What is BIF?

The Baltic Innovation Fund was launched in 2012 as a collaborative effort between the EIF and the three Baltic states to create a long-term investment scheme, to attract additional private finance and to implement the best market standards for equity investing in businesses.

How does BIF work?

BIF functions via a fund of funds structure, whereby institutional capital is pooled and then invested in a number of venture capital and private equity funds on the Baltic market – ensuring strategic alignment with the local fund managers who in turn also seek to raise additional private capital to invest in their portfolio companies.


BIF I was launched in 2012 with EUR 130m of public funding and managed to attract a further EUR 392m of private funding: making a total of EUR 522m.

BIF I is invested via 7 funds, of which 5 are emerging teams


BIF II was launched in 2019 with EUR 156m of public funding and is expected to attract at least a further 350m of private funding to reach over 500m in size.

BIF II is expected to support 7-8 funds (each with 10-12 portfolio company investments) and expects to attract institutional private investors including investors from the successor fund BIF I