive and board member in Danske Bank’s and Sampo Bank’s pan-Baltic asset management organizations, heading global equity, private equity and multi-asset investments. Martin holds a MSc in Finance from Stockholm School of Economics in Sweden.



Mihkel Kolk
Board Member at Estonian Fund Managers Association

Mihkel is a partner at Deca Legal, a boutique law form specialising in financial regulatory and capital markets issues. He has acted as an attorney with the main focus in banking and finance for more than 10 years, and has been involved in the development of the legal environment for investment funds in Estonian. Before joining private practice, he worked for the Estonian Financial Supervision Authority. Mihkel holds a LLM degree from Duke University.

Sille Pettai
Fund Manager at SmartCap

SmartCap is Estonian state VC company managing an early stage fund of funds. Sille has more than 10 years of experience in asset management as an investment executive at Swedbank Investment Funds, where she was responsible for the management of alternative investments portfolio with private equity and real estate focus in pension funds.


Antti Perli
Legal Counsel at Ellex Raidla

Antti has been leading the development of legal & regulatory framework for Private Equity & Venture Capital in Estonia and starting 2015 he is heading Legal Committee at ESTVCA. He is a Counsel at Ellex Raidla focusing on VC. Previously, Antti worked as a Legal Counsel at state VC firm SmartCap. Antti has also participated in drafting of several legislative acts affecting the industry, including the new Investment Funds Act and amendments to the Commercial Code facilitating VC investments.

Kadri Kallas
Associate Partner at TGS Baltic

Kadri has over 13 years of experience in advising strategic investors, PE & VC funds and their portfolio companies on investments, M&A, joint ventures, restructurings, and on general corporate law. Prior to joining TGB Baltic she spent 8 years at law firm Sorainen and previously gained experience at the London office of an international US-based law firm.


Kristel Raidla-Talur
Partner at COBALT

Kristel is a partner and co-chair of the Banking & Finance practice group at COBALT Estonia. She advises clients mainly on venture capital and other financing transactions and is continuously advising investment funds Karma Ventures and Rubylight on their investments in Europe, USA and elsewhere. She also serves as a member of the Legal Committee of EstVCA as well as Tax, Legal and Regulatory Committee of Invest Europe.


Kristiina Koort
Managing Director at ESTVCA

Kristiina is heading the daily actvities of ESTVCA. She is also co-founder and partner at Estelon and ambassador for the Startup Europe-India Network. While employed at KredEx she also participated in structuring and negotiating process of the Baltic Innovation Fund. Kristiina’s background is in the financial sector dealing with equity sales and trading for Institutional clients across Europe and US. She holds MA from HULT International Business School, London.






Header photo: Alejandro Escamilla