Tesi Direct Fund Investments (LP)

Tesi Direct Fund Investments (LP)

Backs Tesi Direct Fund Investments as a limited partner supporting Finnish venture, growth, and buyout funds.

Tesi (Suomen Teollisuussijoitus / Finnish Industry Investment Ltd) is Finland's state-owned investment company with EUR 3.2 billion in assets under management. Through its direct fund investment program, Tesi acts as a Limited Partner (LP) committing EUR 5–15 million per fund from its own balance sheet into venture capital, growth, and small-cap/mid-cap buyout funds. It targets primarily Finnish-focused funds, with selective exposure to international VC and Nordic growth/buyout funds. Tesi's investment allocation is split approximately 50/50 between direct company investments and fund investments.

Tesi evaluates fund managers on professionalism, dedication, and track record. Established teams must demonstrate a strong return-on-investment history; newer teams must show deep expertise aligned with the fund's stated investment strategy. In all cases, Tesi requires a diverse, competent, and broad investment team. Target fund categories include Finnish venture capital funds, Finnish and selectively Nordic growth and small-cap buyout funds, and Finnish mid-cap buyout funds. Funds focused on real estate, listed companies, other funds-of-funds, or infrastructure are handled through the separate KRR vehicle.

GP engagement is rolling throughout each manager's fundraising cycle — there are no published application deadlines. Tesi's fund team conducts bilateral discussions, due diligence, and investment committee review before committing. As part of the H1 2025 government restructuring, Business Finland Venture Capital and other public venture vehicles were merged into Tesi, further expanding the capital base available for LP commitments.