UAB “Valstybės investicijų valdymo agentūra”
- Company code: 305612545 (information about the company is maintained in the Register of Legal Entities administered by the State Enterprise Centre of Registers).
- Registered address: Lukiškių g. 2, 01108 Vilnius
- Office address: Ukmergės g. 124, 08100 Vilnius
- info@viva.lt
The company manages investment vehicles, establishes and manages investment funds, and carries out investment activities. Its goal is to implement financial and incentive financial instruments on behalf of ILTE. ILTE is the sole (100%) shareholder of UAB “Valstybės investicijų valdymo agentūra”.
The company is responsible for managing the Limited Partnership “Pagalbos verslui fondas” (Business Support Fund), including investment evaluation, selection, monitoring, risk management, and fund returns.
The authorised capital of UAB “Valstybės investicijų valdymo agentūra” is EUR 1 million.
Following the end of the BVF (Business Support Fund) investment period on 1 July 2022, VIVA has focused solely on monitoring the established portfolio and collecting investment returns. During the investment period, 53 financing agreements totaling EUR 225 million were signed. VIVA does not plan to expand its operations and functions solely to ensure the proper administration of the created project portfolio.
VIVA’s main goal was to support large and medium-sized enterprises facing financial difficulties, helping to sustain their performance and stimulate activity in the capital market. The BVF provided financial assistance to businesses through debt and investment instruments. Large and medium-sized companies were eligible for loans or could receive investments by issuing ordinary bonds. The BVF could also invest in systemic companies by acquiring shares or using other hybrid financial instruments.
After transferring part of VIVA’s operations to ILTE, VIVA, as the manager of the BVF, contractually engages ILTE and its staff to carry out VIVA functions related to the administration of the BVF investment portfolio.
The rights and responsibilities of the sole shareholder and the competencies of the General Meeting of Shareholders of UAB "Valstybės investicijų valdymo agentūra" (VIVA) are identical to those stipulated in the Law on Companies of the Republic of Lithuania.
The objective of VIVA’s activities is to finance and/or promote sustainable development in areas where market-based financing is insufficient, by implementing and/or managing financial and other types of support instruments aimed at restoring the liquidity and capitalization of medium-sized and large enterprises, and ensuring their access to finance in the event of a state-declared emergency due to the threat of COVID-19. The company seeks to operate profitably, but not to maximize profits.
Mission
By providing business financing, we activate financial and capital markets and promote economic growth.
Vision
An active participant in financial and capital markets that mobilizes and manages business investments professionally, promoting their efficiency and the sustainability of the economy.
VIVA is a private limited liability company established by the state and controlled by ILTE. All shares of VIVA are owned by ILTE, which performs the functions of the sole shareholder, supervises activities, and exercises all shareholder rights.
ILTE, together with its subsidiary VIVA, manages investments of the Business Support Fund, which are financed through the financial instrument “Business Support Fund”.
VIVA's management bodies:
- General Meeting of Shareholders;
- General Manager – the sole management body of the company.
VIVA does not form a Supervisory Board or Board of Directors.
Liudas Sinkevičius, Acting General Manager
Education: Studied International Economics at Vilnius University. Continuously improves his qualifications through international training in anti-money laundering and financial management.
Experience: Nearly 15 years of experience at Swedbank, one of the largest banks in Lithuania. Held positions in the international business client financing division and the corporate clients department, and later led the Business Client Onboarding division.
Start of term: 15 April 2023
Email: liudas.sinkevicius@viva.lt
Normantas Marius Dvareckas
Education: Graduated from the Faculty of Economics at Vilnius University, earned a Master’s degree in Management at ISM University of Management and Economics, and completed executive M&A programs at London Business School.
Experience: Has served as an independent board member at strategic state enterprises such as Klaipėda State Seaport Authority and Oro Navigacija. Also has experience in private equity fund management with the investment firm Avestis.
Currently: Independent board member at state-owned enterprises Valstybinių miškų urėdija and UAB Toksika, founder and CEO of M&A advisory firm UAB Ad ventum, and acquisition partner at Vilniaus šilumos tinklai.
Start of term: 7 August 2020
Agnė Daukšienė
Education: Holds an international Executive MBA from the Baltic Management Institute and a Master of Law from Vilnius University.
Experience: Over 15 years in asset management, investment and pension fund development, financial intermediation, investment and traditional banking, licensing, and executive advisory. Former senior executive at INVL Asset Management and investment bank Finasta.
Currently: Senior executive at UAB Ignitis, member of the Supervisory Board at Ignitis Latvia SIA, and a member of the supervisory committee of the Smart Energy Fund powered by Ignitis Group.
Start of term: 7 August 2020
Andrius Sokolovskis
Education: Graduated from the Faculty of Law at Mykolas Romeris University.
