BaltCap, a private equity and venture capital investor in the Baltic States, has reached a first close on its latest fund, BaltCap Private Equity Fund II, with EUR50.6 million (approximately US$68.4 million) in capital commitments. The fund is targeting EUR100 million (approximately US$135.1 million) and will make equity investments in companies in the Baltic region, seeking to acquire controlling stakes and typically investing between EUR5 million (approximately US$6.8 million) and EUR10 million (approximately US$13.5 million). Investors in the fund include development finance institutions European Investment Fund and European Bank for Reconstruction and Development, as well as Baltic pension funds managed by Swedbank Investment Funds, LHV Asset Management and Danske Capital.