FVCA Yearbook 2006 - Suomen pääomasijoitusyhdistys ry
FVCA Yearbook 2006 - Suomen pääomasijoitusyhdistys ry
FVCA Yearbook 2006 - Suomen pääomasijoitusyhdistys ry
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VUOSIKIRJA / YEARBOOK <strong>2006</strong><br />
SUOMEN PÄÄOMASIJOITUSYHDISTYS RY /<br />
THE FINNISH VENTURE CAPITAL ASSOCIATION
YEARBOOK <strong>2006</strong><br />
Publisher: Finnish Venture Capital Association<br />
Layout: Mainostoimisto Synergia Oy<br />
Printing house: Painorauma Oy, <strong>2006</strong><br />
2
SISÄLLYSLUETTELO<br />
TABLE OF CONTENTS<br />
Alkusanat<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong><br />
Yhdistyksen hallitus ja lakityö<strong>ry</strong>hmä<br />
Preface<br />
The Finnish Venture Capital Association<br />
Board of Directors and Tax and Legal Committee<br />
Tilastotietoja toimialasta 2005<br />
The Development of Private Equity Indust<strong>ry</strong> in Finland<br />
Jäsenhakemisto<br />
Directo<strong>ry</strong> of Members<br />
5<br />
6<br />
8<br />
13<br />
14<br />
16<br />
20<br />
26<br />
67<br />
Kansalliset yhdistykset<br />
National Associations<br />
147<br />
Henkilöhaku<br />
Index of Persons<br />
155<br />
3
4<br />
ALKUSANAT
ALKUSANAT<br />
ESIPUHE<br />
Suomalainen pääomasijoitustoiminta on kehittynyt hyvin viime vuoden aikana. Mittarina<br />
voidaan käyttää rahastoihin kerätyn rahan määrää, syntyneitä uusia rahastoja ja sjoituksista<br />
irtautumisia. Irtautumisten kokonaisarvo oli kaikkien aikojen korkein. Uusia rahastoja on<br />
syntynyt sekä buy out että venture capital puolelle. Pohjoismaisten Buy out rahastojen<br />
hyvä menestys on synnyttänyt edelleen uusia ja suurempia rahastoja, mutta ilahduttavaa<br />
on ollut sijoittavien instituutioiden kasvava kiinnostus venture capital rahastoihin.<br />
Kuinka jatkaa saavutettua menestystä tulevaisuudessa? Toimintaympäristö muuttuu<br />
kasvavan kansainvälistymisen ja globalisaation myötä. Myös pääomasijoittaminen itse<br />
muuttuu kansainvälisemmäksi. Yhdistys on vahvasti mukana siinä keskustelussa, jota<br />
käydään kansallisesti ja pohjoismaisella tasolla. Pääomasijoittamisen tärkeä rooli on<br />
nähty valtiojohdon ylimmällä tasolla. Toimenpiteitä alan edistämiseksi haetaan myös<br />
EU-tasolla. Me pääomasijoittajat itse tiedämme, että pääomasijoittaminen on kehityksen<br />
moottori, joka toimii parhaiten muuttuvassa toimintaympäristössä. Siksi suuret muutoset<br />
ovat meille mahdollisuuksia.<br />
Suomalaisen pääomasijoitustoiminnan edustajana ja edunvalvojana meidän tulee<br />
tarkastella kriittisesti kansallisia vahvuuksiamme ja heikkouksiamme. Kohtalaisen<br />
selvää on, ettemme enää toimi vain <strong>Suomen</strong> markkinoilla vaan vähintäinkin<br />
eurooppalaisilla markkinoilla. Suomi kansakuntana on sijoittunut hyvin kansainvälisessä<br />
taloudellisessa ja yhteiskunnallisessa kilpailussa. Hyvät sijoitukset noissa vertailuissa<br />
ilmentävät yhteikuntamme ja markkinamme vahvuuksia, jotka ovat pohja kehittyvälle<br />
pääomasijoitustoiminnalle. Mutta on havaittu myös heikkouksia ja puutteita, jotka vaativat<br />
korjauksia. Korjaaminen ja kehittäminen vaatii monien osapuolten yhteistyötä.<br />
<strong>Suomen</strong> pääomasijoitusyhdistys on erityisesti kiinnittänyt huomion yhteen menestyksen<br />
esteeseen: Alkuvaiheen yrityksemme eivät muutu riittävän vahvasti ja nopeasti teknologiaa<br />
kehittävistä yrityksistä kaupallisesti menestyviksi yrityksiksi. Tähän kehitykseen on saatava<br />
muutos. Muutoksen aikaansaamiseksi tarvitaan uusia aloitteita, joilla rohkaistaan osaavia<br />
ja koulutettuja ihmisiä <strong>ry</strong>htymään yrittäjiksi, houkutellaan ulkomaalaisia liittymään<br />
businesstiimeihin, annetaan business enkeleille taloudellia houkuttimia tulla mukaan<br />
yrityksiin ja tehdään ulkomaisille sijoittajille kiinnostavaksi ja kannattavaksi sijoittaa<br />
suomalaisiin pääomasijoitusrahastoihin.<br />
MATTI TURUNEN<br />
Puheenjohtaja<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong><br />
5
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SUOMEN PÄÄOMASIJOITUSYHDISTYS RY<br />
YHDISTYKSESTÄ<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong>:n (Finnish Venture Capital Association, <strong>FVCA</strong>)<br />
tarkoituksena on pääomasijoitustoimialan kehittäminen Suomessa. Varsinaisia jäseniä<br />
yhdistyksessä on tällä hetkellä 42 ja liitännäisjäseniä 67.<br />
Yhdistyksen varsinaiset jäsenet ovat Suomessa pääomasijoitustoimintaa harjoittavia<br />
yhteisöjä. Yhdistys hyväksyy liitännäisjäsenikseen yhteisöjä tai yksityishenkilöitä, joilla<br />
on mahdollisuus vaikuttaa pääomasijoitustoiminnan kehittymiseen Suomessa.<br />
<strong>FVCA</strong>:N TAVOITTEET<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong>:n keskeisenä tavoitteena on pääomasijoitustoimialan<br />
kehittäminen sekä yhdistyksen etujen ajaminen Suomessa. Yhdistys edistää<br />
pääomasijoittamisen toimintaedellytyksiä valvomalla toimialan yleistä etua.<br />
Toiminnan keskeisiä alueita ovat edunvalvonta, tutkimustoiminta, viestintä ja<br />
verkottuminen. Lisäksi yhdistys antaa toimialalle suosituksia ja toimintamalleja.<br />
Yhdistyksen jäsenet noudattavat toiminnassaan yhdistyksen laatimia eettisiä sääntöjä.<br />
Yhdistys toimii yhteistyössä muiden kansallisten yhdistysten kanssa. Yhdistys on European<br />
Venture Capital Associationin (EVCA) jäsen.<br />
Yhdistys pyrkii parantamaan pääomasijoitustoimialan etuja edistämällä toimialalle<br />
suotuisan lainsäädännöllisen ja verotuksellisen toimintaympäristön kehittymistä sekä<br />
edistämällä yrittäjyyden edellytyksiä.<br />
Yhdistys kerää tilastotietoa toimialan kehittymisestä ja antaa perustietoa<br />
pääomasijoittamisesta.<br />
MITÄ ON PÄÄOMASIJOITTAMINEN?<br />
Pääomasijoitus on keskipitkän tähtäimen rahoitusta, joka on annetaan osakeomistusta<br />
vastaan listaamattomaan, nopeasti kasvavaan yritykseen. Pääomasijoitus voi olla<br />
tarpeen, jos tarkoituksena on yrityksen perustaminen, toiminnan kasvattaminen,<br />
yrityskaupan rahoittaminen, yrityksen tervehdyttäminen tai liiketoiminnan merkittävä<br />
muuttaminen. Pääomasijoittamista voidaan käyttää myös omistuksen ja liikkeenjohdon<br />
uudelleenjärjestelyiden rahoittamiseen esimerkiksi sukupolvenvaihdostilanteissa tai<br />
johdon yritysostojen yhteydessä.<br />
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Eri kasvuvaiheiden yritykset aina perustettavasta yrityksestä vakiintuneisiin saakka<br />
ja yritykset eri toimialoilla – huipputeknologiasta perusteollisuuteen – voivat hyötyä<br />
pääomasijoituksesta. Sijoittajat määrittelevät kohdeyrityksen kehitysvaiheet seuraavasti:<br />
siemenvaihe, käynnistysvaihe, aikainen kasvuvaihe, nopea kasvuvaihe, siirtymävaihe,<br />
tervehdyttäminen ja toimivan johdon yritysosto / ulkopuolisen <strong>ry</strong>hmän yritysosto.<br />
Pääomasijoittaja sijoittaa listaamattomiin yrityksiin oman pääomanehtoisesti. Näin<br />
pääomasijoittajan saama voitto on riippuvainen kohteen kasvusta ja menestyksestä.<br />
Pääomasijoittaja tähtää sijoituksesta irtautumiseen. Tuotto eli arvonnousu realisoidaan<br />
myymällä yritys esimerkiksi teolliselle toimijalle tai listaamalla yritys pörssiin.<br />
<strong>FVCA</strong>:N TOIMINTA<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong>:n toimintaa johtaa pääsihteeri Krista Rantasaari.<br />
Yhdistyksen palveluksessa on myös analyytikko Vesa Välinen. Yhdistyksen toimintaa<br />
valvoo hallitus. Hallitus voi myös muodostaa työ<strong>ry</strong>hmiä toteuttamaan yhdistyksen<br />
tavoitteita. Tällä hetkellä työ<strong>ry</strong>hmiä on kolme: lakityö<strong>ry</strong>hmä, edunvalvontatyö<strong>ry</strong>hmä ja<br />
tiedottamistyö<strong>ry</strong>hmä.<br />
<strong>FVCA</strong>:N PERUSTAMINEN JA PUHEENJOHTAJAT<br />
<strong>FVCA</strong> perustettiin vuonna 1990. Perustajajäseniä oli yhteensä 17. Yhdistyksen on kasvanut<br />
huomattavasti perustamisestaan samalla kun myös pääomasijoitusmarkkinat ovat<br />
kehittyneet.<br />
EDELLISET PUHEENJOHTAJAT<br />
Matts Andersson maaliskuu 1990 – maaliskuu 1992<br />
Lauri Ratia maaliskuu 1992 – marraskuu 1993<br />
Erkki Kariola marraskuu 1993 – helmikuu 1995<br />
Jorma Terentjeff helmikuu 1995 – marraskuu 1995<br />
Arto Naukkarinen marraskuu 1995 – maaliskuu 1998<br />
Juha Marjosola maaliskuu 1998 – helmikuu 2000<br />
Anu Nokso-Koivisto helmikuu 2000 – helmikuu 2002<br />
Risto Jalonen helmikuu 2002 – maaliskuu 2004<br />
Kari Rytkönen maaliskuu 2004 – maaliskuu <strong>2006</strong><br />
Matti Turunen maaliskuu <strong>2006</strong> –<br />
7
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YHTEYSTIEDOT<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong><br />
Osoite: World Trade Center Helsinki<br />
Aleksanterinkatu 17, 6. kerros<br />
00100 Helsinki<br />
Puh. +358 9 6969 3300<br />
Fax. +358 9 6969 3303<br />
Www-sivut: www.fvca.fi<br />
Sähköposti: info@fvca.fi<br />
HALLITUS JA LAKITYÖRYHMÄ<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong>:n vuosikokouksessa seuraavat henkilöt valittiin<br />
yhdistyksen hallitukseen:<br />
PUHEENJOHTAJA<br />
Matti Turunen, Eqvitec Partners Oy<br />
Tel.: +358 20 780 9804<br />
E-mail: matti.turunen@eqvitec.com<br />
HALLITUKSEN JÄSENET<br />
Henri Grundstén, <strong>Suomen</strong> Teollisuussijoitus Oy<br />
Tel.: +358 9 680 3680<br />
E-mail: henri.grundsten@teollisuussijoitus.fi<br />
Risto Jalonen, Aboa Venture Management Oy<br />
Tel.: +358 2 410 7700<br />
E-mail: risto.jalonen@aboaventure.fi<br />
Annareetta Lumme-Timonen, 3i Finland<br />
Tel.: +358 9 6815 4100<br />
E-mail: annareetta_lumme-timonen@3i.com<br />
Erkki Pekkarinen, Bio Fund Management Oy<br />
Tel.: + 358 9 251 4460<br />
E-mail: erkki.pekkarinen@biofund.fi<br />
8
<strong>FVCA</strong><br />
Kari Rytkönen, MB Rahastot Oy<br />
Tel.: +358 9 131 011<br />
E-mail: kari.<strong>ry</strong>tkonen@mbfunds.fi<br />
Heikki Westerlund, CapMan Capital Management Oyj<br />
Tel.: +358 9 6155 800<br />
E-mail: heikki.westerlund@capman.com<br />
HALLITUKSEN SIHTEERI<br />
Krista Rantasaari, <strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong><br />
Tel.: +358 9 6969 3301<br />
E-mail: krista.rantasaari@fvca.fi<br />
LAKITYÖRYHMÄÄN KUULUVAT SEURAAVAT HENKILÖT:<br />
PUHEENJOHTAJA<br />
Jyrki Tähtinen, Asianajotoimisto Borenius & Kemppinen Oy<br />
Tel.: +358 9 615 333<br />
E-mail: jyrki.tahtinen@borenius.com<br />
TYÖRYHMÄN JÄSENET<br />
Mika Alanko, Roschier Holmberg Asianajotoimisto Oy<br />
Tel.: + 358 20 506 6000<br />
E-mail: mika.alanko@roschier.com<br />
Kari Itälahti, Teknoventure Management Oy<br />
Tel.: +358 8 887 3300<br />
E-mail: kari.italahti@teknoventure.fi<br />
Jorma Jaalivaara, Sitra<br />
Tel.: +358 9 618 991<br />
E-mail: jorma.jaalivaara@sitra.fi<br />
Riitta Jääskeläinen, <strong>Suomen</strong> Teollisuussijoitus Oy<br />
Tel.: +358 9 680 3680<br />
E-mail: riitta.jaaskelainen@teollisuussijoitus.fi<br />
9
<strong>FVCA</strong><br />
Ulla Niemelä, Proventure Oy<br />
Tel.: + 358 9 696 2720<br />
E-mail: ulla.niemela@proventure.com<br />
Jyrki Orpana, Amanda Capital Oyj<br />
Tel.: +358 10 236 5334<br />
E-mail: jyrki.orpana@amandacapital.fi<br />
Mikko Reinikainen, PricewaterhouseCoopers Oy<br />
Tel.: +358 9 22 800<br />
E-mail: mikko.reinikainen@fi.pwc.com<br />
Tina Taivaloja, Bio Fund Management Oy<br />
Tel.: + 358 9 251 4460<br />
E-mail: tina.taivaloja@biofund.fi<br />
Martti Timgren, CapMan Capital Management Oyj<br />
Tel.: +358 9 6155 800<br />
E-mail: martti.timgren@capman.com<br />
Tuomo Vähäpassi, Asianajotoimisto Hannes Snellman Oy<br />
Tel.: +358 9 228 841<br />
E-mail: tuomo.vahapassi@hannessnellman.fi<br />
LAKITYÖRYHMÄN SIHTEERI<br />
Krista Rantasaari, <strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong><br />
Tel.: +358 9 6969 3301<br />
E-mail: krista.rantasaari@fvca.fi<br />
10
12<br />
PREFACE
PREFACE<br />
FOREWORD<br />
The Finnish Venture Capital and Private Equity indust<strong>ry</strong> has progressed well during the<br />
