INVL Family Office raises $17.4m for Baltic access to private equity secondaries
One of the Baltics' largest multi-family offices closed its Global PE Secondaries Access Fund, routing local family capital into a secondaries strategy run by Adams Street Partners.
On 28 July 2026, INVL Family Office said it had completed the offering of its Global PE Secondaries Access Fund across Lithuania, Latvia and Estonia. The fund launched in June and raised $17.4 million from 49 investors over the offering period. Its assets will be allocated to a private equity secondaries fund managed by Adams Street Partners, a US firm.
INVL Family Office describes itself as one of the largest multi-family offices in the Baltic states, overseeing more than €1 billion in investment assets for families across the three countries. It is part of the Invalda INVL group, which has operated for over 30 years. The new fund was set up and is managed by INVL Asset Management, with units distributed by INVL Financial Advisors under the family office brand.
Why secondaries
The secondary market lets investors buy existing stakes in private equity funds rather than committing fresh capital to a blind pool. A single commitment can therefore give exposure to portfolios that are already invested, spreading capital across many underlying companies and shortening the wait before money is put to work. Antonas Kostinas, who manages the fund, said the firm chose Adams Street for its record in the segment.
Adams Street has invested in the secondary market since 1986 and manages about $73 billion in assets. For a Baltic multi-family office, partnering with an established US manager is a way to offer clients a strategy that would be hard to access directly at this ticket size.
Small sum, familiar direction
In absolute terms $17.4 million is modest. The interesting part is who is buying. Wealthy families in a comparatively small European market are putting money into global alternatives, and a regional family office is building the products to meet that demand rather than pointing clients elsewhere.
The mechanics matter here. INVL is acting as a packager, raising local capital and feeding it into a large international manager. That “access fund” model has spread as family offices look for ways to reach private markets without the scale or in-house teams that the largest institutions can afford. It also keeps the client relationship, and the fee, with the family office.
Demand for secondaries has grown across the wider market as investors seek diversification and quicker deployment than primary fund commitments allow. Industry surveys this year have pointed to family offices reweighting towards private markets, so a Baltic multi-family office launching a secondaries vehicle fits the pattern rather than breaking from it.
What families should watch
For the families investing, the practical questions sit below the headline. Fees stack in this model, with a layer at the access fund and another at the underlying Adams Street fund, so the total cost of ownership deserves a close look. Liquidity is limited, as it is with most private markets exposure, and the reported figures are gross of the frictions that come with a fund-of-one-fund structure.
None of that is unusual for the asset class. It does mean the value of the arrangement rests on selection and terms rather than on access alone. On that measure the choice of manager, and how INVL prices its own layer, will decide whether clients are well served.
Source: GlobeNewswire / Invalda INVL.
