On 21 January 2010 the European Investment Fund (EIF) launched more than EUR 8.4 million into Business Angels Fund I ("the Fund") together with UAB MES Invest and its shareholders and fund managers. This transaction was signed by EIF under the JEREMIE Holding Fund, which is financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme for Lithuania.
The Fund is aimed to target the equity investments into small and medium enterprises in Lithuania to be made by the Fund in concert with the Business Angels, the investors who along with their investments will also share their knowledge and experience to support investees to enhance business management skills and run their businesses successfully in the long run. The total investments of the Fund are expected to be up to EUR 16.8 million.
Bernotas & Dominas Glimstedt has been engaged in developing and implementing the legal structure of the Fund and providing general legal support for the transaction.