Meet our dedicated team comprising of leading Private Equity & Venture Capital industry professionals

Karma Ventures is an A round focused VC fund for Europe, domiciled in Luxembourg. Backed by Skype engineering co-founders, EIF and other institutional investors, Karma Ventures is focusing on technology creators across many verticals. Margus has 9 years of experience as a head of VC investments at ASI where he managed a global venture portfolio of 30 companies.

Kristjan Kalda

Partner at BaltCap

Kristjan is the founding partner of BaltCap, he helped to establish the company’s Estonian operations in 1997-1998. Kristjan specialises in buyouts and he has led a number of companies to successful exits: Fitek, Magnetic MRO, TREV-2, Energate, Tuuleenergia, Microlink, and A. le Coq, to name a few.
Kristjan has previous experience as the head of the M&A team at Suprema. He studied economics at Tallinn Technical University.

Kristjan is currently serving his second term as the chairman of the Estonian Private Equity and Venture Capital Association: he was also the founder and first chairman of the EstVCA.

Viljar Arakas

CEO at Eften Capital

Viljar Arakas is a founding member and a member of the board of EfTEN Capital AS. From spring 2008 also a fund manager of all four EfTEN real estate funds. Before setting up the team of EfTEN Capital he was the chairman of the board of Arco Vara AS. From 2007 to 2011 he was the member of the supervisory board of Tallinn Airport, from 2011 to 2012 chairman of the supervisory board of Estonian Railways. From 2012 – 2015 he was chairman of the supervisory board of EVR Cargo / Operail and currently is the chairman of the supervisory board of the Estonian Air Navigation Services.

Viljar studied telecommunications in Tallinn Polytechnic School and after graduation he went on to study business administration in Estonian Business School, which he graduated in 2003. After graduation he continued his education in Hogeschool NOVI in Netherlands and graduated with double major.

Martin Hendre

Operating Partner at Tera Ventures

Martin has formerly worked 15 years as an institutional investor, management executive and board member in Danske Bank’s and Sampo Bank’s pan-Baltic asset management organizations, heading global equity, private equity and multi-asset investments. Martin holds a MSc in Finance from Stockholm School of Economics in Sweden.

Sille Pettai

Fund Manager at SmartCap

SmartCap is Estonian state VC company managing an early stage fund of funds. Sille has more than 10 years of experience in asset management as an investment executive at Swedbank Investment Funds, where she was responsible for the management of alternative investments portfolio with private equity and real estate focus in pension funds.

Antti Perli

Legal Counsel at Ellex Raidla

Antti has been leading the development of legal & regulatory framework for Private Equity & Venture Capital in Estonia and starting 2015 he is heading Legal Committee at ESTVCA. He is a Counsel at Ellex Raidla focusing on VC. Previously, Antti worked as a Legal Counsel at state VC firm SmartCap. Antti has also participated in drafting of several legislative acts affecting the industry, including the new Investment Funds Act and amendments to the Commercial Code facilitating VC investments.

Indrek Kasela

Founding Partner at United Angels VC

Founding partner at UnitedAngels VC and an established business leader. For the last 14 years Indrek has run the largest private equity funds in the Baltics and is currently Member of the Board of PR Foods and Ekspress Group. One of the most active angel investors in Estonia.

Joel Aasmäe

Managing Partner at Trind Ventures

Joel has done early stage investments since 1999. He is currently the Managing Partner at Trind Ventures. Trind Ventures specializes on seed stage investing across Europe, primarily in Baltics and Finland. Joel holds Bachelor of Laws from Tartu University and MBA from NYU Stern School of Business.

Toomas Prangli

Partner at Sorainen

Toomas Prangli started at Sorainen in 1997 and has helped a five-lawyer team develop into a distinguished law firm operating in four countries, having served as co-managing partner of the firm and the Estonian country managing partner for 10 years. Having advised M&A and private equity transactions for over twenty years he has extensive experience in the field and has earned clients' trust to the extent that he ranks top of the Mergermarket CEE legal advisers league table by the number of transactions advised in the region. Together with the Sorainen M&A team, Baltic VCA-s, and local business media Toomas also helps to organise the annual Baltic M&A and Private Equity Forum and the Baltic M&A Awards.

Kalmer Kikas

Managing Partner at BPM Capital

BPM Capital is a provider of mezzanine capital in Baltic region and Poland with €70m commitments under management. Kalmer has previously held executive positions in companies like Baltic Mezzanine, Hansaetic Capital and BalAEF. Kalmer holds a BA in Economics from Estonian Agricultural University and an MBA degree from Henley Management College.

Hendrik Reimand

Associate at Livonia Partners

Livonia Partners is an investment team currently managing €83 million of equity capital for investments into companies in the Baltic region. Hendrik is an associate at Livonia Partners, where he focuses both on investment analysis and transaction execution as well as development of existing portfolio companies. Prior to joining Livonia, Hendrik worked at Trigon Capital, an Estonian merchant bank, and Dynamic Credit, an Amsterdam based alternative fixed income investments advisory firm. Hendrik holds BSc and MSc degrees in economics and finance from the University of Amsterdam.

Kadri Lindpere

Managing Director

Kadri is heading the daily operations of EstVCA. She is an experienced professional with vast experience in the fields of Communication, Business Development and Service Design. Before joining EstVCA in May 2020, Kadri led the Marketing and Communication field in PwC Estonia and prior to that was head of the field at the leading Baltic law firm Ellex Raidla. She has also worked as Business Development and Communications lead at real estate group Arco Vara, managing the communication of their IPO process in 2008.
Her passion is innovative entrepreneurship, green thinking, circular economy, diversity and new service models. Kadri holds an MA degree from Estonian Business School.
kadri@estvca.ee
+372 505 1239