last year. This can be measured by funds raised, the best year since 2002, and by exits<br />
amounting to the highest value ever in histo<strong>ry</strong>. Both Venture and Buy Out funds have<br />
been raised. Further happy news is reflected in the resumption of interest on the part of<br />
institutions in venture capital, that is to say interest in early stage and growth companies.<br />
Interest in Buy Outs has been high over a longer period due to the excellent returns from<br />
Nordic buy out funds.<br />
The big question asked and thought by many, is how to continue this success into the<br />
future. The Finnish Venture Capital Association is actively taking part in this discussion.<br />
For this to happen, co-operation is clearly essential since this is -one might say, an<br />
historical moment when almost eve<strong>ry</strong> economy and billions of individuals are integrated<br />
into a network forming a global community and global market place. Globalisation has<br />
been seen both as a threat as well as an opportunity. In my opinion we have a chance to<br />
choose. As venture capital managers we should see eve<strong>ry</strong> change as an opportunity. In<br />
this case, the change is big.<br />
But as mentioned, we should not hesitate to study our strengths and weaknesses. And<br />
in this, I mean as a nation and together with our other Nordic colleagues. Finland has<br />
been ranked highly in a number of economic and social measures. These rankings reflect<br />
numerous strengths, and are the results of many years of work. What is now needed are<br />
new actions to correct weaknesses and remove hindrances . All interest groups should<br />
be involved.<br />
The Finnish Venture Capital Association has pinpointed an area that has been seen as<br />
being crucial for future success: We have to secure and enforce the innovative company’s<br />
skills and financial position in order to efficiently move from the technology phase to a<br />
profitable business. This requires new incentives to encourage educated people to become<br />
entrepreneurs, foreign nationals to join business teams, business angels to come forward,<br />
and foreign investors and institutions to invest in Finnish funds.<br />
MATTI TURUNEN<br />
Chairman<br />
Finnish Venture Capital Association<br />
13
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FINNISH VENTURE CAPITAL ASSOCIATION<br />
ABOUT THE ASSOCIATION<br />
The Finnish Venture Capital Association (<strong>FVCA</strong>) promotes and develops the private equity<br />
and venture capital indust<strong>ry</strong> in Finland. The <strong>FVCA</strong> has 42 full members. This represents<br />
the vast majority of the Finnish private equity and venture capital firms. In addition, the<br />
<strong>FVCA</strong> has 67 associate members.<br />
Full membership has been approved for equity investors and venture capitalists<br />
representing public and private investment capital, captive funds and corporate ventures.<br />
Associate membership can be given to organizations and individuals with an interest in<br />
the venture capital indust<strong>ry</strong>.<br />
THE AIM OF THE <strong>FVCA</strong><br />
The <strong>FVCA</strong>’s objectives are to develop venture capital activities and practises in Finland,<br />
to represent the members’ views and interests in discussions with the government and<br />
institutions, to assist in improving professional practise, to cooperate with other national<br />
venture capital associations and to provide statistics of the indust<strong>ry</strong>.<br />
The <strong>FVCA</strong> aims to improve the framework for venture capital/private equity activity<br />
in Finland by contributing to the creation and development of an appropriate legal,<br />
fiscal and operational environment and encouraging the development of a favourable<br />
entrepreneurial environment.<br />
Furthermore, the <strong>FVCA</strong> sets up coherent best practices by elaborating operational<br />
principles and it requires members to comply with the <strong>FVCA</strong> Code of Conduct. The <strong>FVCA</strong><br />
also creates a unique network of contacts within the Finnish private equity/venture capital<br />
market, providing a forum for the exchange of views and experience between members.<br />
The overall aim of the <strong>FVCA</strong> is to enhance public confidence in venture capital/private<br />
equity and spread information about venture capital/private equity as a part of established<br />
financial markets.<br />
WHAT IS VENTURE CAPITAL/PRIVATE EQUITY<br />
Venture capital/private equity means providing equity financing for companies not quoted<br />
on stock markets. Private equity can be used to develop new products and technologies,<br />
to boost working capital, to make acquisitions, or to strengthen a company’s balance<br />
14
<strong>FVCA</strong><br />
sheet. It can also resolve ownership and management issues - a succession in familyowned<br />
companies, or a buy-out or buy-in of a business by experienced managers may be<br />
achieved with private equity funding.<br />
Venture capital and private equity is used in investments in growth companies at all stages<br />
in the life of a company. These stages are from the seed, start up and early stage to the<br />
expansion stage, together with management buy-outs and buy-ins of the company.<br />
The key elements of venture capital and private equity investments are investment<br />
in unlisted companies, usually equity in nature, and they are medium- to long-term<br />
investments. The companies have also growth potential and the investments can be<br />
realised at the end of the investment by a trade sale or floatation on the public market.<br />
THE OPERATIONS OF THE <strong>FVCA</strong><br />
The operations of the <strong>FVCA</strong> are conducted by a secreta<strong>ry</strong> general. The Secreta<strong>ry</strong> General<br />
is Mrs Krista Rantasaari. The association also employs an analyst, Mr Vesa Välinen.<br />
Operations are supervised by the board. The board may form committees to implement<br />
the objectives of the association. The current committees are: the legal committee, the<br />
public affairs committee and the communication committee.<br />
FOUNDING AND PAST CHAIRMEN<br />
<strong>FVCA</strong> was founded in 1990. The association had 17 founding members. Since its founding,<br />
the <strong>FVCA</strong> has grown considerably along the Finnish venture capital market.<br />
LIST OF PAST CHAIRMEN<br />
Matts Andersson May 1990 – March 1992<br />
Lauri Ratia March 1992 – November 1993<br />
Erkki Kariola November 1993 – Februa<strong>ry</strong> 1995<br />
Jorma Terentjeff Februa<strong>ry</strong> 1995 – November 1995<br />
Arto Naukkarinen November 1995 – March 1998<br />
Juha Marjosola March 1998 – Februa<strong>ry</strong> 2000<br />
Anu Nokso-Koivisto Februa<strong>ry</strong> 2000 – Februa<strong>ry</strong> 2002<br />
Risto Jalonen Februa<strong>ry</strong> 2002 – March 2004<br />
Kari Rytkönen March 2004 – March <strong>2006</strong><br />
Matti Turunen March <strong>2006</strong> –<br />
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THE CONTACT INFORMATION<br />
Finnish Venture Capital Association<br />
Address: World Trade Center Helsinki<br />
Aleksanterinkatu 17, 6 th floor<br />
00100 Helsinki, Finland<br />
Tel. +358 9 6969 3300<br />
Fax. +358 9 6969 3303<br />
Webpage: www.fvca.fi<br />
E-mail: info@fvca.fi<br />
BOARD OF DIRECTORS AND LEGAL COMMITTEE<br />
At the Annual General Meeting of the <strong>FVCA</strong>, the following persons were elected to serve<br />
as members of the Board of Directors:<br />
CHAIRMAN<br />
Matti Turunen, Eqvitec Partners Oy<br />
Tel.: +358 20 780 9804<br />
E-mail: matti.turunen@eqvitec.com<br />
MEMBERS OF THE BOARD<br />
Henri Grundstén, Finnish Indust<strong>ry</strong> Investment Ltd<br />
Tel.: +358 9 680 3680<br />
E-mail: henri.grundsten@teollisuussijoitus.fi<br />
Risto Jalonen, Aboa Venture Management Oy<br />
Tel.: +358 2 410 7700<br />
E-mail: risto.jalonen@aboaventure.fi<br />
Annareetta Lumme-Timonen, 3i Finland<br />
Tel.: +358 9 6815 4100<br />
E-mail: annareetta_lumme-timonen@3i.com<br />
Erkki Pekkarinen, Bio Fund Management Oy Ltd<br />
Tel.: + 358 9 251 4460<br />
E-mail: erkki.pekkarinen@biofund.fi<br />
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<strong>FVCA</strong><br />
Kari Rytkönen, MB Funds<br />
Tel.: +358 9 131 011<br />
E-mail: kari.<strong>ry</strong>tkonen@mbfunds.fi<br />
Heikki Westerlund, CapMan Capital Management Plc<br />
Tel.: +358 9 6155 800<br />
E-mail: heikki.westerlund@capman.com<br />
SECRETARY OF THE BOARD<br />
Krista Rantasaari, Finnish Venture Capital Association<br />
Tel.: +358 9 6969 3301<br />
E-mail: krista.rantasaari@fvca.fi<br />
THE CURRENT LEGAL COMMITTEE IS COMPRISED OF THE FOLLOWING:<br />
CHAIRMAN<br />
Jyrki Tähtinen, Attorneys at Law Borenius & Kemppinen Ltd<br />
Tel.: +358 9 615 333<br />
E-mail: jyrki.tahtinen@borenius.com<br />
COMMITTEE MEMBERS<br />
Mika Alanko, Roschier Holmberg, Attorneys Ltd.<br />
Tel.: + 358 20 506 6000<br />
E-mail: mika.alanko@roschier.com<br />
Kari Itälahti, Teknoventure Management Oy<br />
Tel.: +358 8 887 3300<br />
E-mail: kari.italahti@teknoventure.fi<br />
Jorma Jaalivaara, Sitra, the Finnish National Fund for Research and Development<br />
Tel.: +358 9 618 991<br />
E-mail: jorma.jaalivaara@sitra.fi<br />
Riitta Jääskeläinen, Finnish Indust<strong>ry</strong> Investment Ltd<br />
Tel.: +358 9 680 3680<br />
E-mail: riitta.jaaskelainen@teollisuussijoitus.fi<br />
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<strong>FVCA</strong><br />
Ulla Niemelä, Proventure Oy<br />
Tel.: + 358 9 696 2720<br />
E-mail: ulla.niemela@proventure.com<br />
Jyrki Orpana, Amanda Capital Oyj<br />
Tel.: +358 10 236 5334<br />
E-mail: jyrki.orpana@amandacapital.fi<br />
Mikko Reinikainen, PricewaterhouseCoopers Oy<br />
Tel.: +358 9 22 800<br />
E-mail: mikko.reinikainen@fi.pwc.com<br />
Tina Taivaloja, Bio Fund Management Oy Ltd<br />
Tel.: + 358 9 251 4460<br />
E-mail: tina.taivaloja@biofund.fi<br />
Martti Timgren, CapMan Capital Management Plc<br />
Tel.: +358 9 6155 800<br />
E-mail: martti.timgren@capman.com<br />
Tuomo Vähäpassi, Hannes Snellman Attorneys at Law Ltd<br />
Tel.: +358 9 228 841<br />
E-mail: tuomo.vahapassi@hannessnellman.fi<br />
SECRETARY OF THE LEGAL COMMITTEE<br />
Krista Rantasaari, Finnish Venture Capital Association<br />
Tel.: +358 9 6969 3301<br />
E-mail: krista.rantasaari@fvca.fi<br />
18
TILASTOT<br />
TILASTOT<br />
20
TILASTOT<br />
PÄÄOMASIJOITTAMINEN SUOMESSA 2005<br />
• Suomessa sijaitsevat pääomasijoitusyhtiöt tekivät yhteensä 423 sijoitusta 247<br />
kohdeyritykseen vuonna 2005. Sijoitettu kokonaissumma oli 313 miljoonaa euroa.<br />
• Siemenvaiheen yritykset lähes tuplasivat osuutensa viime vuoden sijoitusmäärästä (12<br />
M€, 2004) saaden nyt 23 M€<br />
• Uusien varojen kerääminen huipputasolla yltäen 637 miljoonaan euroon ja samalla<br />
viitaten koko alan siirtymistä uuteen vaiheeseen syklissä.<br />
• Hallinnoitavat pääomat nyt yhteensä 3, 407 miljoonaa euroa<br />
VARAINHANKINTA<br />
Uusien varojen kerääminen nousi kautta aikain kolmanneksi korkeimmalle tasolle. Uusia<br />
varoja kerättiin yhteensä 637 miljoonaa euroa. Kerätty summa jakautuu itsenäisten<br />
rahastojen keräämään 542 miljoonaan euroon, suoraan taseestaan sijoituksia tekevien<br />
yritysten 81 miljoonaan euroon ja 14 miljoonaan euroon pääomatuloja.<br />
Suurin lähde uusille varoille vuonna 2005 olivat eläkerahastot, joiden osuus oli 166<br />
miljoonaa euroa. Tämä oli huomattavasti enemmän kuin kahtena edellisenä vuotena<br />
(12 miljoonaa euroa 2004 ja 2003). Vuonna 2002 eläkerahastoilta kerättiin 278 miljoonaa<br />
euroa. Vakuutusyhtiöt nostivat myös osuuttaan verrattuna edellisvuosiin (12 ja 10<br />
