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 819 million of investments in Tesi by the Finnish government has grown into EUR 1,755 million of shareholders’ equity. We channel the returns from our investments back into new investments. In 2021, we made new investments and commitments amounting to EUR 207 million.


Investments under management (December 30, 2021), EUR 2.352 billion *

Venture Capital funds MEUR 638
Growth and Buyout funds MEUR 337
KRR funds-of-funds MEUR 690 **
Direct investments MEUR 476
Special investment programmes MEUR 99

* Unpaid commitments are included.
** The KRR funds managed by Tesi include pension fund capital.

Group key figures IFRS 2021

  • Profit/loss for the financial year MEUR 338
  • Shareholders’ equity MEUR 1,755
  • Balance sheet total MEUR 1,890
  • Unpaid commitments MEUR 470
  • Investments at book value MEUR 1,367
  • Ratio of investments and commitments to shareholder’s equity 1.0
  • New commitments during financial year MEUR 207
  • Return on equity 21.3%
  • Equity ratio 92.9%
  • Personnel, average 44
  • Salaries and fees for the financial year MEUR 5.0
  • Fund investments, total 109
  • Funds, number of portfolio companies 993
  • Parent company, number of portfolio companies 94
  • EAKR Aloitusrahasto Oy, number of portfolio companies 23
  • Tesi Industrial Management Oy, number of portfolio companies 2
  • Portfolio companies through funds and direct investments, total 1,112

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)
  • EAKR-Aloitusrahasto 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 2021