On 1 September 2025, IPAS INDEXO received a notification regarding the acquisition of major holdings. Aigars Kesenfelds’ family investment company ALPPES Capital, by participating in the public capital raising implemented by IPAS INDEXO in August, has acquired qualifying holding in INDEXO amounting to 12.37% of shares.
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.
Detailed information is included in the attached document.
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
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.