miljoonaa 2003 ja 2004) ja sijoittivat 67 miljoonaa euroa. Vain pääomamarkkinoilta saatiin<br />
vähemmän varoja kuin 2004, mutta tämä selittyy pääomamarkkinoiden hyvin korkealla<br />
osuudella edellisinä vuosina. Taseestaan sijoituksia tekevien pääomasijoittajien keräämä<br />
81 miljoonaa euroa on 38 miljoonaa vähemmän kuin vuotta aiemmin.<br />
Ulkomaisen pääoman kerääminen oli varsin runsasta yhteensä 249 miljoonalla eurolla.<br />
Tämä vastaa 46 prosenttia itsenäisten rahastojen keräämistä varoista. 46 prosentin osuus<br />
on noin kolme kertaa suurempi, kuin kumulatiivisen varainkeruun jakautuminen koti- ja<br />
ulkomaiden välillä, joka on ollut maltillisempi, painottuen 80-20 kotimaan puolelle.<br />
Tutkimuksen metodologian mukaisesti uusien varojen kerääminen on esitetty rahaston<br />
kotimarkkinoiden mukaan. Tämä tarkoittaa, että vaikka rahaston sijoitusfokus on<br />
ulkomaisissa yrityksissä, sen varainkeruu lasketaan kotimaan tilastoihin.<br />
SIJOITUKSET<br />
Vuonna 2005 tehtyjen sijoitusten yhteissumma oli 313 (369, 2004) miljoonaa euroa ja<br />
sijoitus-ten kappalemäärä oli 423 (419). Sijoituksia saaneiden kohdeyritysten lukumäärä<br />
oli 247 (249).<br />
Julkisen sektorin osuus siemenvaiheen sijoituksissa oli viime vuosia merkittävämpi.<br />
Yhteensä 23 miljoonasta eurosta, jotka siemenvaiheen yrityksiin sijoitettiin, tuli yli<br />
21
TILASTOT<br />
93 prosenttia julkiselta sektorilta. Julkiset toimijat sijoittivat yhteensä 22 miljoonaa<br />
euroa siemenvaiheen yrityksiin. Kaikkiaan julkisen sektorin sijoitukset koostuivat 72<br />
jatkosijoituksesta ja 34 ensisijoituksesta. Yhteensä 46 miljoonan euron sijoitussummalla<br />
julkisen sektorin osuus oli 15 prosenttia toimialan sijoittamista varoista. Julkisen sektorin<br />
tekemät 106 sijoitusta puolestaan vastasivat 25 prosenttia osuutta kaikkien sijoitusten<br />
lukumäärästä. Sekä sijoitussumma että sijoitusten lukumäärä olivat näin hieman<br />
viimevuosia suuremmat.<br />
Käytettyjen sijoitusinstrumenttien jakaumassa ei tapahtunut suuria muutoksia. Oman<br />
pääoman ehtoinen rahoitus oli alan luonteen mukaisesti käytetyin instrumentti. Kattaen<br />
jälleen lähes puolet sijoitusten kokonaissummasta, oman pääoman osuus oli 150<br />
miljoonaa euroa, joka vastaa 48 prosenttia kaikista sijoituksista. Pääomalainoja (quasiequity)<br />
käytettiin hieman viimevuotta enemmän ja sen osuus nousi vuoden 2004 13<br />
prosentista 21 prosenttiin. Mezzanine eli välirahoitusinstrumentteja käytettiin rahoittamaan<br />
22 prosenttia sijoitusten kokonaissummasta. Vieraan pääoman ehtoisia instrumentteja<br />
käytettiin 9 miljoonalla eurolla eli vajaan 3 prosentin edestä.<br />
Ensisijoitukset<br />
Alan syklin mukaisesti ensisijoitusten osuus laski 196 miljoonan (269, 2004) euron<br />
tasolle, joka vastaa 63 prosenttia (73 %) sijoitusten kokonaissummasta. Ensisijoitusten<br />
kappalemäärä oli jälleen selvästi matalampi ollen yhteensä 154 ja vastaten näin 36<br />
prosenttia (38 %) kaikista sijoituksista. Yhteensä 75 (41) yritystä sai pääomarahoitusta<br />
ensimmäistä kertaa.<br />
Alkuvaiheen (siemen-, käynnistys- ja aikaisen kasvun vaiheet) yritykset saivat yhteensä 65<br />
sijoitusta ja 30 miljoonaa euroa.<br />
Johdon yritysostojen (buyout) osuus ensisijoituksista oli n. 59 prosenttia. Yhteensä<br />
buyoutien osuus oli 115 miljoonaa euroa ja 45 sijoitusta. Keski- ja mediaanikoot<br />
ensisijoitusten buyouteille olivat 2,6 (1,67, 2004) ja 0,49 (0,37) miljoonaa euroa.<br />
Venture capital –sijoitusten (ts. ei-buyout) keskikoko oli 0,74 miljoonaa euroa mediaanin<br />
ollessa 0,3 miljoonaa.<br />
Buyoutit poislukien, eniten euroja sijoitettiin nopean kasvun vaiheessa oleviin yrityksiin.<br />
Ne saivat yhteensä 40 (47, 2004) miljoonaa euroa ensisijoituksina, joka vastaa hieman yli<br />
viidesosaa kaikista ensisijoituksista (ml. buyoutit). Siemen-, käynnistys- ja aikaisen kasvun<br />
vaiheet keräsivät vastaavasti 5, 3 ja 8 prosentin osuudet kaikista ensisijoituksista.<br />
Nopean kasvun yritykset saivat myös eniten venture capital –ensisijoituksia. Yhteensä<br />
ensisijoituksia nopean kasvun yrityksiin tehtiin yhteensä 39, joka vastaa neljäsosaa<br />
kaikista ensisijoituksista. Seuraavaksi eniten ensisijoituksia tehtiin siemen- (33 sijoitusta,<br />
21 %), aikaisen kasvun (19, 12 %) ja käynnistysvaiheen (13, 8 %) yrityksiin.<br />
22
TILASTOT<br />
Venture capital –ensisijoitusten toimialajako noudatti odotettua jakaumaa.<br />
Valmistusteollisuus keräsi 40 miljoonaa euroa 45 sijoituksessa ja oli näin eniten<br />
ensisijoituksia kerännyt toimialasektori. Seuraavaksi eniten ensisijoituksia keräsi<br />
euromääräisesti mitaten ICT-sektori (15 miljoonaa euroa, 24 kpl), Life Sciences (14<br />
miljoonaa, 16 kpl) ja palvelut (12 miljoonaa, 19 kpl).<br />
Kehitysvaihejakauma<br />
Eniten venture capital –sijoituksia kohdistui nopean kasvun vaiheeseen, johon sijoitettiin<br />
77 miljoonaa euroa yhteensä 122 sijoituksessa. Seuraavaksi eniten euroja sijoitettiin<br />
aikaisen kasvun (47 miljoonaa euroa, 87 sijoitusta), siemenvaiheen (23 miljoonaa, 75) ja<br />
käynnistysvaiheeseen (17 miljoonaa, 71). Yhteensä venture capital –sijoituksia tehtiin 189<br />
miljoonalla eurolla 373 kappaletta.<br />
Buyoutien ja uudelleenrahoituksen transaktiot ovat tyypillisesti kooltaan suuria ja<br />
hallitsevat sijoitusten kokonaissummia, mutta alkuvaiheen ja nopean kasvun vaiheet<br />
puolestaan ovat sijoitusten kappalemäärältä suurempia. Alkuvaiheen (siemen-,<br />
käynnistys- ja aikaisen kasvun vaiheet) sijoitukset vastasivat 55 prosenttia (56 %, 2004)<br />
kaikkien sijoitusten kappalemäärästä. Nopean kasvun vaiheessa oleviin yrityksiin tehtyjen<br />
sijoitusten kappalemäärän suhteellinen osuus oli 29 prosenttia (27 %) vuoden 2005 kaikista<br />
sijoituksista. Buyoutien osuus oli 12 prosenttia ja uudelleenrahoituksen 2 prosenttia.<br />
Toimialajakauma<br />
Toimialoista eniten venture capital –sijoituksia vuonna 2005 tehtiin euromääräisesti<br />
mitattuna lääketieteellisille aloille. Yhteensä 37 miljoonan euron sijoitusmäärällä<br />
lääketieteelliset alat saivat 19 prosenttia kaikista venture capital –sijoituksista. Seuraavaksi<br />
eniten sijoitettiin tietotekniikan aloille (31 miljoonaa, 16 %) ja valmistusteollisuuteen (24<br />
miljoonaa, 13 %).<br />
Buyouteissa eniten euroja sijoitettiin teollisen automaation yrityksiin. Ne saivat yhteensä<br />
35 miljoonaa euroa eli 28 prosenttia osuuden kaikista buyout –sijoituksista. Myös<br />
tietotekniikka (19 %) ja kuluttajatuotteet (14 %) saivat merkittävät osat buyout –sijoituksista.<br />
Yhteensä buyout –sijoituksia tehtiin 50 kappaletta 125 miljoonalla eurolla.<br />
Kappalemääräisesti eniten venture capital –sijoituksia keräsi tietotekniikan toimialat,<br />
joihin sijoitettiin yhteensä 89 kertaa. Tämä vastaa 24 prosenttia kaikista venture capital<br />
–sijoituksista (373 kpl). Toiseksi eniten sijoituksia keräsi lääketieteelliset toimialat (59 kpl),<br />
saaden 16 prosenttia kaikista venture capital –sijotuksista.<br />
Teknologiayrityksiin sijoitettiin yhteensä 126 miljoonaa euroa (40 % kaikista sijoituksista).<br />
Teknologiayritysten osuus kaikista kohdeyrityksistä vuonna 2005 oli 56 prosenttia. Tämä on<br />
selvästi enemmän, kuin vuoden 2004 osuus, joka oli vain 33 prosenttia. Teknologiayritysten<br />
23
TILASTOT<br />
saama absoluuttinen euromäärä on kuitenkin pysynyt lähes vuoden 2004 tasolla, jolloin<br />
ne saivat yhteensä 126 miljoonaa euroa.<br />
Yritykset joiden voidaan lukea toimivan sähköisen kaupankäynnin alalla, saivat sijoituksina<br />
yhteensä 32 miljoonaa euroa (10 % kaikista sijoituksista). Sähköisen kaupankäynnin<br />
yritykset pitivät näin suhteellisen osuutensa lähes viimevuoden tasolla, jolloin ne saivat<br />
11 prosenttia kaikista sijoituksista.<br />
Maantieteellinen jakauma<br />
Tutkimuksen metodologian mukaan pääomasijoitusyhtiöiden ulkomaiset sijoitukset<br />
lasketaan mukaan tilastoihin vain, jos ne tehdään suoraan kotimaisesta yrityksestä,<br />
eikä ulkomaalaisen toimipisteen nimissä. Noin 38 prosenttia (33 %, 2004) vuonna 2005<br />
sijoitetusta pääomasta kanavoitiin ulkomaalaisiin yrityksiin suorina sijoituksina.<br />
Suomeen sijoitetusta pääomasta 54 prosenttia (77 %, 2004) sijoitettiin yrityksiin Etelä-<br />
<strong>Suomen</strong> läänissä. Länsi-<strong>Suomen</strong> läänin osuus oli 26 prosenttia (17 %), Itä-<strong>Suomen</strong> läänin<br />
2 prosenttia (2 %) ja Oulun ja Lapin läänien 18 prosenttia (5 %). Etelä-<strong>Suomen</strong> lääniin<br />
tehtyjen sijoitusten keskikoko oli edellisvuosien tapaan muuta suomea suurempi, joten<br />
sijoitusten kappalemääräinen jako poikkeaa euromäärien jaosta. Etelä-<strong>Suomen</strong> läänin<br />
osuus laski hieman viimevuodesta ollen nyt 44 prosenttia, kuten myös Oulun ja Lapin<br />
läänien yhteenlaskettu osuus, joka oli 16 prosenttia. Muiden läänien sijoitusmäärät<br />
vastaavasti hieman kasvoivat; Länsi-<strong>Suomen</strong> lääni sai 36 prosenttia ja Itä-<strong>Suomen</strong> lääni 4<br />
prosenttia sijoitusten yhteenlasketusta kappalemäärästä.<br />
IRTAUTUMISET<br />
Irtautumisten tilastointi seuraa suomalaisten pääomasijoittajien sijoitusportfolion<br />
kehitystä. Irtautumisten euromäärät ilmoitetaan tässä hankintahintaan, eivätkä siis sisällä<br />
informaatiota realisoiduista tuotoista.<br />
Vuonna 2005 irtautumisten euromäärä kasvoi jälleen uudelle ennätystasolle ollen nyt<br />
299 miljoonaa euroa (262 miljoonaa euroa, 2004). Vain 8 prosenttia (11 %) irtautumisten<br />
kokonaissummasta koostui alaskirjauksista. Täysiä tai osittaisia irtautumisia suoritettiin<br />
yhteensä 247 (218) kappaletta. Yritysten, joista irtauduttiin, lukumäärä on pienempi 165<br />
(147). Tämä johtuu mm. syndikoiduista sijoituksista (yhteissijoituksista).<br />
Käytetyin irtautumistapa oli teollinen yrityskauppa. Tätä kautta irtauduttiin 108 miljoonan<br />
edestä. Tämä vastaa 36 prosenttia kaikista irtautumisista. Yhteensä 83 miljoonan euron<br />
arvosta irtauduttiin lainapääoman maksun kautta, 27 miljoonan euron arvosta myymällä<br />
toiselle pääomasijoittajalle ja 21 miljoonasta eurosta takaisinostojen kautta (ts. myymällä<br />
osuus yrityksestä takaisin sen johdolle). Vuonna 2005 nähtiin myös ensimmäinen<br />
kotimainen listautumisanti sitten vuoden 2000.<br />
24
TILASTOT<br />
Osittaiset ja täydet alaskirjaukset vastasivat 8 prosenttia (11 %) kaikkien irtautumisten<br />
hankintahintaisesta yhteissummasta, ollen 25 miljoonaa euroa (29 miljoonaa euroa,<br />
2004). Osittaisia tai täysiä alaskirjauksia tehtiin vuonna 2005 yhteensä 26 sijoituksesta.<br />
HALLINNOITAVA PÄÄOMA<br />
Suomalaisten pääomasijoittajien hallinnoimat pääomat olivat vuoden 2005 lopussa<br />
yhteensä 3 407 miljoonaa euroa. Tästä summasta 54 prosenttia oli jo sijoitettuna<br />
kohdeyrityksiin ja 39 prosenttia sitoutuneena pääomana, valmiina käytettäväksi uusiin<br />
tai jatkosijoituksiin.<br />
AKTIIVINEN SIJOITUSPORTFOLIO<br />
Suurimmat toimialat pääomasijoittajien aktiivisessa portfoliossa ovat lääketieteelliset alat,<br />
joissa on sijoitettuna yhteensä 251 miljoonaa euroa (10,4 prosenttia koko portfoliosta),<br />
teollisuuden tuotteet ja palvelut ovat toiseksi eniten edustettuna 191 miljoonalla eurolla<br />
(7,9 %). Kolmanneksi suurin toimiala on elektroniikka 182 miljoonalla eurolla (7,5 %).<br />
Pääomasijoittajien aktiivinen sijoitusportfolio koostui vuoden 2005 lopussa 745 yrityksestä.<br />
Portfolion hankintahintainen arvo oli 1 822 miljoonaa euroa.<br />
KOHDEYRITYKSET<br />
Suurin osa suomalaisten pääomasijoittajien sijoituksista tehdään edelleen PK-yrityksiin.<br />
Keskimääräinen henkilöstön määrä on kasvanut hieman viime vuosiin verrattuna. Vuoden<br />
2005 lopussa pääomasijoittajien kohdeyritysten keskimääräinen työntekijöiden määrä oli<br />
964 henkilöä. Johtuen suurista buyout –sijoituksista, kuvaa tilannetta paremmin mediaani,<br />
