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 929 million of investments in Tesi by the Finnish state has grown into EUR 1,860 million of shareholders’ equity. We channel the returns from our investments back into new investments. In the first half of 2024, we made new investments and commitments amounting to EUR 50 million.
Group key figures IFRS H1 2024 (30 June)
- Profit/loss for the financial period: MEUR 71
- Shareholders’ equity: MEUR 1,860
- Balance sheet total: MEUR 1,980
- Unpaid commitments: MEUR 474
- Investments at book value: MEUR 1,541
- Ratio of investments and commitments to shareholder’s equity: 1.1
- Commitments and investments made during financial period: MEUR 50
- Return on equity: 3.9%
- Equity ratio: 94%
- Personnel, average: 63
- Salaries and fees for the financial year: MEUR 6.6
- Fund investments, total: 116
- KRR funds-of-funds, total: 5
- Funds, number of portfolio companies: 1,162
- Parent company, number of portfolio companies: 96
- EAKR Aloitusrahasto Oy, number of portfolio companies: 16
- Tesi Industrial Management Oy, number of portfolio companies: 2
- Portfolio companies through funds and direct investments, total: 1,276
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 2023