Profitable and responsible risk-taking

As a state-owned investment company, our mission is not only to be financially profitable but also to develop Finland’s venture capital and private equity market as well as to promote Finnish business and economic growth in Finland.

We operate on market terms, hand-in-hand with private investors on the same terms as them and with the same expectations for returns. Our operations are regulated by law and by decree. We invest in venture capital and private equity funds as well as directly in portfolio companies.

The cumulative total of €669m of investments in Tesi made by the Finnish government has grown into €1088m of shareholders’ equity (as at the end of 2019).

We channel the returns from our investments back into new investments. In 2019 we made new investments and commitments amounting to €133m. Our current portfolio includes 719 companies.

Tesi's Annual Review 2019


Profit/loss for the financial year, €m 77.8
Shareholders’ equity, €m 1088.2
Balance sheet total, €m 1129.7
Unpaid commitments, €m 339.0
Investments at acquisition price, €m 639.3
Investments at acquisition price and commitments, €m 978.3
Investments at book value, €m 710.9
Ratio of investments and commitments to shareholder’s equity 1.0
New commitments during financial year, €m 132.7
Return on equity 7.5 %
Equity ratio 96.3 %
Expenses per investments under management 0.7 %
Personnel, average 37
Salaries and fees for the financial year, €m 4.2
Fund investments, total number 92
Funds, number of portfolio companies 665
Parent company, number of portfolio companies 51
Tesi Industrial Management Oy, number of portfolio companies 3
Portfolio companies, total number 719