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 made by the Finnish state has grown into EUR 1,629 million of shareholders’ equity by mid-2021. We channel the returns from our investments back into new investments. By mid-2021, we have made new investments and commitments amounting to EUR 83 million.


Investments under management (June 30, 2021)

EUR 2.112 billion *
Venture Capital funds EUR 571 million
Growth and Buyout funds EUR 308 million
KRR funds-of-funds EUR 642 million **
Direct investments EUR
450 million
EUR 61 million
Special investment programmes EUR 80 million

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

Group key figures IFRS H1/2021

  • Profit/loss for the financial year EUR 212 million
  • Shareholders’ equity EUR 1,629 million
  • Balance sheet total EUR 1,758 million
  • Unpaid commitments EUR 445 million
  • Investments at book value EUR 1,222 million
  • Ratio of investments and commitments to shareholder’s equity 1.0
  • New commitments during financial year EUR 83 million
  • Return on equity 14.0%
  • Equity ratio 92.7%
  • Personnel, average 40
  • Salaries and fees for the financial year EUR 3.0 million
  • Fund investments, total 100
  • Funds, number of portfolio companies 888
  • Parent company, number of portfolio companies 87
  • Tesi Industrial Management Oy, number of portfolio companies 4
  • Portfolio companies, total 979

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 2020