Maido Lillemets joins SmartCap as new head of legal
Maido Lillemets, a legal professional with valuable experience in the financial and investment sectors, has joined SmartCap, Estonia’s national fund manager, as its new Head of Legal.
“Maido has previously worked for the largest private equity investor in the Baltic states, as well as one of Estonia’s largest pension fund managers. He has extensive expertise in setting up cross-border legal structures for private investment funds and leading regional legal and compliance functions. He specializes in legal matters concerning sophisticated institutional investors as well as in facilitating continuously increasing regulatory and supervisory requirements,” said Sille Pettai, CEO of SmartCap.
As of 2025, SmartCap manages three funds with a broad mandate—the SmartCap Venture Capital Fund, the Green Fund, and the newly launched Defence Fund. Maido’s expertise will be instrumental in leading the legal team and supporting SmartCap’s investment activities.
“SmartCap stands out for its broader mission of market development, especially with the new fund’s focus on advancing the defense industry. I am eager for the challenge of applying my experience to a state-backed fund management company like SmartCap, which channels state investments to drive growth,” said Maido Lillemets.
Before joining SmartCap, Lillemets served as Legal and Compliance Director at BaltCap, and worked as a lawyer and compliance officer at LHV Asset Management.
SmartCap is a subsidiary of the Estonian Business and Innovation Agency, registered with the Estonian Financial Supervision Authority. The company manages several funds, including the SmartCap Venture Capital Fund and the Green Fund, with a focus on fostering innovation and driving Estonia’s economic growth.