Evaluation of Finnish Industrial Investment Ltd (Tesi)

Based on the evaluation results, Finnish Industry Investment Ltd (Tesi) plays a significant role in the Finnish capital investment market and its operations are considered to be of high quality and expertise.

Tesi is a state-owned capital investment company established in 1995, which makes minority investments in venture capital funds and growth companies on the same terms as private investors.

According to the evaluation, Tesi has become an important player in producing information, providing sparring and building networks. However, the long-term and purposeful development of state capital investment activities should continue with consideration of the market developments in Finland and internationally.

The evaluation examined the activities, role and effects of Tesi in the Finnish capital investment market in 2015–2022. Also an international overview of public venture capital investment activities and a comparison of six public capital investment organizations was included in the assignment.

The evaluation was commissioned by the Ministry of Economic Affairs and Employment and carried out by 4FRONT Oy in cooperation with Advestia Oy and Technopolis France Sarl.

Evaluation report