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 1,788 million of shareholders’ equity. We channel the returns from our investments back into new investments. In 2023, we made new investments and commitments amounting to EUR 235 million.

Group key figures IFRS 2023 (31 Dec)

  • Profit/loss for the financial year MEUR -51
  • Shareholders’ equity MEUR 1,788
  • Balance sheet total MEUR 1,893
  • Unpaid commitments MEUR 492
  • Investments at book value MEUR 1,429
  • Ratio of investments and commitments to shareholder’s equity 1.1
  • Commitments and investments made during financial period MEUR 235
  • Return on equity -2.7%
  • Equity ratio 94.5%
  • Personnel, average 51
  • Salaries and fees for the financial year MEUR 6.6
  • Fund investments, total 114
  • Funds, number of portfolio companies 1,194
  • Parent company, number of portfolio companies 100
  • EAKR Aloitusrahasto Oy, number of portfolio companies 19
  • Tesi Industrial Management Oy, number of portfolio companies 2
  • Portfolio companies through funds and direct investments, total 1,315

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