joka oli 55 henkilöä (52, 2004). Kohdeyrityksistä 48 prosenttia (73 %) työllistää 50 henkilöä<br />
tai alle.<br />
Tyypilliset kohdeyritykset ovat myös pieniä liikevaihdoltaan, mutta kasvaneet myös tässä<br />
suhteessa viimevuosiin verrattuna. 29 prosenttia yrityksistä on liikevaihdoltaan enintään<br />
kaksi miljoonaa euroa (58 %, 2004). Liikevaihdon mediaani on 3,6 miljoonaa euroa ja<br />
keskiarvo 78,0 miljoonaa euroa. Keskiarvoon vaikuttavat jälleen vahvasti isot buyout<br />
–sijoitukset.<br />
HALLINNOINTIYHTIÖT<br />
<strong>Suomen</strong> pääomasijoitusala on kasvanut merkittävästi sen alkuvuosista 80-luvun lopulla.<br />
Vuoden 2005 lopussa <strong>Suomen</strong> pääomasijoitusyhdistyksellä oli 42 pääomasijoitusyhtiötä<br />
varsinaisina jäseninä. Nykyään nämä pääomasijoittajat työllistävät n. 249 manageria ja 140<br />
muuta toimihenkilöä. Yrityksillä oli hallinnoitavinaan yhteensä 113 pääomasijoitusrahastoa<br />
vuoden 2005 lopussa.<br />
25
STATISTICS<br />
STATISTICS<br />
26
STATISTICS<br />
PRIVATE EQUITY INDUSTRY IN FINLAND IN 2005<br />
• Private equity companies located in Finland made 423 investments in 247 portfolio<br />
companies in 2005. Amount invested was in total 313 million euros.<br />
• Seed stage almost doubled its investment volume from 12 M€ in 2004 to 23 M€ in<br />
2005<br />
• Fundraising was top level reaching 637 million euros and signalling a new phase in the<br />
cycle of the Finnish venture capital indust<strong>ry</strong>.<br />
• Total capital under management now stands at 3,407 million euros.<br />
FUNDS RAISED<br />
Fundraising reached the third highest level ever in the Finnish private equity indust<strong>ry</strong>.<br />
A total of 637 million euros was raised in 2005. The amount breaks down to 542 million<br />
being raised by independent funds, 81 million by captive investors and some 14 million<br />
in capital gains.<br />
Leading fundraising source in 2005 were pension funds who contributed 166 million,<br />
thus marking the end of a d<strong>ry</strong> spell of the past two years (12 million in both 2003 and<br />
2004). In 2002 pension funds contributed 278 million euros. Also insurance companies<br />
picked up their contribution ve<strong>ry</strong> similarly recording some 67 million (12 and 10 in 2003<br />
and 2004 respectively). The only source catego<strong>ry</strong> that actually contributed less than the<br />
year before was capital markets. Considering the extremely high level capital markets<br />
have contributed in previous years. Captive investors raised 81 million, which is some 38<br />
million less than the year before.<br />
The level of foreign capital raised by Finnish private equity funds was quite high at 249<br />
million euros making up 46 percent of the total amount raised by the independent funds.<br />
This is about three times the cumulative level of foreign capital raised by domestic<br />
funds. In 2004 the split between domestic and foreign was a more conservative at 20-80<br />
respectively.<br />
According to the survey methodology, funds raised are presented here for the home<br />
market of the private equity fund, even if the investment policy of the fund is to invest in<br />
other geographic markets.<br />
INVESTMENTS PATTERNS<br />
The total amount invested in 2005 was 313 (369 in 2004) million with 423 (419) investments.<br />
The number of companies receiving these investments was 247 (249).<br />
27
STATISTICS<br />
Public sector’s role in seed stage investing was more significant than in previous years. With<br />
a total of 23 million euros invested in seed stage companies, the public sector contributed<br />
over 93 % of this with almost 22 million euros. Overall the public sector’s investments<br />
were more directed in follow-on investments with 72 follow-on investments and 34 initial<br />
investments. With a total of 46 million, the public sectors share of all investments was 15<br />
%. The number of investments by the public sector was 106 which corresponds to a 25 %<br />
share of the total number of investments. Relatively both the amount and the number of<br />
public sector investments represent a slight increase compared to the past few years.<br />
The choices of financing instruments saw only little change from last year. Equity was<br />
the preferred method of investing as it should be. Staying around its typical level of<br />
approximately half of the amount invested, the total amount of equity invested in 2005<br />
was 150 million which corresponds to 48 % of all investments. Quasi-equity picked up its<br />
share a bit from 13 % in 2004 to 21 % in 2005. Mezzanine was used in 22 % of the amount<br />
invested. Secured and unsecured debt kept their marginal levels combining for a total of<br />
30 million and 9 % of the total amount invested.<br />
Initial Investments<br />
Initial investments declined to a level of 196 million (269 in 2004) and 63 % (73 %) of all<br />
investments. The number of initial investments was clearly lower at 154 making up for 36<br />
% (38 %) all investments made. Companies receiving venture capital financing for the ve<strong>ry</strong><br />
first time was 75, which is higher than in the past year (41 in 2004).<br />
Early stage companies (seed, start-up and other early stage) received a total of 65<br />
investments and 30 million euros.<br />
Buyouts’ portion of all initial investments was approximately 59 %. Total amount of initial<br />
investments in buyouts was 115 million euros in 45 investments. Average and median<br />
sizes for initial investments in buyout deals settled in at 2,6 million (1,67 in 2004) and 0,49<br />
(0,37) million euros respectively.<br />
Venture capital (i.e. non-buyout) initial investments average size was 0,74 million, while<br />
the median settled in at 0,30 million euros.<br />
Excluding buyouts, the most euros were invested in companies in the expansion stage.<br />
They received 40 (47 in 2004) million in initial investments which corresponds to slightly<br />
over a fifth of all initial investments (buyouts included). Seed, start-up and other early<br />
stage stage companies received 5 %, 3 % and 8 % respectively.<br />
The expansion stage received also the highest number of initial investments in venture<br />
capital. The total number of investments in expansion stage companies was 39, which<br />
28
STATISTICS<br />
corresponds to a quarter of all initial investments. The next highest investment numbers<br />
were directed at seed (33, 21 %), other early stage (19, 12 %) and start-up (13, 8 %).<br />
The indust<strong>ry</strong> distribution of initial venture capital investments followed an expected<br />
pattern. Manufacturing indust<strong>ry</strong> received 40 million euros in 45 investments making it the<br />
largest sector within initial investments. The other indust<strong>ry</strong> sectors by amount invested<br />
were ICT (15 million, 24 investments), Life Sciences (14 million, 16) and services (12<br />
million, 19).<br />
Stage distribution of total investments<br />
Most venture capital investments were allocated to the expansion stage, which received<br />
77 million euros in 122 investments. The next largest stages by amount invested were<br />
other early stage (47 million, 87 investments), seed (23 million, 75) and start-up (17 million,<br />
71). Total figures for venture capital were 189 million euros and 373 investments<br />
While buyouts and seconda<strong>ry</strong> financing transactions are usually large and dominate the<br />
total investment amounts, early stage and expansion stage investments are typically<br />
smaller and dominate investments by number. Early stage (seed, start-up, other early<br />
stage) investments represented 55 % (56 % in 2004) and expansion stage investments 29<br />
% (27 %) of the total number of investments in 2005. Buyouts and seconda<strong>ry</strong> financing<br />
represented shares of 12 % and 2 % respectively.<br />
Indust<strong>ry</strong> distribution of total investments<br />
Receiving most venture capital euros in 2005 were the medical-related industries. With<br />
a total of 37 million, the medical-related industries received 19 % of all venture capital<br />
investments. Next largest amounts were allocated to computer-related industries (31<br />
million, 16 %) and manufacturing (24 million, 13 %).<br />
In buyouts, most euros went to industrial automation with a total of 35 million and a<br />
share of 28 %. Also computer-related industries and consumer products had a large share<br />
with 19 % and 14 % respectively. Buyouts’ total figures were 125 million euros and 50<br />
investments.<br />
Most investments in venture capital went to computer-related industries with a total of<br />
89 investments, which corresponds to some 24 % of the total number of venture capital<br />
investments (373). Second largest indust<strong>ry</strong> sector by number of investments were the<br />
medical-related industries with 59 investments and a share of 16% of all venture capital.<br />
The amount invested in companies classified as high-tech companies was 126 million<br />
euros (40 % of total amount invested). The number of high-tech companies invested<br />
29
STATISTICS<br />
in represented 56 percent share of the number of all companies invested in 2005. This<br />
represents a slight increase from the year 2004, when high-tech companies represented<br />
53 percent of all companies and the amount invested in them was 33 percent (122 million<br />
euros) of the total amount invested.<br />
The companies classified to be operating in the e-commerce indust<strong>ry</strong> were invested<br />
in with 32 million euros (10 percent of total amount invested). E-commerce companies<br />
represented an 11 % share of all companies invested in 2004.<br />
Geographical distribution of total investments<br />
According to the survey methodology, private equity companies’ foreign investments<br />
are included in the survey, only if these investments are made directly and not through a<br />
foreign subsidia<strong>ry</strong>. 38 %(33 % in 2004) of the amount invested in 2005 was channelled to<br />
foreign companies as direct investments.<br />
Of the amount invested in Finland, 54 (77 % in 2004) percent was invested in companies<br />
located in Southern Finland. The share of Western Finland was 26 %(17 %), Eastern Finland<br />
2 % (2 %) and Northern Finland 18 % (5 %). However, the average sizes of investments are<br />
larger in Southern Finland than in other regions of Finland, and due to this the geographical<br />
distribution by number of investments differs from the distribution by amount invested.<br />
In terms of investment numbers, the share of Southern Finland declines to 44 % and the<br />
share of northern Finland also declines slightly to 16 %, while the relative shares of other<br />
regions rise respectively; western Finland 36 % and eastern Finland 4 %.<br />
DIVESTMENTS<br />
Divestment information is used here to keep track of what happens to the portfolio of the<br />
Finnish private equity investments. Divestment amounts are reported at cost, rather than<br />
the amounts actually realised by any sale. It does not reflect returns or amount that private<br />
equity companies actually receive.<br />
In 2004 the amount divested outgrew its previous record years to 299 (262 in 2004)<br />
million euros. Only 8 % (11 %) of the amount consisted of write-offs. Partial or complete<br />
divestments were made from 247 (218) investments. Due to investment syndications, the<br />
number of portfolio companies divested is lower at 165 (147).<br />
The largest catego<strong>ry</strong> of actual divestment methods was trade sale with a share of 36 % and<br />
108 million euros. A total of 83 million euros was divested through repayment of principal<br />
of loans, 27 million euros through a sale to another venture capitalist and 21 million euros<br />
