Fund-raising process

Tesi is an active LP in the Finnish venture capital and private equity market so that our companies have what it takes to grow internationally.


Getting to know each other

Is everything crystal clear or do you need a sparring partner? In the first meetings, we map out the fund’s investment strategy and get to know the investment team.

We discuss:

  • the market opportunities of the investment strategy,
  • potential deal flow,
  • the level of team’s expertise,
  • as well as the plan for fund-raising.

If this is your team’s first fund, we are happy to be your sparring partner. Based on initial discussions, your team can develop its proposal and evaluate its own skills.

Remember that fund-raising always requires several co-investors.

For each fund, we also consider the fit for KRR funds-of-funds.

Learn more about Tesi’s KRR funds-of-funds

If the fund fits our investment focus and other investors also show interest, we will move on to Due Diligence.
It's important that the team continues fund-raising and negotiations also with other investors.

Due Diligence

Because we want to get an overview of your fund, we focus on at least the following areas:

  • Team professionalism, dedication and diversity
  • Fund’s investment strategy and focus
  • Track record or other previous experience
  • Impact on the ecosystem
  • Responsible investment policies
  • Preliminary terms of the fund
A possible investment decision will be made by Tesi's Board of Directors. In the case of KRR funds-of-funds, a possible investment proposal is discussed at KRR's Investment Council.
We are your active partner in every stage of the investment process.


After a positive investment decision, we start to negotiate terms and conditions. Due to the long duration of the investment relationship, the long-term interests of all parties should be taken into account. Some things to consider:

  • Tesi and KRR funds-of-funds always invest on the same terms as other investors.
  • We invest together with private investors (e.g., institutional investors and family-owned companies). During negotiations, we also strive to establish principles that allow small investors to enter the venture capital and private equity market.
  • All our fund investments are made on market terms.
  • We seek a return from all investments.

Successful negotiations lead to a commitment by Tesi and/or by KRR funds-of-funds.

The fund is established and the investment period begins when the team has gathered the agreed minimum number of commitments from LPs.

Term of the fund

The team starts to invest, develop its portfolio companies and create value.

Tesi’s dedicated experts will be available throughout the term. It’s important for the investment team to keep all investors in its fund informed of the development of investment activities. This will help especially if you’re planning to raise a new fund in the future.

Towards the end of the fund’s term the focus shifts to exits.

End of the fund's term

Tesi and KRR funds-of-funds only invest in fixed-term limited partnership or similar fund structures.

By the end of the term, the fund must have exited all of its portfolio companies. The fund will then be dissolved.