Audited results of Invalda INVL Group for 2023 - Seite 2

“Following the completion of this transaction, we defined a growth and development strategy for the asset management group. This strategy incorporated targets including delivering returns in the top quartile for the funds under management as well as doubling the assets under management over the next 3 years to 2027. We also reinforced the Invalda INVL group’s team as some of our top professionals joined Šiaulių Bankas,“ Darius Šulnis says. 

In 2023, the Invalda INVL group successfully grew its asset management business, attracting more than EUR 50 million of new capital investment into the funds under management. The company also offered investors a range of new products that enabled them to invest in private equity, infrastructure and real estate funds of global managers that operate outside the Baltic region. 

The portfolio of the INVL Baltic Sea Growth Fund, the group’s largest fund, got two new investments. One was the acquisition of Metal-Plast, Poland's largest PVC recycler, which was completed in November 2023. The other was the acquisition of buckwheat producer and grain trader Galinta, which was completed in February 2024. Existing portfolio investments were also successfully developed. The INVL Baltic Sea Growth Fund's portfolio companies had a combined revenues of approximately EUR 570 million at 2023-year end, an EBITDA of approximately EUR 80 million and a workforce of about 8,800 employees. 

The INVL Renewable Energy Fund I issued EUR 16 million of bonds in 2023 for the financing of solar power plants that it is building and developing in Poland and Romania. It also agreed a EUR 25 million bank loan for the construction of solar power plants in Romania. 

The INVL Sustainable Timberland and Farmland Fund II entered a new geographic market with the acquisition of 1,400 hectares of forest land in Romania which completed in January 2024. This investment brought the Fund’s total portfolio of forest and land to over 20,000 hectares. 

The acquisition of Mundus, a private debt fund management company, was completed in February 2023 with the purchase of the remaining 49% stake from the former partners. Preparations are also underway to further develop our private debt products. 

The INVL Family Office continues its strong and successful growth trajectory, expanding its activities also beyond Lithuania. In January 2024, it obtained the regulatory approval of Latvia's financial markets supervisory authority to establish a branch.