Survey of Investment Returns from the Finnish PE and VC Funds 2026 (Tesi Finnish Industry Investment)

Summary

• The sample consists of 53 funds raised in Finland between 2009–2021, split into buyout & growth and venture capital funds.p.2
• Older Finnish VC funds reached a total return multiple of 2.9x, up from 2.7x in 2024, with IRR stable at 18.5%.p.10
• Newer VC funds' TVPI rose from 1.2x to 1.3x, while IRR declined to 6.5%.p.9
• Older buyout and growth funds have TVPI of 1.8x, DPI of 1.7x and IRR of 15.8%.p.16
• Newer buyout and growth funds improved TVPI to 1.5x from 1.3x, with IRR of 11.8% and DPI of 0.6x.p.16
• Buyout and growth funds returned investor capital on average by year 8, whereas VC funds took 9 years.p.19

Key insights

1. The decline in VC returns ended in 2025, with total returns increasing for both vintage groups.p.3
2. Older Finnish VC funds outperform their European peers in every metric.p.10
3. Half of the older VC funds' total value is still unrealized because the exit market remains challenging.p.6
4. The difference between the upper and lower TVPI quartiles for older VC funds now stands at 2.5x.p.8
5. Distributions of older buyout and growth funds reached 1.7x, up from 1.6x the year prior.p.12
6. 75% of older buyout and growth capital is allocated in funds in the first or second quartiles versus European peers.p.16
7. The OMXHGI returned over 30% in 2025, lowering PMEs across groups.p.18