1. Estonian Private Equity & Venture Capital Association
• Founded in 2009
• 16 full members, 26 supporting members
• Full members all investors
• 100 active portfolio companies
• Around 6,000 employees, 2,000 working in Estonia
• Median number of employees 15
Portfolio Companies by HQ
Poland
3% Other
14%
USA
6%
Finland
3%
Romania Estonia
4% 59%
Lithuania
4% Latvia
7% www.estvca.ee

2. Control vs Minority Seed
Stage of Investment
5%
Buy-out
12%
control
30%
Growth Start-up
28% 40%
minority
70% Early
Growth
15%
Over 250 Investments by Sector
4% Number of Employees Services (excl.
100-250
ITC)
11%
9% Other
9% ITC
50-99 Real Estate 30%
8% 5%
Below 10
37% Healthcare/ Life
Sciences
8%
10-49 Infrastructure Production
40% 3% 25%
Retail &
Wholesale
11%
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3. Goals 2009 -2010
 Working out corporate identity (logo, web page etc)
 Working out Code of Conduct
 Collecting statistics
 Introducing industry standards (reporting, valuation, corporate governance)
 Co-operation & training
 Developing venture capital Wiki / Estonian terminology
 Involvement of institutional investors
• Legislative initiatives
 Less regulation to the investors doing direct investments
 Working on AIFMD & other pan-European topics
 Working on new legislation on investment funds
 Taxation of management options
 Etc
• Start-up companies: development, procedures, support
 Promotion of entrepreneurial education
 Supporting incubators
 Promotion of the region to foreign investors
 Introducing best practice (standard documentation etc)
 Involvement of business angels & raising the awareness of professional VC among private investors
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4. EstVCA Members
Ambient Sound Investments venture
Askembla Asset Management private equity
Astrec Invest venture
Baltcap private equity
Cresco venture
Estonian Development Fund venture
GA Fund Management venture
Hanseatic Capital mezzanine
IPC Investment Group venture
LS Venture venture
MTVP venture
Pioneer Engineering Group venture
Redgate Capital venture
Swedbank Investment Funds fund of funds
Unitree Group venture
WNB Project venture
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