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Sat, 08 Feb, 2014 12:25:57 AM
FTimes Report, February 8
File picture of Minister of Economic Affairs, Jan Vapaavuori. Photo – Lehtikuva.
The Finnish Industry Investment has launched a new fund called FoF Growth II focusing on Finnish venture capital and small buyout funds, said a press release of the Ministry of Employment and the Economy and Industry Investment on Friday.
Similarly to its predecessor, FoF Growth I, the fund focuses on Finnish venture capital and small buyout funds. The fund's total capital at first closing is EUR 130 million, with commitments from Finnish pension funds Ilmarinen, Keva, Elo and the State Pension Fund amounting to 70 million.
FoF Growth will invest in approximately 10 funds during its investment period 2014-2018. Based on the experiences from FoF Growth I, the total value of these funds can reach 1 billion.
"The majority of new jobs in Finland are created in rapidly growing SMEs. On the other hand, the main obstacle for growth that these companies face is funding. The new fund ensures that there is capital available for growth companies”, said Minister for Economic Affairs Jan Vapaavuori.
“As a repeated investment vehicle, FoF Growth II ensures the continuity of capital supply to the selected domestic risk capital funds. Its successful first closing is also a good demonstration of our long-term co-operation with the major Finnish investors", said Finnish Industry Investment director Jouni Hakala.
“For pension funds, FoF Growth provides an efficient way to participate in the growth of many companies through only one investment decision", said Esko Torsti, Director at Ilmarinen and Chairman of the Investment Council of FoF Growth II.
During 2009-2013, FoF Growth I invested in 11 Finnish venture capital and small buyout funds. To date, these funds have invested in more than 50 companies and 20 projects employing a total of 4,500 people and having a total turnover of 490 million euros. During the lifetime of the portfolio funds, FoF Growth will be involved in accelerating the international growth of more than 100 companies.
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