through buy-backs (i.e. selling back to management). A single domestic IPO was also seen<br />
in 2005, marking the emergence of the first IPO since the year 2000.<br />
30
STATISTICS<br />
Partial and complete write-offs represented 8 % (11 %) of the total divestment amount in<br />
2005 at 25 million (29 million) euros. In 2005 partial or complete write-offs were made<br />
from 26 investments.<br />
CAPITAL UNDER MANAGEMENT<br />
The total capital under management of the Finnish private equity companies totalled<br />
3,407 million euros in the end of 2005. Of this amount, 54 percent was already invested<br />
in portfolio companies and 39 percent was available for follow-on investment rounds and<br />
for new investments.<br />
ACTIVE INVESTMENT PORTFOLIO<br />
The active investment portfolio consisted of 745 portfolio companies in the end of 2005.<br />
The value of the active investment portfolio amounted to 1,822 million euros at cost.<br />
The largest indust<strong>ry</strong> sectors that are represented in the active portfolio are medical-related<br />
industries with 251 million euros (10,4 %), industrial products and services with 191 million<br />
euros (7,9 %) and electronics with 182 million euros (7,5 %).<br />
PORTFOLIO COMPANY INFORMATION<br />
Most of the Finnish private equity houses’ investments are still made in small and medium<br />
size companies. A total of 48 % (73 % in 2004) of portfolio companies employs not more<br />
than 50 people. Median of the number of employees is 55 (52) persons. Due to several<br />
larger buyout-backed portfolio companies the average number of employees is a little<br />
over 964 persons.<br />
Typical portfolio companies are small also in terms of turnover, but have on average<br />
grown more than in previous years. 29 %(58%) of portfolio companies generate a turnover<br />
of 2 million euros or less. Median turnover is 3.6 million euros and average turnover is,<br />
also as result of buyout deals, 78 million euros.<br />
MANAGEMENT COMPANY INFORMATION<br />
Finnish private equity indust<strong>ry</strong> has experienced significant growth since it took off in the<br />
late 1980’s. In the end of 2005 the Finnish Venture Capital Association had 42 private equity<br />
companies as full members. Today these private equity companies employ approximately<br />
249 managers and 140 other employees. The companies managed 113 private equity funds<br />
in the end of 2005.<br />
31
FUNDS RAISED<br />
Annual New Funds in 1991 – 2005 (M€)<br />
Pension Funds<br />
Insurance Companies<br />
Banks<br />
Public Sector*<br />
Corporate Investors<br />
Fund of Funds<br />
Capital Markets<br />
Private Individuals<br />
Academic Institutions<br />
Other<br />
New Funds raised by<br />
Independend Private<br />
Equity Funds<br />
Funds Raised by Captive<br />
Investors<br />
Capital Gains Available<br />
for Reinvestments<br />
Total New Funds<br />
1996<br />
25<br />
13<br />
117<br />
20<br />
5<br />
0<br />
0<br />
0<br />
0<br />
14<br />
194<br />
1999<br />
180<br />
187<br />
70<br />
78<br />
5<br />
0<br />
92<br />
28<br />
0<br />
0<br />
640<br />
194 305 328 655 563<br />
Annual New Funds by Capital Sources in 1996 – 2005 (M€)<br />
-<br />
0<br />
1997<br />
75<br />
61<br />
53<br />
54<br />
9<br />
0<br />
38<br />
0<br />
0<br />
7<br />
297<br />
-<br />
8<br />
1998<br />
140<br />
63<br />
25<br />
20<br />
19<br />
0<br />
17<br />
9<br />
0<br />
26<br />
319<br />
-<br />
9<br />
-<br />
15<br />
2000<br />
100<br />
191<br />
26<br />
89<br />
31<br />
50<br />
35<br />
8<br />
6<br />
12<br />
548<br />
-<br />
15<br />
2001<br />
72<br />
104<br />
28<br />
40<br />
17<br />
29<br />
0<br />
9<br />
1<br />
21<br />
321<br />
82<br />
8<br />
411<br />
2002<br />
278<br />
189<br />
18<br />
58<br />
76<br />
16<br />
10<br />
7<br />
1<br />
4<br />
657<br />
142<br />
15<br />
814<br />
2003<br />
12<br />
12<br />
25<br />
10<br />
4<br />
52<br />
0<br />
2<br />
0<br />
0<br />
117<br />
86<br />
3<br />
206<br />
2004<br />
12<br />
10<br />
6<br />
15<br />
20<br />
4<br />
114<br />
4<br />
1<br />
0<br />
*The class includes new investment activity undertaken by the captive public investors between the years<br />
1996-2000. In case of captive vehicles the new investment activity is used as an estimate of fundraising.<br />
Since 2001 all the investment activity undertaken by both public and private captive vehicles (e.g. investor’s<br />
balance) is reported separately.<br />
186<br />
119<br />
4<br />
309<br />
2005<br />
166<br />
67<br />
26<br />
47<br />
53<br />
76<br />
78<br />
10<br />
3<br />
16<br />
542<br />
81<br />
14<br />
637<br />
32
FUNDS RAISED<br />
Annual Funds Raised by Type of Investor in 1996 – 2005<br />
Funds Raised by Type of Investor in 1996 – 2005<br />
33
INVESTMENTS<br />
Annual Investments in 1991 – 2005<br />
Annual Number of Portfolio Companies Invested in 1995 – 2005<br />
34
INVESTMENTS<br />
Quarterly Investments in 2004 – 2005<br />
Annual Initial and Follow-on Investments in 1994 – 2005<br />
35
INVESTMENTS<br />
Average Sizes of Initial and Follow-on Investments in 1994 – 2005 (M€)<br />
Annual Investments by Investor Type in 1994 – 2005<br />
36
INVESTMENTS<br />
Seed<br />
Start-up<br />
Other Early Stage<br />
Expansion<br />
MBO/MBI<br />
Seconda<strong>ry</strong> Financing<br />
Other (incl. Rescue/<br />
Turnaround)<br />
Total<br />
Initial Investments<br />
M€ Nbr<br />
9 33<br />
9 13<br />
16 19<br />
40 39<br />
115 45<br />
8 3<br />
3<br />
196<br />
2<br />
154<br />
Follow-on Investments<br />
M€ Nbr<br />
14 42<br />
12 58<br />
31 68<br />
37 83<br />
9 5<br />
4 4<br />
10<br />
117<br />
9<br />
269<br />
Total Investments<br />
M€ Nbr<br />
23 75<br />
17 71<br />
47 87<br />
77 122<br />
125 50<br />
12 7<br />
13<br />
313<br />
11<br />
423<br />
Stage Distribution of Investments in 2005<br />
Stage Distribution by Percentage of Total Amount Invested in 2005<br />
37
INVESTMENTS<br />
Stage Distribution by Percentage of Total Number of Investments in 2005<br />
Stage Distribution by Percentage of Initial and Follow-on Investments in 2005<br />
38
INVESTMENTS<br />
Stage Distribution by Investor Type in 2005<br />
Annual Stage Distribution of Amount (M€) Invested in 1996 –2005<br />
39
INVESTMENTS<br />
Annual Stage Distribution of Number of Investments in 1996 – 2005<br />
40
INVESTMENTS<br />
Biotechnology<br />
Electronics<br />
Energy<br />
Internet technology<br />
Chemicals & Materials<br />
Transportation<br />
Consumer<br />
Retail<br />
Other (e.g. production)<br />
Medical<br />
Instruments / Devices<br />
Pharmaceuticals<br />
Healthcare<br />
Services<br />
Manufacturing (other)<br />
Telecommunication<br />
Industrial Products & Services<br />
Industrial Automation<br />
Computer<br />
Other<br />
Software<br />
Communications<br />
Other<br />
Total<br />
2005<br />
M€<br />
5<br />
32<br />
3<br />
8<br />
5<br />
3<br />
28<br />
9<br />
19<br />
36<br />
8<br />
21<br />
7<br />
22<br />
31<br />
4<br />
29<br />
37<br />
60<br />
31<br />
29<br />
3<br />
7<br />
313<br />
2005<br />
%<br />
1,6<br />
10,2<br />
1,0<br />
2,6<br />
1,6<br />
1,0<br />
8,9<br />
2,9<br />
6,1<br />
11,5<br />
2,6<br />
6,7<br />
2,2<br />
7,0<br />
9,9<br />
1,3<br />
9,3<br />
11,8<br />
19,2<br />
9,9<br />
9,3<br />
1,0<br />
2,2<br />
100%<br />
2005<br />
Nbr<br />
18<br />
44<br />
6<br />
9<br />
3<br />
6<br />
17<br />
7<br />
10<br />
59<br />
19<br />
24<br />
16<br />
38<br />
29<br />
14<br />
33<br />
15<br />
104<br />
23<br />
81<br />
10<br />
18<br />
423<br />
2005<br />
%<br />
5,8<br />
14,1<br />
1,9<br />
2,9<br />
1,0<br />
1,9<br />
5,4<br />
2,2<br />
3,2<br />
13,9<br />
6,1<br />
7,7<br />
5,1<br />
12,1<br />
9,3<br />
4,5<br />
10,5<br />
4,8<br />
33,2<br />
7,3<br />
25,9<br />
3,2<br />
5,8<br />
100%<br />
Indust<strong>ry</strong> Distribution of Investments in 2005<br />
41
INVESTMENTS<br />
Indust<strong>ry</strong> Distribution by Percentage of Amount Invested and Number of Investments in 2005<br />
Indust<strong>ry</strong> Sectors Initial Investments Follow-on Investments Total Investments<br />
ICT<br />
Life Sciences<br />
Services & Retail<br />
Manufacturing<br />
Other<br />
Total<br />
M€<br />
40<br />
14<br />
13<br />
89<br />
40<br />
196<br />
Number<br />
30<br />
16<br />
24<br />
66<br />
18<br />
154<br />
M€<br />
35<br />
28<br />
12<br />
36<br />
6<br />
117<br />
Number<br />
107<br />
61<br />
20<br />
61<br />
20<br />
269<br />
Initial and Follow-on Investments by Indust<strong>ry</strong> Sectors in 2005<br />
M€<br />
75<br />
42<br />
25<br />
125<br />
46<br />
313<br />
Number<br />
137<br />
77<br />
44<br />
127<br />
38<br />
423<br />
42
INVESTMENTS<br />
Indust<strong>ry</strong> Distribution by Percentage of Initial and Follow-on Investments in 2005<br />
Indust<strong>ry</strong> Sectors and Stage Distribution of Amount Invested in 2005<br />
43
INVESTMENTS<br />
Annual Indust<strong>ry</strong> Distribution of Amount Invested in 1996 – 2005<br />
Annual Indust<strong>ry</strong> Distribution of Number of Investments in 1996 – 2005<br />
44
INVESTMENTS<br />
Geographical Distribution of Amount Invested and Number of Investments in 2005<br />
Equity<br />
Quasi-equity<br />
Mezzanine<br />
Unsecured debt<br />
Secured debt<br />
Unknown<br />
Total<br />
2000<br />
M€<br />
256<br />
21<br />
80<br />
37<br />
3<br />
-<br />
397<br />
2001<br />
M€<br />
207<br />
46<br />
40<br />
23<br />
0<br />
24<br />
340<br />
2002<br />
M€<br />
210<br />
62<br />
56<br />
50<br />
13<br />
-<br />
391<br />
2003<br />
M€<br />
154<br />
85<br />
36<br />
50<br />
3<br />
-<br />
328<br />
2004<br />
M€<br />
185<br />
49<br />
91<br />
43<br />
1<br />
-<br />
369<br />
2005<br />
M€<br />
150<br />
65<br />
67<br />
26<br />
4<br />
-<br />
313<br />
2005<br />
%<br />
48<br />
21<br />
22<br />
8<br />
1<br />
-<br />
100%<br />
Financing Instruments in 2000 – 2005<br />
45
DIVESTMENTS<br />
Annual Divestments in 1994 – 2005 (M€, at cost)<br />
Divestment Method<br />
IPO<br />
Sale to Trade Buyers<br />
Sale to Financial Institutions<br />
Sale to Another Venture Capitalist<br />
Sale of quoted Equity Post Flotation<br />
Sale to Management, Buy-back<br />
Repayment of Principal of Loans<br />
Other<br />
Write Offs<br />
Total<br />
M€<br />
2<br />
108<br />
2<br />
27<br />
3<br />
22<br />
83<br />
28<br />
25<br />
299<br />
Number of<br />
Divestments<br />
1<br />
43<br />
3<br />
12<br />
5<br />
43<br />
72<br />
30<br />
26<br />
247<br />
Number of<br />
Companies<br />
1<br />
34<br />
2<br />
11<br />
5<br />
37<br />
47<br />
23<br />
23<br />
183*<br />
Divestment Methods Used in 2005<br />
* The actual number of companies divested is 165. Some divested companies have several<br />
divestment methods.<br />
46
DIVESTMENTS<br />
Method Distribution of Amount Divested in 2005<br />
Industrial Distribution of Amount Divested in 2005<br />
47
ACTIVE PORTFOLIO<br />
Capital Under Management and Active Portfolio per Dec. 31,1991 – 2005 (M€)<br />
Capital Under Management in 1991 – 2005. Distribution by Public and Private Private Equity<br />
Companies.<br />
48
ACTIVE PORTFOLIO<br />
Biotechnology<br />
Electronics<br />
Energy<br />
Internet –technology<br />
Chemicals & Materials<br />
Transportation<br />
Consumer<br />
Retail<br />
Other (e.g. production)<br />
Medical<br />
Instruments / Devices<br />
Pharmaceuticals<br />
Healthcare<br />
Services<br />
Manufacturing (other)<br />
Financial Services<br />
Construction<br />
Telecommunication<br />
Industrial Products & Services<br />
Industrial Automation<br />
Computer<br />
Hardware<br />
Software<br />
Services<br />
Semiconductors<br />
Communications<br />
Other<br />
Total<br />
Total<br />
Portfolio<br />
M€<br />
43<br />
182<br />
18<br />
45<br />
86<br />
50<br />
139<br />
36<br />
103<br />
251<br />
46<br />
106<br />
99<br />
