Tesi Industrial Investments
Funds Tesi Industrial Investments minority equity co-investing in large Finnish industrial scaleups and green infrastructure projects.
Tesi (Suomen Teollisuussijoitus / Finnish Industry Investment Ltd) is a Finnish state-owned investment company with EUR 3.2 billion under management. Its Industrial Investments arm finances large-scale domestic projects in two size bands: Finnish industrial scaleup companies with financing needs of EUR 50–200 million, and large industrial projects — including infrastructure and green transition assets — requiring EUR 100 million to several billion euros. Tesi deployed EUR 425 million across its entire portfolio in 2025, with industrial deals among the largest individual commitments.
A hard structural requirement is that every industrial investment must have a credible, strong industrial lead co-investor; Tesi participates as a minority equity co-investor on pari-passu terms and does not anchor projects alone. Thematic priorities include the clean economy and deep industrial transition — for example, Tesi provided seed-round equity to ultra-low CO2 steel manufacturer Blastr in mid-2024. Eligibility is limited to for-profit, Finnish-registered entities; nonprofits, universities, individuals, and non-Finnish entities are excluded.
Engagement is rolling with no published call deadlines or formal application portal. Tesi's investment process runs from initial strategic and ESG screening through bilateral discussions, due diligence, and board approval, followed by active ownership (board observer) and eventual exit. In H1 2025, Tesi absorbed the Finnish Climate Fund (Ilmastorahasto) in a government-directed merger, adding additional capital capacity for large industrial green transition projects to this track.
Finances large-scale Finnish industrial scaleup companies and infrastructure projects requiring EUR 50 million to several billion euros in equity, with a mandatory industrial lead co-investor.
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