Update No.17
December 2025
Greetings from Merito Partners
As we approach the end of 2025, this is the perfect moment to pause, reflect, and appreciate the journey Merito Partners have taken. Each year brings its own momentum, but 2025 stands out as a period where many of our long-term efforts translated into tangible progress. Before we turn the page to a New Year, we are pleased to share the milestones achieved, celebrate the wins, and highlight the opportunities shaping the road ahead of us.
Reflecting on 2025: Main Milestones
Our investor community continued to grow meaningfully throughout 2025, now exceeding 220 unique investors who share our mission of making private equity more accessible and transparent. This year, we also proudly surpassed €150 million in assets under management and administration, reaffirming the trust our investors place in us and the relevance of the opportunities we develop across sectors.
Strengthening Our Team
To support our expanding investment portfolio and ambitious pipeline, the Merito Partners team has grown to over 20 professionals , with additional recruitment ongoing. This expansion strengthens our capabilities across deal execution, project management, fundraising, portfolio oversight, legal, and compliance – ensuring we are well prepared to meet the needs of our growing investor base and the increasing scale of our investment initiatives.
Key Milestones Across Our Portfolio
Merito Partners now manages 10 investment funds and oversees more than 20 active investment projects across energy, real estate, growth equity, buyout and evergreen strategies. Key achievements this year include:
- Sustainable Energy Fund — we are progressing in obtaining financing to initiate the upgrade of our 71.5 MW solar PV portfolio with the integration of a 120 MWh battery energy storage system (BESS). The upgraded platform is targeting commercial operations in Q3 2026, significantly enhancing revenue resilience and long-term value.
- Merito Self Storage Fund — BoxStorage has become the No. 1 self-storage platform in the Baltics, now operating 14,500 m² of leasable space across eight locations. Fundraising has been successfully completed with €17.8 million raised from 60 investors. The next phase focuses on operational excellence, utilisation growth, and continued market consolidation.
- Real Estate Special Situation Funds — All projects launched in previous years have outperformed expectations, already returning 40% of committed equity to investors. These results underline the potential to exceed 20%+ net annual returns over the full investment cycle.
- New Real Estate Projects in 2025 — This year, we executed four new special situation real estate deals, aligned with our dual strategy of Partnering with developers and Repositioning undervalued assets. These initiatives leverage Riga’s position as the most affordable EU capital for housing and growing demand for serviced living formats. More on this approach is available in our July newsletter.
- Evergreen Investments — In 2025, we deepened our work with evergreen structures — long-term investments designed for compounded value creation and dividend yield. Among the first few cases, we also launched Lignord Group (wood processing sector consolidator) to advance succession-driven opportunities in the key Baltic industry.
- Growth Equity Portfolio Highlights — Our growth equity portfolio continues to demonstrate strong performance. MyCabin doubled its scale in 2025, while our Laundromat network expanded to nearly 100 locations across 10 countries. These milestones provide a robust platform for continued growth, internationalisation, and future value creation.
What’s Next: Building on Momentum
As we reflect on the achievements of 2025, we also look ahead with confidence and determination. Merito’s investment strategy remains anchored in identifying niche opportunities, building scalable platforms, and offering investors access to high-quality private market deals.
The upcoming months will give investors the chance to evaluate three different projects.
🐄 Project Truffle — Strategic Acquisition in Baltic Agribusiness
Project Truffle marks Merito’s entry into one of the most resilient, asset-backed sectors in the Baltics – agribusiness. We are currently in the final stages of acquiring a vertically integrated livestock farming group from a US investment fund, opening the door to long-term, income-focused value creation.
The business combines a high-efficiency operational core with a substantial portfolio of owned agricultural land, while maintaining full control over its value chain, including in-house feed production. An experienced management team with decades of sector expertise will remain at the helm, reinvesting alongside Merito and ensuring strong alignment of interests.
Structured as an evergreen investment and supported by debt financing from a leading Baltic investment bank, Project Truffle focuses on strong cash yield generation backed by stable cash flows and more than 20 years of operating history. The investment is anchored in real assets, conservative structuring, and a clearly defined long-term value creation strategy.
🚑 MeDi Group — Platform for Healthcare Services Consolidation
MeDi Group represents Merito’s expansion into one of the most resilient and socially essential sectors in the Baltics – healthcare. Driven by long-term structural trends such as an aging population, historically low healthcare spending, and steady market growth, the platform is being developed to build a scalable, professionally managed outpatient care group across the region.
In partnership with healthcare industry expert Dins Šmits, MeDi Group is designed as a long-term consolidation platform, bringing together high-quality clinics across diagnostics, surgery, rehabilitation, and wellness. The first foundations are already in place: the initial investment round is nearing completion, securing both the central management team and the first clinic.
MeDi Group aims to combine strong governance, medical excellence, and operational discipline – creating a business that delivers resilient cash flows, scalable growth, and a meaningful contribution to the sustainability of the Baltic healthcare ecosystem.
🏗️ Riga Real Estate: Special Situations Projects
At Merito, we see Riga not only as a capital rich in history, but as one of Europe’s most overlooked real estate investment markets – a city where disciplined, hands-on execution can still unlock exceptional value.
We are currently preparing at least two new real estate investments under our proven renovate–convert–realise model. These are special situations in prime locations: underappreciated or underutilised assets that can be repositioned to meet today’s demand for quality urban living and short-term accommodation.
Each project is structured as a focused, single-asset strategy, combining active asset management with institutional oversight. Beyond financial returns, these projects contribute to the thoughtful revitalisation of Riga’s urban fabric – delivering value with discipline, creativity, and aligned capital.
If the abovementioned projects aligns with your long-term investment interests, and you’d like to explore it further, please let us know.👋 We’ll be happy to provide more details and answer any questions.
