Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter
Working together for sustainable growth
Pia Santavirta
CEO
The COVID-19 pandemic, the war in Ukraine and widespread economic recession have shaken the world in recent years and changed its economic framework. Costs are rising, supply chains are stalling, consumers are tightening their purse strings, and financing is becoming increasingly hard to find. Despite these challenges, I believe that sustainable growth will be built with bold innovations, backed by active growth funding.
The fluctuations in the global economy over the last few years are not the first of their kind. Such turbulence has been experienced before, and Tesi acted then as a counterforce to the worst cyclical effects: we helped stabilise the market during the financial crisis and again during the COVID-19 pandemic. We strive to keep Finland on a growth path also when times are difficult.
Tesi is one of Europe’s longest operating state-owned investment companies. It was established almost three decades ago to develop Finland’s venture capital and private equity market. The market has undergone rapid development: new funds have been founded, and they have financed Finnish companies, some of which became international growth rockets. Investors in funds, such as Finnish pension insurance companies, have received returns on their investments: over the last decade, returns from Finnish venture capital and private equity funds exceeded returns from both their European peers and the listed market.
Tesi is one of Europe’s longest operating state-owned investment companies.
- Pia Santavirta
Development of the venture capital and private equity market, and in particular of the fundraising ecosystem, is ongoing. Amongst our other functions, we act as a link between national and international bodies. We channel EU financing into Finnish companies, and NATO membership gives Finnish companies opportunities for receiving investments from the NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA) and the defence alliance’s Innovation Fund.
In addition to fund investments, we also invest directly in startups and growth companies. Direct investments enable us to make an impact quickly by strengthening clusters of expertise, such as health tech and deep tech.
We put our trust not only on solid experience but also on researched data. We compile and distribute market insights and try to predict the future based on them.
Do you want to know more about our posive impact on the Finnish society?
From the very start, Tesi has always operated on market terms. We co-invest in promising venture capital and private equity funds and in companies on the same terms as private investors. This has paid off: over our years of operation, we have doubled the initial capitalisation we received. To date, we have returned capital exceeding EUR 130 million to our owner, the Finnish state.
Corporate responsibility and sustainability are becoming more firmly embedded into Tesi’s operations, and we are ambitious in promoting this development. We have an impact on a wide range of companies. We help both our portfolio funds and our portfolio companies to improve the sustainability of their operations, by offering them training and practical tools to do so.
The greatest challenges of our times, such as climate change and energy production, will be solved with the help of bold and innovative growth companies.
- Pia Santavirta
Now, there is a new milestone ahead of us. Printed in the Government Programme, the fusion between state-owned players in the venture capital and private equity industry has now started. I see this giving us many opportunities: together we can be more diversified in how we help Finnish companies grow.
Economic growth based on a sustainable foundation is not only necessary, but it will also give us a decisive competitive edge. I believe that the greatest challenges of our times, such as climate change and energy production, will be solved with the help of bold and innovative growth companies.