Baltics-focused investment manager INVL Asset Management has held a first close for INVL Baltic Sea Growth Fund with EUR106 million (approximately USD121 million) in commitments. Investors in the fund—which is anchored by the European Investment Fund—include pension funds managed by INVL and Estonian asset manager LHV. The fund, which aims to raise a total of EUR200 million (USD228 million) in commitments, will focus on growth and buyout investments in companies in the Baltic Sea region.