132<br />
238<br />
21<br />
25<br />
20<br />
191<br />
15<br />
206<br />
4<br />
157<br />
23<br />
22<br />
61<br />
98<br />
1821<br />
Total<br />
Portfolio<br />
%<br />
1,8<br />
7,5<br />
0,7<br />
1,9<br />
3,6<br />
2,1<br />
5,8<br />
1,5<br />
4,3<br />
10,4<br />
1,9<br />
4,4<br />
4,1<br />
5,5<br />
9,8<br />
0,9<br />
1,0<br />
0,8<br />
7,9<br />
0,6<br />
8,5<br />
0,2<br />
6,5<br />
1,0<br />
0,9<br />
2,5<br />
4,1<br />
100%<br />
Total<br />
Portfolio<br />
Number*<br />
24<br />
54<br />
7<br />
28<br />
19<br />
11<br />
49<br />
20<br />
29<br />
81<br />
35<br />
21<br />
25<br />
45<br />
57<br />
5<br />
15<br />
16<br />
106<br />
13<br />
153<br />
6<br />
125<br />
16<br />
6<br />
22<br />
40<br />
745<br />
Total<br />
Portfolio<br />
%<br />
3,2<br />
7,2<br />
0,9<br />
3,8<br />
2,6<br />
1,5<br />
6,6<br />
2,7<br />
3,9<br />
10,9<br />
4,7<br />
2,8<br />
3,4<br />
6,0<br />
7,7<br />
0,7<br />
2,0<br />
2,1<br />
14,2<br />
1,7<br />
20,5<br />
0,8<br />
16,8<br />
2,1<br />
0,8<br />
3,0<br />
5,4<br />
100%<br />
Indust<strong>ry</strong> Distribution of Active Portfolio per Dec 31, 2005.<br />
*The number of investments is calculated based on the number of investments made by each<br />
investment vehicle, such as a fund or the direct investments of a captive organisation. In case<br />
of each investment vehicle the transaction is calculated only once, although the vehicle might<br />
have invested several times into a portfolio company.<br />
49
ACTIVE PORTFOLIO<br />
Indust<strong>ry</strong> Distribution by Percentage of Amount Invested and Number of Investments in Active<br />
Portfolio per Dec 31, 2005.<br />
Active Portfolio Investment Amount by Region per Dec. 31, 2005.<br />
50
ACTIVE PORTFOLIO<br />
Turnover Distribution by Percentage of Portfolio Companies<br />
Number of Employees Distribution by Percentage of Portfolio Companies<br />
51
STATISTICS<br />
METODOLOGIA<br />
<strong>Suomen</strong> pääomasijoitusyhdistys <strong>ry</strong> (<strong>FVCA</strong>) käyttää toimintakartoituksessaan samaa<br />
menetelmää kuin Euroopan pääomasijoitusyhdistys (EVCA). Tiedot kerätään <strong>FVCA</strong>:n<br />
kehittämän ja EVCA:n vuosittaisiin kyselykaavakkeisiin perustuvan internet-kyselyn avulla.<br />
Internet-pohjainen järjestelmä otettiin käyttöön vuoden 2003 alussa kun tietoja kerättiin<br />
vuoden 2002 toimintakartoitukseen. Uuden nettikyselyn ja kehittyneemmän tietokannan<br />
ansiosta <strong>FVCA</strong>:n oli mahdollista tehdä neljännesvuosittaiset kyselyt ensimmäistä kertaa<br />
vuonna 2003.<br />
OTANNAN SUUNNITTELU JA VALINTA<br />
Kyselyn kohde<strong>ry</strong>hmänä ovat <strong>FVCA</strong>:n varsinaiset jäsenyhteisöt. Nämä edustavat lähes<br />
kaikkia Suomessa toimivia pääomasijoitusta harjoittavia yhteisöjä. Joitain sijoituksia ei<br />
ole otettu huomioon:<br />
•<br />
•<br />
•<br />
•<br />
•<br />
Mukaan ei oteta yhteisöitä, jotka sijoittavat toisiin pääomasijoitusyhtiöihin, jotta<br />
vältyttäisiin laskemasta sijoituksia kahteen kertaan.<br />
Yhtiöiden tekemiä sijoituksia ei oteta huomioon, ellei yhtiöllä ole varainhallintaan<br />
erillistä yritystä.<br />
Yritysenkeleiden tekemät sijoitukset on jätetty huomioon ottamatta.<br />
Kysely ei ota huomioon suoraa Suomeen suuntautuvaa sijoitusta.<br />
Mikäli ulkomaisella pääomasijoitusyhtiöllä on pysyvä toimisto Suomessa, voidaan<br />
tämän toimiston kautta tehdyt sijoitukset laskea mukaan.<br />
Vuoden 2005 toimintakartoitus tehtiin 43 yhteisölle. Vastausprosentti oli 81 % ja otannassa<br />
on mukana kaikki <strong>Suomen</strong> suurimmat pääomasijoitusyhtiöt.<br />
VARAINHANKINTA<br />
Hankitut varat annetaan pääomasijoitusyhtiön kotimarkkinaa varten vaikka varojen<br />
sijoitusperiaatteen vuoksi olisi sijoitettava johonkin toiseen maantieteelliseen<br />
markkina-alueeseen. Merkittävää on, että varainhankinnan laskenta riippuu yksittäisen<br />
pääomasijoitusyhtiön luokituksesta. Varainhankinnan laskenta riippuu siitä, onko yhtiö<br />
riippumaton, semi-captive tai captive.<br />
Riippumattomille yhtiöille varainhankintakysymys on selkeä, sillä kaikkea vuoden aikana<br />
hankittuja uusia varoja pidetään ”uutena” rahoituksena. Captive ja semi-captive-sijoittajien<br />
kohdalla heidän captive-välineellään (esim. taseellaan) tehty uusi sijoitustoiminta<br />
merkitään uusiksi hankituiksi varoiksi. Captive- ja semi-captive-yhtiöiden muualta<br />
kuin emo-organisaatioiltaan hankkimat varat merkitään riippumattomiksi hankituiksi<br />
varoiksi. Varainhankintaan lasketaan myös yritysten saamat pääomatulot, jotka voidaan<br />
uudelleensijoittaa.<br />
52
STATISTICS<br />
INVESTOINNIT JA DIVESTOINNIT<br />
Vaikka varainhankinta kohdennetaan pääomasijoitusyhtiön kotimaahan, riippuu sijoitusten<br />
kohdentuminen yhtiön paikallisen toimiston rakenteesta. Siten paikallisen toimiston<br />
kautta tehty sijoitus ”kohde”-markkinoille kohdentuu sen maan tilastoihin. Vain ilman<br />
paikallisia toimistoja tehdyt suorat sijoitukset ulkomaisiin yhtiöihin on sisällytetty <strong>Suomen</strong><br />
tilastoihin. Tämä tarkoittaa myös sitä, että ulkomaisten pääomasijoitusyhtiöiden tekemä<br />
suora sijoitus suomalaisiin yhtiöihin ei ole mukana <strong>Suomen</strong> tilastoissa.<br />
Sijoitusten lukumäärä lasketaan kunkin sijoitusvälineen kuten rahaston tekemien sijoitusten<br />
lukumäärän tai captive-organisaation tekemien suorien sijoitusten perusteella. Siksi jos<br />
esimerkiksi kolmea erillistä rahastoa hoitava itsenäinen yhtiö sijoittaa yhteen sijoitusyhtiöön<br />
käyttäen kustakin rahastosta peräisin olevaa pääomaa lasketaan se markkinatilastoissa<br />
kolmeksi sijoitustapahtumaksi. Samoin, jos yksityinen pääomasijoitusyhtiö sijoittaa<br />
yhtiöön eri aikoina vuoden kuluessa lasketaan nämä sijoitukset erikseen.<br />
Alkuinvestoinnit kuten muutkin sijoitukset perustuvat sijoittavien rahastojen määrään. Jos<br />
esimerkiksi sijoitusyhtiö on saanut rahoitusta aiemmin yhdeltä pääomasijoitusrahastolta<br />
ja toinen pääomasijoitusrahasto sijoittaa siihen lisää myöhemmin, on jälkimmäinenkin<br />
alkuinvestointi viimeksi mainitun rahaston näkökannalta.<br />
Divestointitietoja käytetään tässä jotta voitaisiin seurata mitä suomalaisille<br />
pääomasijoitussalkulle tapahtuu. Divestointien summat ilmaistaan omina kustannuksina<br />
eikä varsinaisesta myynnistä saatuina summina. Siitä ei näy voittoa tai sitä summaa,<br />
jonka pääomasijoitusyhtiöt todellisuudessa saavat.<br />
Divestointien lukumäärää laskettaessa on toimintaa mitattu samalla tavoin kuin<br />
investointienkin kohdalla. Jokainen divestointi on siis laskettu yksitellen. Sijoitusyhtiöllä<br />
voisi siten kunakin vuonna olla useitakin divestointeja.<br />
HALLINNOITU PÄÄOMA<br />
Hallinnoiduksi pääomaksi lasketaan seuraavien lukujen yhteenlaskettu summa:<br />
•<br />
•<br />
•<br />
sijoitusyhtiöihin omakustannushintaan investoitu eikä vielä divestoitu pääoma<br />
sijoitusyhtiöihin sitoutunut muttei vielä investoitu pääoma<br />
sijoitusyhtiöihin vielä investoimaton tai sitoutumaton pääoma (rahastositoumukset)<br />
Captive-sijoittajien kohdalla sijoituksiin taseesta saatavissa olevia summia ei lasketa<br />
hallinnoituun pääomaan. Jos pääomasijoitusyhtiö sijoittaa vain taseestaan, on hallinnoitu<br />
pääoma samansuuruinen kuin kahden ensimmäisen kohdan yhteenlaskettu summa.<br />
53
STATISTICS<br />
MÄÄRITELMÄT<br />
Vaihe/rahoitusmääritelmien tyypit<br />
Siemenvaihe: Rahoitus on alkuidean tutkimukseen, arviointiin ja kehittämiseen ennen<br />
kuin yritys on saavuttanut käynnistysvaiheen.<br />
Käynnistysvaihe: Rahoitus on yrityksille tuotekehittelyvaiheeseen ja lisärahoitukseksi<br />
kaupallisen valmistuksen ja myynnin aloittamiseen. Yritykset eivät vielä tuota voittoa.<br />
Kasvuvaihe: Rahoitus on jo toimivan yrityksen kasvuun ja laajenemiseen. Yrityksen<br />
toiminta voi olla kannattavuuden rajoilla tai kannattavaa. Pääoma voidaan käyttää<br />
tuotantokapasiteetin kasvattamiseen, markkinoiden tai tuotteen kehittelyyn ja/tai<br />
käyttöpääoman lisäämiseen.<br />
Siirtymävaihe: Rahoitus on yritykselle siirtymävaiheeseen yksityisestä omistuksesta<br />
julkisilla markkinoilla noteeratuksi yritykseksi.<br />
Jälkirahoitus: Olemassa olevien osakkeiden ostaminen toiselta pääomasijoitusorganisaatiolta<br />
tai toisilta osakkeenomistajilta.<br />
Tervehdyttäminen: Rahoitus, jota saa olemassa oleva vaikeuksissa ollut yritys.<br />
Tarkoituksena on saada toiminta taas kannattavaksi.<br />
Pankkilainan uudelleenrahoitus: Päämääränä yrityksen velkaantumisasteen vähentäminen.<br />
Toimivan johdon yritysosto (Management Buy-out): Rahoituksen tarkoituksena on antaa<br />
toimivalle johdolle ja sijoittajille mahdollisuus hankkia jo olemassa oleva tuotelinja tai<br />
toimiva yritys.<br />
Management Buy-in: Rahoitus joka antaa yrityksen ulkopuoliselle johtajalle tai <strong>ry</strong>hmälle<br />
johtajia mahdollisuuden ostaa yritystä pääomasijoittajien tuella.<br />
Listattujen osakkeiden riskiosto: Listattujen osakkeiden ostaminen sillä tarkoituksella että<br />
yritys poistetaan pörssilistalta.<br />
Muu listattujen osakkeiden osto: Pörssissä listattujen osakkeiden osto. Tämän tyyppinen<br />
rahoitus on jätetty tulosten ulkopuolelle.<br />
Rahoitusinstrumentit<br />
Oma pääoma: Yhtiössä oleva omistusosuus, jota edustavat sijoittajilla olevat yhtiön<br />
osakkeet.<br />
54
STATISTICS<br />
Oman pääoman ehtoinen rahoitus: Ei-pääoma ehtoiset arvopaperit, jotka voidaan muuttaa<br />
omaksi pääomaksi.<br />
Välirahoitus: Lainarahoitus, joka on oman pääoman ja vakuudellisen velan välimuoto,<br />
joko vakuudeton tai vähäisillä vakuuksilla varustettu.<br />
Vakuudeton velka: Lainat, joiden takuuna ei ole yrityksen varoja.<br />
Vakuudellinen velka: Lainat, joiden takuuna on yrityksen varoja.<br />
TEOLLISUUDEN ALAT<br />
Viestintä:<br />
• Telekommunikaatiolaitteet (esim. ääni- ja tietoliikennelaiteet, verkkolaitteet)<br />
• Teleoperaattorit<br />
• Internet-teknologia(esim. selaimet, portaalit, hakukoneet, ISP:t, internet-sivujen<br />
suunnittelu)<br />
• TV- ja radiolähetystoiminta<br />
• Mediatalot<br />
• Kustannustoiminta<br />
Tietokoneisiin liittyvä<br />
• Tietokonelaitteet (mukaan lukien oheislaitteet ja äänisyntetisaattori-/äänentunnistuslaitteet)<br />
• Tietokoneohjelmat<br />
• Tietokonepalvelut<br />
• Tietokonepuolijohteet<br />
ICT – Informaatio- ja viestintäteknologia<br />
• Viestintä<br />
• Tietokoneisiin liittyvä<br />
Bioteknologia<br />
• Maatalous-/eläinbioteknologia (esim. kasvidiagnostiikka)<br />
• Teollinen bioteknologia (esim. johdannaiset kemikaalit)<br />
• Bioteknologiaan liittyvä tutkimus- ja tuotantolaitteisto<br />
Lääketieteeseen liittyvä<br />
• Terveydenhoito<br />
• Lääketieteen kojeet ja laitteet (esim. diagnoosi- ja terapialaitteet)<br />
• Lääkeala (esim. lääkkeiden kehittäminen)<br />
55
STATISTICS<br />
Life sciences<br />
• Bioteknologia<br />
• Lääketieteeseen liittyvä<br />
•<br />
Elektroniikka<br />
•<br />
•<br />
•<br />
•<br />
•<br />
Paristot<br />
Virtalähteet<br />
Kuituoptiikka<br />
Analyysivälineet ja tieteen välineet<br />
Puolijohteet ja niihin liittyvät laitteet (mukaan lukien elektroniikkakomponentit)<br />
Teollisuustuotteet ja -palvelut<br />
• Teollisuuden koneet ja laitteet<br />
• Saasteisiin ja kierrätykseen liittyvät<br />
• Teollisuuden palvelut<br />
Kemikaalit ja aineet<br />
• Maatalouden kemikaalit<br />
• Kemikaalihyödykkeet<br />
• Erikois- ja suorituskemikaalit ja -aineet<br />
• Pinnoitteet ja liimat<br />
• Kalvot ja kalvopohjaiset tuotteet<br />
Teollisuusautomaatio<br />
• Teollisuuden mittaus- ja anturilaitteet<br />
• Prosessinohjauslaitteet<br />
• Robotiikka<br />
• Konenäköjärjestelmät<br />
• Numeerinen ja tietokoneistettu työstökoneiden ohjaus<br />
Rakentaminen<br />
• Rakennuspalvelut<br />
• Rakennusaineiden valmistus<br />
• Elementtitalojen ja -järjestelmien valmistus<br />
(Muu) Valmistus<br />
