Contrarian Ventures, advised by Sorainen, won a tender to become manager of a venture capital fund established by Lietuvos Energija.
The state-owned energy company invested EUR 5 million in the fund. The same amount is expected to be attracted from other investors. The total amount of the fund could reach EUR 10 million.
The fund investment period will be five years, with companies receiving financial injections worth up to EUR 300,000. The total lifetime period of the fund will be 10 years.
Contrarian Ventures will be managed by an international team of seven partners investing in Lithuania, the Netherlands and Israel.
Sorainen advised and represented the clients during the tender procedure, in negotiations with Lietuvos Energija, as well as on fund management and other related questions. The Sorainen team consisted of partner Tomas Kontautas, senior associate Karina Andriukaitienë, associates Artūras Asakavičius and Laura Ryzgelytė.