On May 26, the Board of the Financial Capital and Market Commission (FCMC) made a decision to register JSC Development Finance Institution Altum (ALTUM) as an alternative investment fund manager.

ALTUM is planning to manage a closed-end alternative investment fund, which is being established in accordance with the Law on Measures for the Prevention and Suppression of Threat to the State and Its Consequences Due to the Spread of Covid-19.

In accordance with the mandate that the Latvian government will give to ALTUM, an alternative investment fund will be established to support Midcap companies affected by the Covid-19 crisis. The fund will invest in corporates capital, make quasi-equity investments and investments in corporate bonds of up to EUR 10 million, supporting well governed, viable companies experiencing temporary difficulties caused by the COVID-19 crisis, as well as Midcap companies which are ready to adjust their operating and business models to match the future circumstances. The fund will be made up of public and private funding, and public funding is estimated at EUR 50 million. The fund will become operational after the European Commission takes a decision on its compatibility with the European Union's internal market.

         Laura Lapkovska
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 67774023, +371 26165699
         E-mail: Laura.Lapkovska@altum.lv