Tesi’s economic footprint is widely visible in Finnish business life. In 2024, the almost 550 Finnish growth companies in which Tesi is an owner – either directly or indirectly through its portfolio funds – employed some 64,000 people and generated significant tax revenue for Finland. Among them are many top companies on whose growth journey Tesi has been an investor: for example, 26 companies listed on Nasdaq Helsinki and over half of Finland’s unicorns.
Over the course of its operations, Tesi has doubled the capital originally allocated to it through successful investment activities. These returns have in turn been channelled back into the growth of Finnish companies. Tesi operates on market terms: investments are always made on the same conditions as private investors. Rather than competing with private capital, Tesi’s role is to attract it to accelerate growth. This model generates returns for investors while also delivering positive impact for society.
The KRR funds-of-funds (KRR I–V), managed by Tesi and established jointly with Finnish pension and insurance companies, have strengthened the role of institutional investors as financiers of domestic growth through VC & PE funds. The KRR funds have provided Finland’s largest investors with a resource-efficient and profitable channel to invest in growth companies through fund structures.
Tesi’s international fund investments also support the development of Finland’s VC & PE market. These investments have returned to Finland many times over – as profits, as new investments into Finnish companies exceeding Tesi’s own contributions, as expertise, and as networks of international co-investors.
“Tesi’s impact stems from the success of companies and the development of the VC & PE market. We have succeeded in channelling the returns on state investments effectively back into growth companies while also developing the market. This virtuous cycle attracts both private and international investors,” says Pia Santavirta, CEO of Tesi.
Sustainability is an integral part of Tesi’s investment approach – often also a requirement for a company’s success and access to growth financing on its journey from small to large. Tesi supports its portfolio companies in advancing sustainability by providing tools and benchmarking data. In recent years, particular emphasis has been placed on increasing the monitoring of greenhouse gas emissions: according to an annual review by Tesi, a majority (54%) of respondent companies already calculate their emissions.
Tesi’s Impact Review complements the Responsibility Report included in the Annual Report, highlighting the indirect effects of Tesi’s operations on Finnish society. The review is based on the 2024 audited financial statements, a corporate survey conducted in spring 2025, and modelled data.
Explore Tesi’s Impact Review!
