Concentration of state capital investment activities under Tesi is completed
On 28 May 2025, the Government made decisions to complete the enhancements to the state’s domestic capital investment activities, as agreed in the Government Programme. Concentrating the state’s domestic capital investment activities under Finnish Industry Investment Ltd (Tesi) will be completed when the acts enter into force on 30 May 2025 and the corporate restructuring takes place on 31 May 2025.
As part of the restructuring, the remaining assets and liabilities of three state-owned companies will be transferred to the Tesi Group. Business Finland Venture Capital’s activities involving state aid will continue as a Tesi subsidiary under the new name Industrial Subsidy Ltd.
“Tesi is an even stronger promoter of growth. Our range of instruments will expand and the access of companies to funding will improve. Our goal is to raise a significant amount of private capital for growth companies, which will open up new investment opportunities for private investors,” says Pia Santavirta, CEO of Tesi.
“Concentrating the state’s capital investment operations under Tesi creates efficiencies and provides clarity for companies and investment partners. Tesi will continue to be a market-based operator that makes its investment decisions on the same terms as private investors. We are already well under way in implementing the new strategy together with private investors,” Santavirta adds.
The restructuring is based on the Act on Finnish Industry Investment, adopted on 17 January 2025, and entering into force by government decree. The European Commission approved the restructuring on 19 May 2025.
Key facts:
Tesi is fully owned by the State of Finland.
Tesi operates on market terms as a minority investor to increase the availability of private capital in the market.
Tesi invests both directly in FInnish growth companies and in VC & PE funds.
As of 31 December 2024, Tesi managed EUR 2.6 bn in assets, of which approximately EUR 2 bn was on its own balance sheet.
At the end of 2024, Tesi held ownership in 546 Finnish companies.
As of 31 May 2025, 49 new investments (36 directly in companies, 13 in VC & PE funds) will transfer to Tesi.
Read more:
- Press release by the Ministry of Economic Affairs and Employment, 28 May 2025: Concentration of state capital investment activities under Tesi is completed
- Press release by the Ministry of Economic Affairs and Employment, 5 Sep 2024: Government proposes to reform state capital investment activities
- Press release by the Ministry of Economic Affairs and Employment, 21 May 2025: State capital investment activities to be enhanced already in 2024, as practical implementation of corporate restructuring in accordance with the Government Programme proceeds
- Ownership policy section of Prime Minister Petteri Orpo’s Government Programme
Inquiries:
Mikko Huuskonen, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment,
tel. +358 295 063 732
Lars Aikala, Special Adviser to the Minister of Economic Affairs, tel. +358 29 504 7330
Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies, and to new industrial scale businesses. tesi.fi | X (Twitter) | LinkedIn | Instagram | Bluesky | Threads | Newsletter