Impact Review Autumn 2026 (Tesi Finnish Industry Investment)

Summary

• Tesi has EUR 3.2 bn in assets under management and 567 Finnish companies in its portfolio via direct and fund investments.p.3
• Tesi's goal for the strategy period is to channel EUR 14 billion of growth capital into the market, twice the volume of the preceding period.p.12
• Tesi's investment decisions of EUR 672 million, combined with private investors, will channel more than EUR six billion into the market.p.12
• ICEYE raised EUR 450 million in new growth capital, closing at a valuation of EUR 10.5 billion.p.15
• Tesi's portfolio included 142 active funds from over 70 different managers.p.21
• Lifeline's new EUR 425 million VC fund is 2.5 times larger than any Finnish venture capital fund that preceded it.p.21
• Five new industrial projects are expected to create around 3,000 new jobs in Finland.p.18

Key insights

1. Portfolio companies employ 62,000 people in Finland and generate EUR 12 bn in revenue.p.3
2. Capital channelled into Tesi's investees over the last five years amounts to 9.6x the amount invested by Tesi.p.8
3. Tesi's retained earnings have exceeded one billion euros and doubled its shareholders' equity to two billion euros.p.9
4. Tesi has generated a 1.12x return relative to the Helsinki Stock Exchange.p.9
5. Tesi aims to create six to eight new unicorns, twenty new industrial plants and three international-scale funds.p.7
6. The proportion of Finnish ownership in the best growth companies was only some 14 per cent in spring 2026.p.7
7. Tesi has made an investment decision in five industrial projects, including Arctial, Blastr, Ren-Gas and Norsk eFuel.p.18
8. Cloudberry announced a debut fund sized at EUR 30 million focused on semiconductors.p.22