Consolidation of state capital investment activities under Tesi is completed

On 28 May 2025, the Government made decisions to complete the enhancements to the state’s private equity investment activities, as agreed in the Government Programme. Consolidation of the state’s private equity investment activities under Finnish Industry Investment Ltd (Tesi) will be completed when the acts enter into force on 30 May 2025 and the corporate restructuring takes place on 31 May 2025.

As per the Government Programme, the efficiency of the state’s capital investment activities will be improved by concentrating them under the Finnish Industry Investment Group. The company restructuring will take place on 31 May 2025 when the remaining assets and liabilities of three state-owned companies merge with the Tesi Group. At the same time, the activities of Business Finland Venture Capital involving state aid will continue at a subsidiary of Tesi that carries a new name of Industrial Subsidy Ltd. 

In spring 2024, the Ministry of Economic Affairs and Employment decided on a model where the activities of the Finnish Climate Fund and Oppiva Invest would be wound down completely, while the activities of Business Finland Venture Capital would be discontinued in their current form. The new Act on Finnish Industry Investment related to the corporate restructuring was adopted on 17 January 2025 and it will enter into force by government decree. Implementing the company restructuring required a notification of the European Commission, which issued its decision on 19 May 2025.

“The creation of a new and more robust Tesi Group is at the core of the Government’s new national industrial policy. Finland must be able to respond to changes in the global economy and the geopolitical operating environment. Streamlining the state’s capital investment activities is an important part of this work,” says Minister of Economic Affairs Wille Rydman.

“Tesi will carry out its new industrial policy task with better resources than before. The new investment strategy we adopted in February will enable Tesi to play an even stronger role in supporting the growth of our companies and leveraging private funding into the market,” Rydman adds.

“Tesi is an even stronger promoter of growth. Our range of instruments will expand and the access of companies to funding will improve. Our goal is to raise a significant amount of private capital for growth companies, which will open up new investment opportunities for private investors,” says Pia Santavirta, CEO of Tesi.

“Consolidation of the state’s private equity investment activities under Tesi is not only efficient but the most straigthforward solution for companies and investment partners. Tesi will continue to operate on market terms, making its investment decisions on the same terms as private investors. We are already well under way with our new strategy together with private investors,” Santavirta adds.

Inquiries: 
Mikko Huuskonen, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 295 063 732
Lars Aikala, Special Adviser to the Minister of Economic Affairs, tel. +358 29 504 7330