Fueling Growth for Baltic Ventures
We help Small and Medium size businesses grow by providing the capital they need while staying true to their vision. Behind every growing business is a dedicated team, and we invest in you — aligning with your strategic goals and supporting your growth as a trusted partner. As minority investors, we don’t take control but provide equity financing and hands-on mentorship to help you navigate the challenges of scaling, sharing our expertise to drive sustainable success!
About us
With a 17-year track record and over 30 years of combined professional experience in PE, we are a newly formed partnership built on long-standing collaboration. As a spin-off from a well-known investment house, we bring deep expertise and a proven approach to investing. With a hyper-local focus on Estonia, Latvia, and Lithuania, we understand the nuances of local markets, regulatory environments, and business cultures. This insight allows us to craft tailored investment strategies that align with the unique needs of our investors. Our enduring commitment to shared vision and hands-on support helps businesses navigate the ever-evolving financial landscape with confidence.
Milgard Capital is Licensed and Supervised by the Bank of Lithuania.
License #39 of a management company acting pursuant to the Law on Collective investment undertakings targeting informed investors
Milgard
Growth Fund I
Dedicated to support high-potential Baltic businesses through minority equity investments, helping them achieve their growth ambitions. Our focus is on scalable, well-positioned companies that can benefit from both financial backing and strategic support. By providing capital, mentorship, and industry expertise, we enable business leaders to navigate expansion effectively while maintaining control of their vision. Our goal is to foster sustainable, long-term growth and create lasting value for both our partners and investors
€70m
10-15
investments
Target size
€5-10m
Target investment
Mokilizingas
Pioneering the green revolution in district heating - from commissioning the first private biomass heat plant to the leading renewable energy producer in Lithuania. Read more...
GECO Investicijos
Leveraging a unique market opportunity in consumer finance - turning an undermanaged asset into a market leader. Read more...
Kesko Senukai Digital
Leading internet order desk of the largest Lithuanian DIY retailer into the leader of e-commerce in the Baltics. Read more...
Our Track
Disclosures related to sustainability
Our Impact
We believe sustainability and long-term value creation go hand in hand. The companies best positioned to grow over the next decade are those that use energy and resources efficiently, are governed well, and are ready for the shift to a low-carbon economy. We look for that potential in every business we back.
Sustainability is not a side commitment for us — it is part of how we invest and how we help companies grow. Working alongside founders and management teams, we encourage clear sustainability goals, stronger governance, and practical steps toward more efficient, resilient operations. Our experience building one of the region's leading renewable heat producers shows what this can achieve in practice.
The Fund promotes environmental characteristics and aims to direct a significant share of its capital toward sustainable investments. Our goal is straightforward: to support businesses that grow profitably while contributing to a more sustainable Baltic economy.
