UAB „Valstybės investicinis kapitalas“

UAB „Valstybės investicinis kapitalas“ (often abbreviated as VIK) is a Lithuanian state-owned special-purpose investment company created to implement government support and investment measures for medium and large enterprises, primarily in response to the COVID‑19 economic shock. The company operates under the oversight of the Ministry of Finance of the Republic of Lithuania and works in close coordination with UAB „Valstybės investicijų valdymo agentūra“ (Public Investment Management Agency, VIVA) and the state-sponsored Business Support Fund (Pagalbos verslui fondas, PVF).

Company Overview

Legal form: Uždaroji akcinė bendrovė (UAB, private limited liability company)
Industry sector: State investment / public asset management / alternative investments (debt and equity instruments)
Founding date: 2020 (established as part of the Lithuanian government’s COVID-19 economic response framework)
Headquarters: Vilnius, Lithuania (exact registered address listed in the Legal Information section below if available)

Legal Information

Įmonės kodas (Company code): Not publicly available in the open sources consulted.
PVM kodas (VAT code): Not publicly available in the open sources consulted (company may be VAT-exempt or not registered for VAT due to the nature of activities).
Official website: No dedicated website identified; public information about the vehicle and its mandate is published via:
- UAB „Valstybės investicijų valdymo agentūra“ (VIVA): viva.lt
- Pagalbos verslui fondas (Business Support Fund): pvf.lt
- Ministry of Finance of the Republic of Lithuania: finmin.lrv.lt
Official email address: A dedicated VIK email was not found in the sources consulted. Public inquiries are typically routed via VIVA (e.g., info@viva.lt) or PVF (e.g., info@pvf.lt) — see sources for confirmation and current details.
Registered office address: Not disclosed in the open sources consulted. The company is registered in Vilnius, Lithuania (exact street address is available in the Lithuanian Register of Legal Entities).
Phone number: Not publicly available in the open sources consulted.

Business Operations

Main products/services:
- Provision of state-backed investment capital to Lithuanian medium and large enterprises.
- Instruments include subordinated and senior debt, convertible bonds, hybrid capital, and, where applicable, equity investments.
- Transaction structures generally target commercially viable companies hit by systemic shocks (e.g., COVID‑19) and focus on preserving jobs, stabilizing operations, and enabling recovery and growth.

Business model:
- Operates as a state-owned special-purpose vehicle (SPV) that deploys capital under an approved government mandate and investment policy.
- Investment management and day-to-day execution are carried out under mandate by UAB „Valstybės investicijų valdymo agentūra“ (VIVA).
- Investments are typically time-bound, on market or market-compatible terms, and subject to state-aid and EU temporary frameworks (as applicable during the COVID‑19 period).
- Returns are derived from interest, fees, and potential equity upside; proceeds are used to recycle capital or remit back to the state upon exits/wind-down.

Market position:
- Unique position as a state-backed investor focused on systemic stabilization and recovery, rather than a purely commercial private fund.
- Complements (rather than competes with) private capital by addressing market gaps during crises and crowding-in private finance where possible.

History

Founding (2020): Established in 2020 as part of Lithuania’s economic response to the COVID‑19 pandemic. The government created a suite of measures to support companies facing liquidity shortfalls, with VIK acting as a key vehicle to channel investments through the Business Support Fund (Pagalbos verslui fondas, PVF).

Launch of operations (2020–2021): Following enabling legislation and state-aid frameworks, VIK commenced deployment into eligible Lithuanian enterprises via PVF-managed transactions, prioritizing sectors most impacted by the pandemic (e.g., tourism, transport, manufacturing, and services).

Portfolio development and monitoring (2021–2023): Investments were structured primarily as debt and hybrid instruments with defined maturities, governance covenants, and optionality for conversion in certain cases. Active portfolio monitoring and engagement supported stabilization, restructuring (as needed), and recovery.

Normalization and exits (2023–2025): As macroeconomic conditions normalized, the focus gradually shifted from deployment to portfolio management, repayments, and orderly exits, consistent with the fund’s temporary and countercyclical mandate.

Financial Information

Capital and funding:
- The Business Support Fund (PVF), managed by VIVA and implemented through VIK and related vehicles, was authorized up to a multi-hundred-million-euro scale (with a publicly communicated headline envelope up to approximately EUR 1 billion at inception, subject to demand, state approvals, and market conditions).
- Capital was provided by the Republic of Lithuania, with instruments and terms aligned to EU state-aid frameworks applicable during the COVID‑19 period.

Revenue and financial statements:
- As an SPV, VIK’s income primarily consists of interest, fees, and any realized gains from investments.
- Detailed revenue, profit/loss, and balance sheet information is filed with the Lithuanian Register of Legal Entities (Juridinių asmenų registras) and may be accessed via Registrų centras or commercial company databases. No consolidated public revenue figures were available in the open sources consulted.

