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Cobalt Advises Estonian Development Fund and SmartCap on Transfer of Venture Capital Portfolio to Tera Ventures

Cobalt Advises Estonian Development Fund and SmartCap on Transfer of Venture Capital Portfolio to Tera Ventures


Cobalt has advised the Estonian Development Fund and its investment company SmartCap on the transfer of their 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 country's new Investment Funds Act. The transfer of the Estonian Development Fund's and SmartCap’s venture capital direct investment portfolio to the private fund manager is part of their reorganization.

According to Cobalt, "our work included negotiating the limited partnership agreement with the private fund manager, carrying out limited due diligence [with regard to the] 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 firm's team was led by Partner Kristel Raidla-Talur and included Specialist Counsel Edgars Lodzins and Associates Greete-Kristiine Kuru and Sille Rastas.

Estonian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

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