• Yritystuotteet ja -tarvikkeet<br />
• Toimistohuonekalut<br />
• Tekstiilit<br />
• Rautakauppatavara ja putkitarvikkeet<br />
• Massa ja sidonta<br />
• Pakkaustuotteet ja järjestelmät<br />
56
STATISTICS<br />
(Elektroniikka ja) Valmistus<br />
• Elektroniikka<br />
• Teollisuuden tuotteet ja palvelut<br />
• Kemikaalit ja aineet<br />
• Teollisuusautomaatio<br />
• Rakentaminen<br />
• Muu valmistus<br />
• Kulutustuotteiden valmistus<br />
Kuluttajaan liittyvä<br />
• Kulutustuotteet ja -palvelut<br />
• Vapaa-aika- ja virkistystuotteet<br />
• Vähittäiskauppa<br />
Palvelut<br />
• Tekniset palvelut<br />
• Mainosala ja PR-ala<br />
• Jakelijat, maahantuojat ja tukkumyyjät<br />
• Konsultointipalvelut (lukuun ottamatta IT-konsultointia – kts. tietokonepalvelut)<br />
• Muut palvelut<br />
Rahoituspalvelut<br />
• Pankkitoiminta<br />
• Vakuutusalaan liittyvä<br />
• Kiinteistöala<br />
• Arvopaperi- ja hyödykevälitys<br />
Palvelut<br />
• Palvelut<br />
• Rahoituspalvelut<br />
• Vähittäismyynti ja kuluttajapalvelut<br />
Energia<br />
• Öljyn ja kaasun etsintä ja -tuotanto<br />
• Etsintä- ja porauspalvelut ja -laitteet<br />
• Hiileen liittyvä<br />
• Energiansäästöön liittyvä<br />
• Vaihtoehtoiset energiat<br />
Kuljetus<br />
• Lentoyhtiöt, rautatiet, linja-autot<br />
• Lentokenttä- ja muut kuljetuspalvelut<br />
• Posti - ja pakettihuolinta<br />
57
STATISTICS<br />
Maatalous<br />
• Karjanhoito<br />
• Viljanviljely<br />
• Kalastus<br />
• Metsätalous<br />
Muu<br />
• Kaivostoiminta<br />
• Julkiset laitokset<br />
• Monialayhtymät<br />
HIGH-TECH -YHTIÖ<br />
Yhtiö, jolla on yksinomistus määrättyihin immateriaalioikeuksiin kuten mallioikeuksiin,<br />
patentteihin, tekijänoikeuksiin, jne. jotka tuovat oleellista lisäarvoa yhtiön tuotteelle<br />
ja liiketoiminnalle ja jotka yhtiön vakituinen henkilökunta kehittää yhtiössä sisäisesti.<br />
Vaikka tällä tavalla luonnehditut yhtiöt eivät rajoitu mihinkään teollisuuden aloihin, niitä<br />
tapaa useimmin aloilla, jotka liittyvät televiestinnän laitteisiin, internet-teknologiaan,<br />
tietokonelaitteisiin, -ohjelmiin ja -palveluihin, elektroniikkaan, puolijohteisiin,<br />
bioteknologiaan, lääketieteen kojeisiin ja laitteisiin.<br />
SÄHKÖINEN KAUPANKÄYNTI -YHTIÖ<br />
Yhtiö, joka tukeutuu pääasiassa liiketoimintamalliin, jossa asiakkaat voivat internetin<br />
kautta tilata yhtiön palveluita ja tuotteita ja maksaa niistä.<br />
58
STATISTICS<br />
METHODOLOGY AND DEFINITIONS<br />
The Finnish Venture Capital Association (<strong>FVCA</strong>) uses the same methodology as European<br />
Venture Capital Association regarding activity surveys. The data is collected through an<br />
internet survey, which is developed by the <strong>FVCA</strong> and based on EVCA’s annual survey<br />
questionnaires. The web-based system was launched in the beginning of year 2003 when<br />
the data for activity survey 2002 was collected. Due to the new on-line survey and a more<br />
developed database, the <strong>FVCA</strong> was able to conduct quarterly surveys during 2003 at the first<br />
time. The survey for 2004 in this book is now marking the third anniversa<strong>ry</strong> of the system.<br />
SAMPLE DESIGN AND SELECTION<br />
The survey is targeted to the full member companies of <strong>FVCA</strong>. These companies represent<br />
almost eve<strong>ry</strong> venture capital and private equity company in Finland. There are some cases<br />
where investments are excluded:<br />
•<br />
•<br />
•<br />
•<br />
Companies which make investments to other private equity funds (i.e. funds of funds)<br />
are excluded in order to avoid double counting of investment activity.<br />
Investments made by corporates are excluded, if a corporate doesn’t have a separate<br />
management company which manages funds.<br />
Investments by business angels are excluded.<br />
The survey doesn’t take account direct investments to Finland made by foreign investors.<br />
If a foreign private equity company has a permanent office in Finland, investments<br />
made through this office can be included.<br />
The 2005 activity survey was targeted to 43 companies. The response rate was 83 per cent<br />
and the sample includes all the largest private equity companies in Finland.<br />
FUNDRAISING<br />
Funds raised are presented for the home market of the private equity company, even if the<br />
investment policy is to invest in another geographic market. Importantly, the calculation of<br />
fundraising is dependent upon the classification of the individual private equity company.<br />
Whether a company is independent, semi-captive or captive will determine how fund<br />
raising is calculated.<br />
For independent companies, the issue of fund raising is straightforward with any funds<br />
raised during the year being treated as “new” finance. For captive and semi-captive<br />
investors, new investment activity undertaken via their captive vehicle (e.g. their balance<br />
sheet) is recorded as new funds raised. Funds raised by captive and semi-captive companies<br />
from sources other that their parent organisations are recorded as independent funds<br />
59
STATISTICS<br />
raised. Fund raising also includes capital gains generated by companies and available for<br />
re-investment.<br />
INVESTMENTS AND DIVESTMENTS<br />
While fund raising is allocated to the home count<strong>ry</strong> of the private equity company,<br />
allocation of investments is determined by the local office structure of the company.<br />
Therefore, an investment done through a local office in the “destination” market will<br />
be allocated to that count<strong>ry</strong>’s statistics. Only direct investments, without local offices,<br />
to foreign companies are included in Finnish statistics. This means also that direct<br />
investments in Finnish companies made by foreign private equity companies are not<br />
included in Finnish statistics.<br />
The number of investments is calculated based on the number of investments made by<br />
each investment vehicle, such as a fund or the direct investments of captive organisation.<br />
Therefore, for example, if an independent company that manages three separate funds<br />
invests in a portfolio company using capital from each of these funds, then this is counted<br />
in the market statistics as three investments. Similarly, if a private equity company invests<br />
in a company at different times of the year, the investments are counted separately.<br />
As all investments, also initial investments are based on the number of investing funds.<br />
For example, if a portfolio company has received funding from one private equity fund<br />
before and another private equity fund invests more later, also the latter investment is an<br />
initial investment from the point of view of the latter fund.<br />
Divestment information is used here to keep track of what happens to the portfolio of the<br />
Finnish private equity investments. Divestment amounts are reported at cost, rather than<br />
at the actual amounts realised by any sale. It does not reflect the returns or the amount<br />
that private equity companies actually receive.<br />
With regards to the number of divestments, activity is measured in the same way as<br />
investments. That is, each divestment is counted individually. Therefore a portfolio<br />
company could have had a number of divestments made from it in any particular year.<br />
CAPITAL UNDER MANAGEMENT<br />
Capital under management is calculated as a sum of following numbers:<br />
• capital invested and not yet divested, at cost, in portfolio companies<br />
• capital committed, but not yet invested, to portfolio companies<br />
• capital not yet invested or committed to portfolio companies (fund commitments)<br />
60
STATISTICS<br />
Regarding captive investors, any amounts from balance available for investments are not<br />
included the capital under management. If a private equity company makes investments<br />
only from its balance, the capital under management equals to the sum of the first two<br />
items.<br />
DEFINITIONS<br />
Investing stages / type of financing<br />
Seed: Financing provided to research, assess and develop an initial concept before a<br />
business has reached the start-up phase.<br />
Start-up: Financing provided to companies for product development stage and require<br />
further funds to initiate commercial manufacturing and sales. They will not yet generate<br />
a profit.<br />
Other early stage: Financing provided to companies that have be.g.un initial marketing<br />
and related development and needs financing to achieve full commercial production and<br />
sales.<br />
Expansion: Financing provided for the growth and expansion of an operating company,<br />
which may or may not be breaking even or trading profitably. Capital may be used to<br />
finance increased production capacity, market or product development, and/or to provide<br />
additional working capital.<br />
Bridge financing: Financing made available to a company in the period of transition from<br />
being privately owned to being publicly quoted.<br />
Seconda<strong>ry</strong> financing: Purchase of existing shares in a company from another private<br />
equity investment organisation or from another shareholder or shareholders.<br />
Rescue/Turnaround: Financing made available to existing business which has experienced<br />
trading difficulties, with a view to re-establishing prosperity.<br />
Refinancing bank debt: To reduce a company’s level of gearing.<br />
Management buyout (MBO): Financing provided to enable current operating management<br />
and investors to acquire existing product line or business.<br />
Management buy-in (MBI): Financing provided to enable a manager or group of managers<br />
from outside the company to buy-in to the company with the support of private equity<br />
investors.<br />
61
STATISTICS<br />
Venture purchase of quoted shares: Purchase of quoted shares with the purpose of<br />
delisting the company.<br />
Other purchase of quoted shares: Purchase of shares on a public stock market. This type<br />
of financing is excluded from the results.<br />
Financial instruments<br />
Equity: Ownership interest in a corporation, represented by the shares of stock which are<br />
held by investors.<br />
Quasi-Equity: Non-equity securities which are convertible to equity.<br />
Mezzanine: Loan financing that is halfway between equity and secured debt, either<br />
unsecured or with junior access to collateral.<br />
Secured debt: A loan backed by assets belonging to the borrower in order to decrease the<br />
risk assumed by the lender.<br />
Unsecured debt: A loan not backed by borrower’s assets.<br />
COMPOSITION OF INDUSTRY SECTORS<br />
Communications:<br />
• Telecommunications hardware (e.g. voice and data communications equipment,<br />
networking equipment)<br />
• Telecommunications carriers<br />
• Internet Technology (e.g. browsers, portals, search engines, ISPs, website design)<br />
• TV and radio broadcasting<br />
• Media houses<br />
• Publishing<br />
Computer Related<br />
• Computer Hardware (including peripherals and voice synthesis / recognition equipment)<br />
• Computer Software<br />
• Computer Services<br />
• Computer Semiconductors<br />
ICT – Information and Communications Technology<br />
• Communications<br />
• Computer Related<br />
62
STATISTICS<br />
Biotechnology<br />
• Agricultural / animal biotechnology (e.g. plant diagnostics)<br />
• Industrial biotechnology ( e.g. derived chemicals)<br />
• Biotechnology related research and production equipment<br />
Medical Related<br />
• Healthcare<br />
• Medical Instruments and Devices (e.g. diagnostic and therapeutic equipment)<br />
• Pharmaceuticals (e.g. drug development)<br />
Life Sciences<br />
• Biotechnology<br />
• Medical Related<br />
Electronics<br />
• Batteries<br />
• Power supplies<br />