Ownership structure:
- Sole shareholder: Republic of Lithuania, represented by the Ministry of Finance. Governance includes state oversight, a supervisory/management board (as applicable), and an investment management agreement with VIVA.

Leadership and Management

Management model:
- Investment management is delegated to UAB „Valstybės investicijų valdymo agentūra“ (VIVA), which provides the professional team, processes, and investment committee functions for the Business Support Fund operations.
- VIK’s formal corporate bodies (CEO and board) are appointed per Lithuanian company law and state ownership policy, with oversight by the Ministry of Finance.

Key executives (vadovai) and board members:
- Full names and current positions (pareigos) for VIK’s CEO and board members were not published in the open sources consulted. Recent public communications typically feature VIVA’s leadership and PVF’s investment committee rather than VIK’s corporate officers. For authoritative and up‑to‑date information, see the Lithuanian Register of Legal Entities (JAR) and current disclosures on finmin.lrv.lt and viva.lt.

Office Locations

Registered office (buveinė): Vilnius, Lithuania. The exact street address and unit information are recorded in the Lithuanian Register of Legal Entities. No alternate branch offices identified.

Phone numbers: No dedicated VIK phone number was identified in the open sources consulted. Public inquiries are typically addressed via VIVA’s published contacts.

Market Position

Competitors and peers:
- VIK does not have direct market competitors in the traditional sense; it is a state-owned SPV with a policy-driven mandate. However, analogous public‑purpose financiers include INVEGA (Investment and Business Guarantees) and international financial institutions (e.g., EIB/EIF) that may operate in overlapping policy spaces. Private credit funds and banks are indirect peers when VIK co‑invests or complements market financing.

Market share: Not applicable in a conventional sense; VIK’s role is countercyclical and complementary, not to capture market share from private actors.

Competitive advantages:
- State-backed capacity to provide timely, flexible financing in systemic stress scenarios.
- Ability to structure hybrid and subordinated instruments aligned with policy goals.
- Professional investment management via VIVA with dedicated risk, legal, and monitoring capabilities.
- Strong governance and compliance under state-aid and Lithuanian/EU regulatory frameworks.

Recent Developments

2023–2025:
- Gradual pivot from deployment to portfolio optimization, repayments, and exits following the acute COVID‑19 phase.
- Ongoing public reporting through the Ministry of Finance, VIVA, and PVF channels about portfolio status, repayments, and wind‑down trajectories where applicable.
- No new large-scale pandemic-era deployments anticipated; focus remains on responsible management of existing exposures and potential strategic exits.

Contact Information

UAB „Valstybės investicinis kapitalas“ (VIK)
- Registered office: Vilnius, Lithuania (exact address recorded in the Lithuanian Register of Legal Entities; not publicly listed in the open sources consulted)
- Phone: Not publicly available
- Email: Not identified (public queries generally via VIVA or PVF)
- Website: No dedicated site; see VIVA (viva.lt) and PVF (pvf.lt)

Related contacts (for public information and investor relations-style inquiries):
- UAB „Valstybės investicijų valdymo agentūra“ (VIVA): viva.lt; general info email commonly presented as info@viva.lt (verify on viva.lt)
- Pagalbos verslui fondas (PVF): pvf.lt; general info email commonly presented as info@pvf.lt (verify on pvf.lt)
- Ministry of Finance of the Republic of Lithuania: finmin.lrv.lt (press releases, policy, and oversight information)

Sources and References

Note: The company is a state-owned SPV with limited standalone public disclosures. Most information is available through the Ministry of Finance, the Public Investment Management Agency (VIVA), the Business Support Fund (PVF), and official legal registries.

- Ministry of Finance of the Republic of Lithuania (finmin.lrv.lt) — policy announcements and press releases on COVID‑19 support measures and state investment vehicles.
- UAB „Valstybės investicijų valdymo agentūra“ (VIVA) (viva.lt) — descriptions of mandates, governance, and managed funds including PVF.
- Pagalbos verslui fondas (PVF) (pvf.lt) — investment mandate, process, and portfolio-level updates related to the Business Support Fund.
- Seimas of the Republic of Lithuania legal portal (lrs.lt) — laws and resolutions enabling the establishment and operation of state aid measures and investment vehicles during COVID‑19.
- Registrų centras / Juridinių asmenų registras — official registry for Lithuanian company data (įmonės kodas, registered address, officers, and financial statements).
- Lithuanian business directories (e.g., rekvizitai.vz.lt) — secondary aggregation of basic company data; verify against Registrų centras.

If precise legal identifiers (įmonės kodas, PVM kodas), registered address, phone, and named officers are required, they should be retrieved directly from the Lithuanian Register of Legal Entities (Juridinių asmenų registras) and the latest disclosures on viva.lt / finmin.lrv.lt / pvf.lt, as these are the authoritative sources.