Tesi’s Interim Review 1 Jan – 30 Jun 2025 – Strong start for new strategy

Solid result in a challenging market

Tesi’s IFRS result for the half-year period was EUR 73 million (71 MEUR in H1 2024), mainly generated from increases in the valuations of individual portfolio companies. Fundraising for PE & VC funds as well as the exit market remain challenging, however.

The restructuring completed at the end of May – consolidating the state’s private equity investment activities under the Tesi Group – had no impact on the result. Through the restructuring, 14 fund investments and 36 direct investments were transferred to Tesi’s portfolio.

Strong momentum for the new investment strategy

The new investment strategy, approved in spring 2025, has commenced successfully and is off to a strong start. In the first half-year, investment decisions in line with the new strategy amounted to over EUR 400 million. Realised commitments and investments totalled EUR 170 million.

“Tesi made investment decisions in the first half of the year equal to our annual run-rate and leveraged private capital into companies almost three times above target. Tesi does not compete with private investors, but shares risks, brings volume to growth financing and courage to invest, even as market uncertainties persist,” says Pia Santavirta, CEO of Tesi.

New strategy increases liquidity demands

Tesi’s investment capacity for the next five years is EUR 1.8 billion, double the previous level. Larger investment volumes under the new strategy and the higher share of direct investments tie up more cash assets than is returned from earlier smaller-scale activities. Ensuring sufficient liquidity and capital will therefore be key to the implementation of the new strategy.

“Tesi’s contributions are especially important right now. Recent large financing rounds have strengthened the belief that Finland can indeed succeed in global competition, when we work together with ambition. Tesi’s strategic objective is to channel EUR 14 billion of growth financing into Finnish companies over the next five years – at twice the pace of before,” Santavirta continues.

Key figures for H1 2025 (H1 2024 in brackets):

• Investments and commitments: EUR 170 million (50)
  • Commitments in VC & PE funds: EUR 59 million (35), 5 funds (5)
  • Direct investments in companies: EUR 82 million (15), 15 companies (14)
    • 5 initial investments (1)
    • 10 follow-on investments (13)
• Exits from companies: 9 (10)
• Tesi’s result: EUR 73 million (71)
• International capital into Finnish companies from Tesi’s investor partners: EUR 106 million (73)
• New capital raised by Tesi’s Finnish portfolio funds: EUR 669* million (216)
• Assets under management as of 30 June 2025: EUR 3.1 billion (2.6)
  • 141 fund commitments (121), including 5 fund-of-funds (5), and 136 direct investments (114)
  • Of these, 2 fund commitments and 38 direct investments (52) made from closed COVID-19 special investment programmes.

* The growth in new capital raised by domestic funds is explained by a single fund-structured capital raise, as DevCo Partners raised a 521 MEUR continuation vehicle for Vexve, which it owns. Read a a news piece on Tesi’s website.

Correction on 6 Oct 2025: The number of direct investments transferred to Tesi in the corporate restructuring is 36 (not 38). The total number of direct investments is therefore 136 (not 138). Fund investments amounted to 14 in total (not 12).

Read more about Tesi’s H1 performance in the Interim Review!

Additional information:

Pia Santavirta, CEO
pia.santavirta@tesi.fi
+358 40 546 7749

Susanna Aaltonen, Director, Communications and Public Affairs
susanna.aaltonen@tesi.fi
+358 40 593 4221

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