Evaluation: Finnish Industry Investment provides high-quality and expert services

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Finnish Industry Investment Ltd (Tesi) plays a significant role in the Finnish capital investment market and its operations are considered to be of high quality and expertise. According to an evaluation published on 15 August 2023, Tesi has also become an important player in producing information, providing sparring and building networks. The evaluation was commissioned by the Ministry of Economic Affairs and Employment and conducted by 4FRONT.

Based on the findings of the evaluation, the uncertain market situation and market failures have highlighted the importance of a long-term state investor. In recent years, the climate crisis, the coronavirus pandemic and the war in Ukraine have emphasised Tesi’s role in solving social challenges and balancing out acute market failures. For example, Tesi’s measures in connection with the coronavirus pandemic were widely considered important and successful.

Tesi’s role is significant as part of the capital investment sector, and more broadly, as an instrument of the Ministry of Economic Affairs and Employment’s industrial and innovation policy. In a changing operating environment, the objective of the Government Programme is to bring together those involved in capital investments at the state level. This goal is in line with the recommendations of the evaluation. Other recommendations will also be assessed as part of the further development of state-owned specialised financing companies and ownership steering in order to achieve the best effect and value added,” says Minister of Economic Affairs Wille Rydman.

According to Kimmo Halme, Senior Partner at 4FRONT, the long-term and purposeful development of state capital investment activities should continue with consideration of the market developments in Finland and internationally.

It is possible to further intensify the joint steering of state capital investment operators and to strengthen the synergies between them. Combining the smaller functions should be considered. Tesi must also be more active in leading the way in ESG and sustainability issues,” Halme says.

We consider the planned pooling of state capital investment operations an excellent opportunity to serve Finnish start-ups and growth companies better,” says Pia Santavirta, Tesi’s Chief Executive Officer.

The results of the evaluation will be discussed at a stakeholder event on 4 October and utilised in bringing together the state capital investors mentioned in the Government Programme.

The evaluation examines the activities, role and effects of Tesi in the Finnish capital investment market in 2015–2022. In accordance with the assignment, the final report contains 13 recommendations. The evaluation was commissioned by the Ministry of Economic Affairs and Employment and carried out by 4FRONT Oy in cooperation with Advestia Oy and Technopolis France Sarl. The previous similar evaluation took place in 2014.

Tesi is a state-owned capital investment company established in 1995, which makes minority investments in venture capital funds and growth companies on the same terms as private investors.

Read more about the evaluation (in Finnish)


Lassi Noponen, Special Adviser to the Minister of Economic Affairs, +358 50 407 6033
Pia Santavirta, Chief Executive, Finnish Industry Investment, +358 40 546 7749
Kimmo Halme, Senior Partner, 4FRONT, +358 40 125 0350


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