We are pleased to present the Baltic Private Equity and Venture Capital Market Overview 2024. Now in its sixth year, this report continues to track key developments across the region’s PE/VC landscape.
2024 market highlights include:
- 3.77B EUR raised since 2010
- 1.08B EUR dry powder as of the end of 2024
- 233 deals involving Baltic companies in 2024
- 151M EUR amount invested in Baltic companies in 2024
- 97 investments outside of the Baltics in 2024
- 173 M EUR outbound investments in 2024
- 106 active funds as of the end of 2024
In a milestone shift, 2024 was the first year where most (70%) of the capital raised by Baltic fund managers came
from outside the region, with 54% originating from beyond the EU, mainly North America. Over the long term (2019–2024), Baltic LPs have provided 47.2% of total capital raised.
Investment into local companies remained solid, with over 230 transactions, broadly in line with 2021 and 2022,
though 20% lower year-on-year due to 2023’s exceptional volume. Total invested capital in 2024 fell to €151 million, driven by a decline in larger PE deals, with average deal size down to €0.65 million. However, cumulative investment into Baltic-based companies (since 2019) has now surpassed €1 billion.
The market shifted towards earlier-stage activity: early-stage VC made up over 35% of total investments, while growth-stage volumes rose 15% year-on-year. Buyout activity declined.
Outbound investments reached a record €173 million—53% of total capital deployed—highlighting Baltic
managers’ growing global reach.
Dry powder stood at €1.08 billion at year-end, with early-stage VC funds holding the majority (€801 million),
suggesting continued momentum in that segment, while in the PE spac,e we may see more fundraising coming up.
Exit activity remained subdued but saw a rebound in trade sales. Notably, there were no secondary PE exits for the first time since 2017.
While 2024 presented a number of challenges, the outlook for 2025 is cautiously optimistic, with many fund
managers anticipating improvements in both fundraising and investment activity.
We would like to thank our partners at the Latvian Private Equity and Venture Capital Association (LVCA), Lithuanian Private Equity and Venture Capital Association, and KPMG Baltics for compiling this valuable report.