Tesi’s Diversity Review: A small step in the right direction, plenty more to do on the path to diversity

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Tesi’s (Finnish Industry Investment’s) Diversity Review shows that work to improve diversity must continue. There has been progress, though. The age structure of investment teams in private equity and venture capital fund management companies is now more evenly distributed and women have a stronger presence in the teams.

Tesi’s Diversity Review also covers its in-house organisation as well as the composition of the Boards of Directors of Tesi’s direct investments. Tesi is involved in the vast majority of Finnish venture capital and private equity funds, so the diversity review is highly representative of the country’s entire VC & PE sector.

”One-third of the analysts and managers in funds’ investment teams are women, so our sector’s now in a better position to improve its diversity. We believe the investment industry is on the right path for achieving true diversity, and we want to promote this development,” comments Matias Kaila, Director, Funds at Tesi.

“Nevertheless, we must all work proactively to achieve that aim and make a permanent change. We must reach diversity at the partner level too, as well as on the boards of portfolio companies,” Kaila adds.

Finnish funds taking small steps towards diversity
  • The proportion of women in Finnish VC & PE fund management companies’ investment teams is 18% (16% in 2020).
  • Some 42% (44% in 2020) of Finnish funds, however, had no women at all in their investment teams.
  • A good 32% of the analysts in the investment teams are women, but only 11% of funds’ partners are women.
  • The number of under 35-year-olds in the investment teams has increased by 12% over the last three years.
Only 13% of portfolio companies’ boards are women, but the figure is rising
  • The Boards of Directors of Tesi’s portfolio companies comprised on average older age groups, with almost one-half (46%) of Board members being over 54 years old.
  • The proportion of women on portfolio companies’ Boards of Directors increased by over 80% compared to the previous year. Despite this, the proportion of women Board members was only 13% (7% in 2020).
Tesi’s own investment teams represent the industry average in Finland
  •  In Tesi’s own investment teams, the proportion of women is 17%, (16% in 2020), which is broadly the same level as Finnish funds, 18%, (16%), but in Tesi’s international portfolio funds this figure is 30% (28%).
  • The age structure of Tesi’s own investment teams is slightly younger than the industry average.

Tesi has published a Diversity Review since 2019. This is now our third Review, which covers the investment teams of Tesi’s portfolio funds, the Boards of Directors of Tesi’s portfolio companies, and Tesi’s own organisation. Diversity and inclusion are measured with regard to gender and age. Additionally, nationality is taken into account for members appointed to boards of Tesi’s portfolio companies.

Read more: Tesi’s Diversity Review 2021


Additional information:

Matias Kaila, Director, Fund investments
+358 40 720 1324
Image / Matias Kaila

Susanna Aaltonen, Director, Communications
+358 593 4221
Image / Susanna Aaltonen


Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII