On August 19, 2025, IPAS INDEXO received a notification regarding the acquisition of major holdings. Aigars Kesenfelds’ family investment company, ALPPES Capital, has increased its shareholding in INDEXO to 8.71%.
In addition, representatives of the investment company ALPPES Capital have informed INDEXO that they also participated in the latest INDEXO share issue, which took place from August 8 to 15. Upon full completion of this share issue transaction, ALPPES Capital is expected to further increase its stake in INDEXO.
Representatives of the investment company ALPPES Capital also note that they are in favour of INDEXO’s plans to propose a share swap between INDEXO and DelfinGroup. ALPPES Capital currently holds 18.23% of DelfinGroup shares. The investment company intends to accept INDEXO’s offer by swapping all of its DelfinGroup shares into INDEXO shares, thereby potentially further increasing its stake in INDEXO. ALPPES Capital is confident that the share swap will deliver the strongest long-term value creation for both INDEXO shareholders and all existing DelfinGroup shareholders.
The investment in INDEXO is a long-term financial investment by ALPPES Capital, demonstrating confidence in the current INDEXO management team and the company’s development vision. ALPPES Capital also plans to participate in future INDEXO capital-raising rounds with the aim of ensuring that INDEXO’s capital and profitability reach an optimal and sustainable level, which would allow for the successful development and expansion of existing services as well as the creation of new ones.
As reported previously, the Bank of Latvia has granted permission for ALPPES Capital to acquire a direct qualifying holding and for Aigars Kesenfelds to acquire an indirect qualifying holding in IPAS INDEXO. Meanwhile, the European Central Bank approved Aigars Kesenfelds and ALPPES Capital to acquire an indirect qualifying holding in INDEXO Bank.
About the family investment company AS ALPPES Capital
AS ALPPES Capital is the family investment firm (family office) of Aigars Kesenfelds, a multi-sector entrepreneur, with a long-term objective of capital growth. The firm’s primary sources of income are dividends and interest received from related and associated companies. In 2024, AS ALPPES Capital operated with a profit of 74.8 million euros, and the company’s equity at the end of 2024 was 143.9 million euros.
AS ALPPES Capital invests in private and publicly listed companies, bonds and other debt securities, as well as in long-term alternative investment funds. AS ALPPES Capital is directly or indirectly the largest shareholder and a long-term investor in several private and publicly traded companies, including Eleving Group S.A., DelfinGroup AS, Sun Finance Group AS, Longo Group AS, and Mintos Holdings AS. The companies in which AS ALPPES Capital holds a direct or indirect leading ownership stake employ more than 5,000 people, of whom approximately 1,000 are based in Latvia. These companies generate a combined annual turnover exceeding €600 million and operate across more than 30 countries worldwide. In recent years, they have contributed, on average, over €25 million annually in taxes to the Latvian state budget.
The investment portfolio of AS ALPPES Capital, through both direct and indirect investments, spans a wide range of sectors including retail, consumer goods and services, leasing and consumer finance, e-commerce, real estate, forestry, renewable energy, manufacturing, and others.
AS ALPPES Capital is a 100% owned company of Aigars Kesenfelds, a multi-sector entrepreneur.
About INDEXO financial services group
INDEXO is a financial services group that includes pension management companies and INDEXO Bank.
INDEXO, an investment management company licensed by the Bank of Latvia, offers modern 2nd and 3rd pillar pension plans in Latvia. It is one of the fastest-growing pension managers in the Baltics, with almost 145 thousand customers and more than EUR 1.4 billion assets under management.
INDEXO Bank, a credit institution licensed by the European Central Bank, serves over 41 thousand clients, with total client funds amounting to EUR 51,8 million and EUR 22,2 million in issued consumer loans.
Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with around 7,000 shareholders. Its mission is to fight for a better financial environment in Latvia and strengthen the well-being of Latvian residents by providing modern and personalized financial services.
For more information visit www.indexo.lv.