KRR funds-of-funds

KRR funds-of-funds act as anchor investors in Finnish venture capital, growth and buyout funds. This successful concept has already supported the scaling up of dozens of new funds and the growth of hundreds of companies.

portfolio funds
(since 2009)
EUR 6.7 billion

What are the KRR?

KRRs are funds-of-funds managed by Tesi. In addition to Tesi, investors in the funds include major Finnish institutional investors.

The concept of KRR was born in 2008. It met two main needs:

  • In order to create large enough funds to back portfolio companies in their growth plans, Finnish venture capital and private equity funds needed institutional investors on board as LPs.
  • Finnish institutional investors wanted to invest in venture capital and private equity funds resource-efficiently and with a controlled risk, while creating a positive impact on the Finnish market.

KRR’s typical investment in an individual fund is EUR 5–30 million, accounting for a maximum of 40% of the target fund’s commitments.

There are no industry restrictions on investments. However, we do not invest in funds whose primary purpose is to invest in real estate, listed companies, other funds-of-funds or funds that invest in infrastructure projects or companies.

Four KRRs

  • KRR V

KRR V began its investment operations at the beginning of 2024. The investment period covers five years, 2024–2028 Investors in the fund include Elo, Keva, Ilmarinen, LähiTapiola, OP Group, VER ja Veritas. KRR V bases its operations on EU’s Sustainable Finance Disclosures Regulation (“SDFR”) and its Article 8.

  • KRR IV

KRR IV will continue the successful investment activities of its predecessors. The fund-of-fund’s capital is EUR 175 million. It targets to invest in 10-14 Finnish venture capital and private equity funds during 2020-2025. The founders of KRR IV are Tesi together with Keva, VER, Ilmarinen, Elo, LähiTapiola and Veritas.


A fund-of-funds with EUR 150 million total capital. In addition to Tesi, Ilmarinen, Keva, VER, Elo, LähiTapiola and Fennia are investors in the fund. KRR III’s investment period was 2017–2020, during which the fund committed to a total of thirteen venture capital and private equity funds.

  • KRR II

A fund-of-funds with EUR 130 million total capital. Tesi’s co-investors included Ilmarinen, Keva, Elo ja VER. KRR II’s investment period was 2014–2017, during which the fund committed to a total of ten funds.

  • KRR

KRR was established in 2008 and its total capital was EUR 135 million. Tesi’s co-investors included Ilmarinen, Keva, VER, Pension Fennia, Tapiola, OP Life Assurance Company Ltd, OP Pension Fund and Etera. KRR invested in eleven funds in 2009–2013.


KRR funds-of-funds are managed by Tesi’s subsidiary Tesi Fund Management Oy, which is a registered operator in accordance with the AIFM Act. The KRRs follow the valuation recommended by Invest Europe based on the International Private Equity Valuation Guidelines (IPEV). Investor reporting follows the reporting recommended by Invest Europe.

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Matias Kaila
Director, Funds