Finnish Industry Investment Ltd launches FoF Growth II

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Helsinki, Finland – 7 February, 2014 – Finnish Industry Investment has launched a new FoF Growth II. Similarly to its predecessor, FoF Growth I, the fund focuses on Finnish venture capital and small buyout funds. The fund’s total capital at first closing is €130 million, with commitments from Finnish pension funds Ilmarinen, Keva, Elo and the State Pension Fund amounting to €70 million.

FoF Growth will invest in approximately 10 funds during its investment period 2014–2018. Based on the experiences from FoF Growth I, the total value of these funds can reach €1 billion.

“The majority of new jobs in Finland are created in rapidly growing SME’s. On the other hand, the main obstacle for growth that these companies face is funding. The new fund ensures that there is capital available for growth companies”, says Jan Vapaavuori, Minister for Economic Affairs.

“As a repeated investment vehicle, FoF Growth II ensures the continuity of capital supply to the selected domestic risk capital funds. Its successful first closing is also a good demonstration of our long-term co-operation with the major Finnish investors“, says Jouni Hakala, Director at Finnish Industry Investment.

”For pension funds, FoF Growth provides an efficient way to participate in the growth of many companies through only one investment decision“, says Esko Torsti, Director at Ilmarinen and Chairman of the Investment Council of FoF Growth II.

During 2009–2013, FoF Growth I invested in 11 Finnish venture capital and small buyout funds. To date, these funds have invested in more than 50 companies and 20 projects employing a total of 4500 people and having a total turnover of 490 million euros. During the lifetime of the portfolio funds, FoF Growth will be involved in accelerating the international growth of more than 100 companies.   

For further information, please contact:

Director Jouni Hakala, Finnish Industry Investment Ltd
tel. +358 50 400 1767,

Director Esko Torsti, Ilmarinen
tel. +358 10 284 3945,

Special Adviser Pete Pokkinen, Ministry of Employment and the Economy
tel. +358 40 756 7180,


Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. Finnish Industry Investment invests in companies both directly and through private equity funds, together with and on the same terms as private investors. With 895 million euros in assets under management, the company is currently an investor, directly and through funds, in altogether 510 companies. For more information, please visit, and follow @TesiFII.