Your Local Growth Partner

Milgard Capital was founded by a team that has invested together for over three decades, most recently as part of the Žabolis & Partners investment group before spinning off to build Milgard. Across that time we've backed and grown businesses through a full market cycle, developing a hands-on, conviction-led approach to private equity in the Baltics — and the long-standing relationships that come with it.

Where we come from

How we invest

We focus on a region we know intimately: Estonia, Latvia and Lithuania. We take minority positions in established, growing companies, backing strong owners and management teams rather than replacing them. Every investment is structured with clear shareholder protections and an active seat at the table, so we can support major decisions while leaving day-to-day control where it belongs.

How we create value

Capital is only the starting point. We work alongside the companies we back to optimise their financing structure, strengthen governance and reporting, advance their sustainability goals, and sharpen strategic direction. It's the same playbook that helped turn earlier investments into regional leaders — and the reason founders choose us as a partner, not just a source of funding.