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 1,417 million of shareholders’ equity by the end of 2020. We channel the returns from our investments back into new investments. In 2020, we made new investments and commitments amounting to EUR 248 million.


Investments under management (December 31, 2020)

EUR 1.861 billion
Venture Capital funds EUR 406.4 million
Growth and Buyout funds EUR 305.0 million
KRR funds-of-funds EUR 631.9 million *
Direct investments EUR
405.8 million
EUR 47.7 million
Special investment programmes EUR 64.6 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 2020

  • Profit/loss for the financial year EUR 179 million
  • Shareholders’ equity EUR 1,417 million
  • Balance sheet total EUR 1,499 million
  • Unpaid commitments EUR 414 million
  • Investments at acquisition price EUR 762 million
  • Investments at acquisition price and commitments EUR 1,176 million
  • Investments at book value EUR 1,019 million
  • Ratio of investments and commitments to shareholder’s equity 1.0
  • New commitments during financial year EUR 248 million
  • Return on equity 14.3%
  • Equity ratio 94.5%
  • Expenses per investments under management 0.5%
  • Personnel, average 35
  • Salaries and fees for the financial year EUR 4.6 million
  • Fund investments, total 97
  • Funds, number of portfolio companies 767
  • Parent company, number of portfolio companies 73
  • Tesi Industrial Management Oy, number of portfolio companies 3
  • Portfolio companies, total 843

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 2020