All deals & cases

COBALT advised Estonian Development Fund and SmartCap on transfer of venture capital portfolio to private fund manager Tera Ventures

2017-05-08

COBALT advised Estonian Development Fund and its investment company SmartCap on transfer of venture capital direct investment portfolio to private fund manager Tera Ventures. The portfolio consists of 12 companies, among them international success stories like Jobbatical, Cleveron, Lingvist, Monese and Realeyes.

In April the Estonian Financial Supervision Authority registered Tera Ventures fund as Estonia’s first limited partnership under the new Investment Funds Act. Transfer of Estonian Development Fund and SmartCap’s venture capital direct investment portfolio to the private fund manager is part of the end of another phase of reorganisation of the activities of Estonian Development Fund and SmartCap.

Our work included negotiating the limited partnership agreement with the private fund manager, carrying out limited due diligence in respect of transaction documents of the portfolio entities, advising in connection with the transfer of the portfolio to the new fund in co-operation with local counsel in various jurisdictions and assisting with closing the transaction.

The clients were advised by partner Kristel Raidla-Talur, specialist counsel Edgars Lodzinš and associates Greete-Kristiine Kuru and Sille Rästas.

Read the press release in Estonian from here