Sille Pettai to Step Down as CEO of SmartCap
Sille Pettai, CEO and fund manager of SmartCap, is stepping down from her position at her own request. Her last working day will be at the end of June.
“Under Sille Pettai’s leadership, SmartCap has played a very important role in shaping Estonia’s capital market. While ten years ago the number of funds operating in our market could be counted on one hand, today SmartCap, together with the Estonian startup community, has helped build an ecosystem where Estonian companies can raise capital both from new local funds and leading international venture investors,” said Priit Põldoja, Chairman of the Supervisory Board of SmartCap.
SmartCap currently manages three funds – the SmartCap Venture Capital Fund, the SmartCap Green Fund, and the SmartCap Defence Fund – with total assets approaching €500 million. These funds have provided financing to 13 funds and nearly 20 companies.
“I thank Sille for her dedication and the work she has done. SmartCap is now larger and stronger than ever before and has become a respected investor across Europe. The creation of the Green Fund has brought entirely new green technology-focused investment funds to the Estonian market and increased the visibility of local companies among international investors. The SmartCap Green Fund has now also fulfilled its investment objectives. The Defence Fund, established at the beginning of last year, fills an important market gap in a sector that venture capital has historically avoided both in Estonia and across Europe,” he added.
Sille Pettai will step down at the end of June.
“I would like to thank the entire SmartCap team for their dedication and strong sense of mission, as well as everyone who has contributed to SmartCap’s development over the years and believed in the vision of a state investment fund. I also thank all co-investors and the companies and funds in our portfolio, for whom we have built SmartCap. Today, SmartCap is well-positioned in Estonia and internationally in the venture capital landscape, and is one of the largest multi-strategy fund managers in the local market by assets. I feel that now is the right time to step down and pass the baton. My priority is to ensure as smooth a leadership transition as possible, so that I can hand over the company with peace of mind at the end of June,” said Sille Pettai.
SmartCap’s supervisory board will begin the search for a new member of the management board.