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.