Experience: 15 years in corporate banking and financial sector. Worked on corporate and public sector project financing in the Baltics and Poland. Held roles at Nordea Bank Lietuva and the European Investment Bank (EIB), where he oversaw loans in Western, Central, and Eastern Europe and financed private companies, energy, commercial and national development banks.
Start of term: 7 August 2020
Virginijus Doveika
Education: Holds a Bachelor's in Business Administration from Vilnius University and a Master’s in International Management from BMI. Completed executive programs at IESE (Spain), IMD (Switzerland), and Wallenberg Institute (Sweden).
Experience: 18 years in the financial sector. Over 14 years leading business units at SEB Bank, including 6 years on the bank’s Management Board and 3 years as Head of Retail Banking in the Baltics, overseeing a credit portfolio exceeding EUR 10 billion.
Currently: Member of the Board at UAB Ambr Payments, an electronic money institution.
Start of term: 7 August 2020
Tomas Tumėnas
Education: Studied at Vilnius and Manchester Universities.
Experience: 30 years in finance and investment management. Nearly 20 years as CFO of Linas Agro Group. Named Lithuania’s CFO of the Year in 2016.
Currently: Member of the Board at Linas Agro Group, heads Darius Zubas Holding and Baltic Fund Investments. Also on the Supervisory Board of credit union Saulėgrąža and a board member at Turing College, Darius Zubas Holding, and National Pharmaceutical Group.
Start of term: 31 March 2022
List of companies and information on financing provided to them (in Lithuanian language).
Special obligations refer to functions carried out by state-owned enterprises that they would not undertake on a commercial basis or would do so at a higher cost than determined. These functions are assigned by the shareholder/owner, i.e., the state.
By Order No. 4-193 of the Minister of Economy and Innovation dated 16 March 2021, a list of special obligations assigned to state-owned enterprises and their subsidiaries was approved. Under this list, the following special obligation was assigned to VIVA:
Maintaining the liquidity of medium and large enterprises through the implementation of the “Business Support Fund” financial instrument.
The goal of the remuneration policy for the management board members and the General Manager of UAB “Valstybės investicijų valdymo agentūra”, the general partner of the “Business Support Fund” Limited Partnership, is to establish clear, transparent, and consistent principles for monetary remuneration. This system ensures effective cost control for the Fund and the Management Company while creating motivational incentives for the leadership to contribute to the mission, vision, values, and objectives of the Fund and the Management Company.
The remuneration policy and average monthly salary reports (in Lithuanian) can be found here: https://ilte.lt/apie-mus/imoniu-grupe/uab-valstybes-investiciju-valdymo-agentura/507#c-93/t-302.
ILTE implements its sustainability practices in accordance with its Sustainability Policy, which defines the key ESG (Environmental, Social, and Governance) principles. This policy serves as the main document outlining the ILTE Group’s sustainability principles and their application guidelines.
More information about ILTE’s sustainability goals and principles is available here: https://ilte.lt/en/about-ilte/sustainability/529.
UAB “Valstybės investicijų valdymo agentūra” is partially subject to ILTE procedures and policies or is based on them.
UAB “Valstybės investicijų valdymo agentūra” is subject to ILTE principles.
UAB 'Valstybės investicijų valdymo agentūra' follows the ILTE Group's Anti-Corruption Policy and procedures and applies preventive measures.
Please report if you have reason to warn about a possible high risk or suspicion of illegal actions, such as corruption or behavior that is qualified as corruption or a criminal act, or possible misappropriation or misuse of fund investments.
We remind you that Lithuanian law prohibits any defamation or false accusation of another person of a crime. Such behavior is punishable by law.
- If you wish to report or warn about the founders, key employees and co-investors of the fund's portfolio companies, please fill out the form here: https://www.coinvest.lt/lt/about-us. Your report will be investigated internally by the fund.
- If you wish to report or warn about the conduct of the Fund's employees and/or independent members of the investment committee, please use the opportunities provided by the holding company ILTE, in accordance with the Group's policies and procedures at this link https://ilte.lt/en/contacts/report-corruption/107.
- In addition, you can report relevant issues directly to the Special Investigation Service of the Republic of Lithuania https://www.stt.lt/.
- In the event of possible non-transparent use of EU structural financial assistance, you can submit a report directly here: https://www.esinvesticijos.lt/lt/pranesimai-ir-korupcija.
Information from the management reports and sustainability disclosures of the subsidiary is presented in the ILTE Consolidated Annual and Financial Statements. Reports are prepared on a consolidated basis. You can access them here: https://ilte.lt/veikla/veiklos-ataskaitos/ilte-veikla/67#c-11/t-261.