Profitable risk-taking with proven impact

As a state-owned investment company, our mission is to develop the Finnish venture capital and private equity market by investing in funds and directly in companies. We invest on market terms, seeking a profit from all investments. We channel the returns from our investments into new funds and companies.

We invest funds and companies with the highest impact potential: the most promising companies grow the fastest and create new jobs and prosperity the most. As a result, our operations are also financially profitable in the long term.

The cumulative total of EUR 669 million of investments in Tesi made by the Finnish state has grown into EUR 1,088 million of shareholders’ equity by the end of 2019. We channel the returns from our investments back into new investments. In 2019, we made new investments and commitments amounting to EUR 133 million.

 

Investments under management (June 30, 2020)

EUR 1.611 billion
Venture Capital funds EUR 339.2 million
Growth and Buyout funds EUR 292.7 million
KRR funds-of-funds EUR 583.4 million *
Direct investments EUR
348.0 million
EFSI/EIB
EUR 47.5 million

* Includes Tesi’s investment commitments and investments, the capital of KRR I, KRR II, KRR III and KRR IV managed the company, as well as the capital of the EIB reserved for the EFSI co-investor program.

Group key figures IFRS 2019

  • Profit/loss for the financial year EUR 78 million
  • Shareholders’ equity EUR 1,088 million
  • Balance sheet total EUR 1,130 million
  • Unpaid commitments EUR 339 million
  • Investments at acquisition price EUR 639 million
  • Investments at acquisition price and commitments EUR 978 million
  • Investments at book value EUR 711 million
  • Ratio of investments and commitments to shareholder’s equity 1.0
  • New commitments during financial year EUR 133 million
  • Return on equity 7.5 %
  • Equity ratio 96.3 %
  • Expenses per investments under management 0.7 %
  • Personnel, average 37
  • Salaries and fees for the financial year EUR 4.2 million
  • Fund investments, total  92
  • Funds, number of portfolio companies 665
  • Parent company, number of portfolio companies 51
  • Tesi Industrial Management Oy, number of portfolio companies 3
  • Portfolio companies, total 719

Group structure

The Group comprises the parent company, Tesi (Finnish Industry Investment Ltd), and its subsidiaries:

  • FEFSI Management Oy (100 % owned by parent company)
  • Tesi Fund Management Oy (100 % owned by parent company)
  • Tesi Industrial Management Oy (100 % owned by parent company)
  • Aker Arctic Technology Oy (66,4 % owned by parent company)

Tesi is a minority investor. Our holding in portfolio companies is always less than 50%, although in some investments the aggregated holding of investors may exceed 50%. The only exception is Aker Arctic, in which Tesi has a majority holding.

Corporate Governance Statement

Tesi is a limited liability company owned by the state of Finland and reporting to the Ministry of Employment and the Economy. Our operations are regulated by law and by decree.

Tesi’s Corporate Governance Statement is prepared in all applicable respects in compliance with the recommendations of the Finnish Corporate Governance Code issued by Finland’s Securities Market Association.

Corporate Governance Statement 2019