Delfin Group — Board/Management Information 2026

Mar 10, 2026

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Contact
henrikkarmo@yahoo.co.uk
www.linkedin.com/in/henrik-karmo (LinkedIn)

Top Skills
- Corporate Finance
- Business Strategy
- Private Equity

Languages
- English (Full Professional)
- Russian (Professional Working)
- German (Elementary)
- Latvian (Limited Working)
- Finnish (Limited Working)
- Estonian (Native or Bilingual)

Henrik Karmo

Financial Services
Germany

Experience

INDEXO
8 years 11 months
Chairman of the Management Board
June 2024 - Present (1 year 10 months)

Member of the Management Board/Co-Founder
May 2017 - Present (8 years 11 months)
Latvia

Low cost defined contribution non bank pension fund in Latvia

Goindex
Chairman of the Supervisory Council/Co-Founder
February 2021 - Present (5 years 2 months)
Lithuania

Tuleva
Co-Founder/Member of the Supervisory Board
March 2017 - February 2024 (7 years)

Tuleva is the first member-owned pension fund management company in Estonia.

SAGA Family Office
Partner/Co-Founder
November 2012 - March 2015 (2 years 5 months)

Member of Investment Committee
Set up a Family Office for UHNWI, created investment strategy and asset allocation plan

Private Wealth Management including investing in global real estate, equities, bonds and private equity.

EEREIF Management
Board Member
March 2011 - November 2014 (3 years 9 months)

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Eastern European Real Estate Fund with EUR 50M Office, Retail and Logistics properties
Member of Investment Committee
Restructured properties with non-performing tenants
Development of properties to enhance exit values

GA Fund Management

Member of the Supervisory Board
March 2010 - September 2012 (2 years 7 months)
Investment Management of Alternative Investment Fund Gild Arbitrage
Member of the Investment Committee
Restructuring of an investment fund with assets in Armenia, Bulgaria, Ukraine and the Baltics
Managing the Private Equity portfolio of the fund

Cinamon

Chairman of the Supervisory Board
2010 - 2012 (2 years)
Restructuring the company
Hiring and coaching new management
Renegotiating leases and closing unprofitable sites
Created a system of KPIs to drive operational improvement

TRANSGROUP

Deputy to the CEO
March 2005 - August 2008 (3 years 6 months)
Investment company investing into rail transport related businesses
Managing strategy and M&A activities of a private rail and transport group executing over USD 200M of transactions and organizing acquisition financing
Responsible for building a pipeline of potential investment projects, including sourcing potential transactions, conducting due diligence as well as leading negotiations with target companies
Member of Board of group companies
Developing the business case and overseeing investment into Moscow - Sheremetyevo passenger rail link

Lohmus Haavel Viisemann
Partner
February 1999 - January 2005 (6 years)
Tallinn/Riga

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Investment Bank
M&A and Corporate Finance

Hansapank
Executive Director
August 1997 - January 1999 (1 year 6 months)
Tallinn

Interest Rate product origination
M&A

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Education

Rīgas Ekonomikas augstskola - Stockholm School of Economics in Riga
· (1995 - 1997)