• Fibre optics<br />
• Analytical and scientific instrumentation<br />
• Semiconductors and related equipment (including electronic components)<br />
Industrial Products and Services<br />
• Industrial equipment and machine<strong>ry</strong><br />
• Pollution and recycling related<br />
• Industrial services<br />
Chemicals and Materials<br />
• Agricultural chemicals<br />
• Commodity chemicals<br />
• Speciality or performance chemicals / materials<br />
• Coatings and adhesives<br />
• Membranes and membrane-based products<br />
Industrial Automation<br />
• Industrial measurement and sensing equipment<br />
• Process control equipment<br />
• Robotics<br />
• Machine vision systems<br />
• Numeric and computerised control of machine tools<br />
63
STATISTICS<br />
Construction<br />
• Construction services<br />
• Manufacture of building materials<br />
• Manufacture of pre-fabricated buildings and systems<br />
(Other) Manufacturing<br />
• Business products and supplies<br />
• Office furniture<br />
• Textiles<br />
• Hardware and plumbing supplies<br />
• Pulp and binding<br />
• Packaging products and systems<br />
(Electronics and) Manufacturing<br />
• Electronics<br />
• Industrial Products and Services<br />
• Chemicals and Materials<br />
• Industrial Automation<br />
• Construction<br />
• Other Manufacturing<br />
• Production of Consumer Goods<br />
Consumer Related<br />
• Consumer products and services<br />
• Leisure and recreational products<br />
• Retailing<br />
Services<br />
• Engineering services<br />
• Advertising and public relations<br />
• Distributors, importers and wholesalers<br />
• Consulting services (excluding IT consulting – see Computer services)<br />
• Other services<br />
Financial Services<br />
• Banking<br />
• Insurance Related<br />
• Real estate<br />
• Securities and commodities brokers<br />
64
STATISTICS<br />
Services<br />
• Services<br />
• Financial Services<br />
• Retail and Consumer Services<br />
Energy<br />
• Oil and gas exploration and production<br />
• Exploration and drilling services and equipment<br />
• Coal related<br />
• Energy conservation related<br />
• Alternative energy<br />
Transportation<br />
• Airlines, railways, buses<br />
• Airfield and other transportation services<br />
• Mail and package shipment<br />
Agriculture<br />
• Animal husband<strong>ry</strong><br />
• Crop cultivation<br />
• Fishing<br />
• Forest<strong>ry</strong><br />
Other<br />
• Mining<br />
• Utilities<br />
• Conglomerates<br />
HIGH-TECH COMPANY<br />
A company that has exclusive ownership of certain intellectual property rights such as<br />
design rights, patents, copyrights, etc. which are critical elements in adding value to the<br />
products and business of a company and which are being developed in-house by the<br />
company’s permanent staff. Although companies possessing these attributes are not<br />
limited to specific industries, they are most frequently found in telecommunications<br />
hardware, internet technology, computer hardware, software and computer services,<br />
electronics, semiconductors, biotechnology, medical instruments and devices.<br />
E-COMMERCE COMPANY<br />
A company relying primarily on a business model whereby customers are able to order<br />
and pay for a company’s goods and services via the internet.<br />
65
66<br />
MEMBERS
MEMBERS<br />
DIRECTORY OF MEMBERS<br />
67
MEMBERS<br />
3i FINLAND OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Mikonkatu 25, P.O. Box 247, 00101 Helsinki,<br />
Finland<br />
+358 9 6815 4100<br />
+358 9 6815 4451<br />
forename.surname@3i.com<br />
www.3i.com/finland<br />
1996<br />
13<br />
Mr. Ere Kariola, Managing Director<br />
Mr. Hannu Isohaaro, Partner<br />
Mr. Vesa Sadeharju, Director<br />
Mr. Berndt Schalin, Investment Director<br />
SFK 99-Technology Fund Ky<br />
Telecomia Venture I Ky<br />
Forenvia Venture I Ky<br />
1 500 000 000 €<br />
26<br />
KemFine, Halti, Empower, Lamor Corporation,<br />
Sulake, GoodMood Productions, Jutel, Mitron<br />
1 000 000 – 1 000 000 000 €<br />
All<br />
Biotechnology, Chemicals & materials<br />
Communications, Computer: hardware,<br />
semiconductors, services, software<br />
Construction, Consumer: retail, other<br />
Electronics, Energy, Financial services<br />
Industrial automation, Industrial products &<br />
services, Internet technology<br />
Manufacturing, Medical: healthcare,<br />
instruments/devices, pharmaceuticals<br />
Services, Telecommunication: hardware,<br />
carriers, Transportation<br />
Finland, the Nordic Countries<br />
All<br />
Both<br />
68
MEMBERS<br />
ABOA VENTURE MANAGEMENT OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Aurakatu 12 a, 20100 Turku, Finland<br />
+358 2 410 7700<br />
+358 2 410 7779<br />
info@aboaventure.fi<br />
forename.surname@aboaventure.fi<br />
www.aboaventure.fi<br />
1994<br />
5<br />
Mr. Risto Jalonen, Managing Director, Partner<br />
Mr. Heikki Tuomaala, Manager, Partner<br />
Mr. Juha-Matti Mikkola, Manager, Partner<br />
Aboa Venture Ky 1, Aboa Venture II Ky,<br />
Aboa Venture III Ky, Ganal Venture Ky,<br />
Karhu Pääomarahasto Ky, Vakka-<strong>Suomen</strong><br />
Pääomarahasto Ky<br />
32 000 000 €<br />
28<br />
100 000 – 1 500 000 €<br />
Start-up, Early Stage, Expansion, Buyout,<br />
Buyin, Replacement<br />
No Preferences<br />
Finland<br />
Equity, Quasi-equity, Mezzanine, Unsecured<br />
Debt<br />
Minority<br />
69
MEMBERS<br />
AHLSTRÖM CAPITAL OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O.B. 329 (Eteläesplanadi 14), 00101 Helsinki,<br />
Finland<br />
+358 10 888 18<br />
+358 10 888 4769<br />
forename.surname@ahlstromcapital.com<br />
www.ahlstromcapital.com<br />
2001<br />
8<br />
Mr. Jan Inborr, President & CEO<br />
Mr. Kai Becker, Investment Director<br />
Mr. Johan Borgström, General Counsel<br />
Mr. Sebastian Burmeister, Investment Manager<br />
Mr. Kari Cederberg, Financial Director<br />
Mr. Henrik Mikander, Investment Director<br />
164 000 000 €<br />
6<br />
Enics Oy, Nordkalk Corporation, Vacon Plc,<br />
Wessen, Å&R Carton AB<br />
5 000 000 – 25 000 000 €<br />
Expansion, Buy-outs, Turnarounds<br />
Chemicals & Materials, Electronics, Industrial<br />
Products & Services, Manufacturing<br />
Nordic Countries, EU, Eastern Europe, Russia<br />
Equity, Quasi-Equity<br />
No Preferences<br />
70
MEMBERS<br />
AMANDA CAPITAL OYJ<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Bulevardi 10, PL 152, 00121 Helsinki, Finland<br />
+358 10 236 5037<br />
+358 10 236 5350<br />
eija.makinen@amandacapital.fi<br />
forename.surname@amandacapital.fi<br />
www.amandacapital.fi<br />
9<br />
Mr. Petteri Änkilä, CEO<br />
Mr. Petter Hoffström, CFO<br />
Mr. Hannu Iiskola, Director<br />
Mr. Jyrki Orpana, Director<br />
Mr. Olli Heinilä, Director<br />
Mr. Peter Borg, Director<br />
Mandatum Private Equity Fund I & II L.P.<br />
Amanda III Eastern Private Equity L.P.<br />
1 000 000 000 €<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
Europe<br />
No Preferences<br />
No Preferences<br />
71
MEMBERS<br />
AURA CAPITAL OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Korkeavuorenkatu 41 A 6, 00130 Helsinki,<br />
Finland<br />
Läntinen Rantakatu 27 A, 20100 Turku, Finland<br />
+358 9 4242 5542<br />
+358 9 4242 5545<br />
riitta.vansen@auratum.com<br />
forename.surname@auratum.com<br />
www.auracapital.com<br />
1997<br />
5<br />
Mr. Ari Siponmaa, Managing Partner<br />
Mr. Petri Salonen, Investment Director<br />
Mr. Matti Hautsalo, Investment Director<br />
Mr. Juha Lehtola, Investment Manager<br />
Aura Capital Rahasto V Ky (nowadays Aura<br />
Capital invests from own balance sheet)<br />
N/A (investments from balance sheet)<br />
18<br />
Bluegiga Technologies, Adaptamat, Optomed,<br />
AW-Energy, Chip-Man Technologies<br />
500 000 – 1 500 000 €<br />
Seed, Start-up, Other Early Stage<br />
Computer, Communications, Internet<br />
Technology (not exclusively)<br />
Finland<br />
Equity, Unsecured Debt<br />
No Preferences<br />
72
MEMBERS<br />
BALTCAP MANAGEMENT LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Kauppiaankatu 6 C 38, 00160 Helsinki, Finland<br />
+358 20 198 5661<br />
+358 20 198 5665<br />
martin.kodar@baltcap.com<br />
forename.surname@baltcap.com<br />
www.baltcap.com<br />
1995<br />
13<br />
Mr. Peeter Saks, Managing Partner<br />
Baltic Investment Fund III<br />
Baltic SME Fund<br />
46 000 000 €<br />
35<br />
Intrac Group, MicroLink AS, EGeen<br />
International, AB Snaige<br />
300 000 – 7 500 000 €<br />
Expansion, Buyout<br />
All<br />
Estonia, Latvia, Lithuania<br />
Equity<br />
Both<br />
73
MEMBERS<br />
BIO FUND MANAGEMENT OY LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Mikonkatu 4, 3rd floor, 00100 Helsinki, Finland<br />
P.O. Box 164, 00101 Helsinki, Finland<br />
+358 9 251 4460<br />
+358 9 251 44 620<br />
biofund@biofund.fi<br />
forename.surname@biofund.fi<br />
www.biofund.fi<br />
1997<br />
11<br />
Dr. Kalevi Kurkijärvi, Senior Partner, Chairman<br />
of the Board & CEO<br />
Mr. Seppo Mäkinen, Senior Partner<br />
Mr. Timo Petäjä, Senior Partner<br />
Mr. Erkki Pekkarinen, President, Partner<br />
Mr. Keijo Väkiparta, Investment Director, Partner<br />
Mr. Pasi Jänkälä, Investment Director, Partner<br />
Ms. Tiina Taivaloja, Investment Director<br />
Bio Fund Ventures I L.P.<br />
Bio Fund Ventures II L.P.<br />
Bio Fund Ventures III L.P.<br />
Bio Fund Ventures I Follow-on Fund L.P.<br />
Bio Fund Ventures II Follow-on Fund L.P.<br />
195 000 000 €<br />
30 active, 18 exited<br />
Inion Oy (Finland), Ark Therapeutics Group PLC<br />
(UK), FibroGen Inc. (USA)<br />
1 000 000 – 5 000 000 €<br />
Early Stage, Expansion, Buyout, Turnaround<br />
Biotechnology, Energy, Medical: Healthcare,<br />
Instruments/Devices, Pharmaceuticals,<br />
Environmental, Nutrion & Nutraceuticals<br />
Nordic Countries, EU, Canada, USA<br />
Equity<br />
Minority<br />
74
MEMBERS<br />
CAPMAN CAPITAL MANAGEMENT LTD<br />
(CAPMAN GROUP)<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Korkeavuorenkatu 32, 00130 Helsinki, Finland<br />
+358 9 6155 800<br />
+358 9 6155 8300<br />
info@capman.com<br />
forename.surname@capman.com<br />
www.capman.com<br />
1989<br />
About 90<br />
Mr. Heikki Westerlund, CEO<br />
Finnventure II, III, IV, V and V ET<br />
Finnmezzanine I, II and III<br />
CapMan Equity VII<br />
CapMan Mezzanine IV<br />
CapMan Buyout VIII<br />
CapMan Real Estate I<br />
2 200 000 000 € in CapMan Group<br />
62<br />
Moventas Oy, Lumene Oy, Avitec AB, Jolife<br />
AB, Infocare AS, Nordkalk Oyj, Tokmanni Oy,<br />
Millicore AB, Inflight Service AB, Tieturi Oy,<br />
Aerocrine AB, Gammadata Mätteknik i Uppsala<br />
AB, ScanJour A/S<br />
2 000 000 – 50 000 000 €<br />
Expansion, Buyout<br />
All<br />
Nordic Countries<br />
Equity, Mezzanine<br />
No Preferences<br />
75
MEMBERS<br />
CONOR VENTURE PARTNERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Tekniikantie 14 / Innopoli 2, 02150 Espoo,<br />
Finland<br />
+358 9 2517 7370<br />
+358 9 812 7305<br />
juha.ruohonen@conor.vc<br />
forename.surname@conor.vc<br />
2005<br />
4+2<br />
Mr. Pekka Roine<br />
Mr. Juha Ruohonen<br />
Mr. Sami Ahvenniemi<br />
Mr. Manu Mäkelä<br />
16 000 000 €<br />
1<br />
Oy Virtual Advertising Systems VAS Ltd<br />
300 000 – 1 000 000 €<br />
Seed, Start-up<br />
Communications<br />
Computer: hardware, semiconductors,<br />
services, software<br />
Electronics<br />
Internet technology<br />
Telecommunication: hardware, carriers<br />
Finland, Sweden, Baltics<br />
Equity<br />
Minority<br />
76
MEMBERS<br />
CONVENTUM VENTURE FINANCE LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Lönnrothinkatu 5, P.O. Box 1068, 00101<br />
Helsinki, Finland<br />
+358 10 252 010<br />
+358 10 559 6551<br />
jyrki.hilli@conventum.fi<br />
forename.surname@conventum.fi<br />
1999<br />
2<br />
Mr. Jyrki Hilli, Managing Director<br />
Mr. Marko Hara, Director<br />
70 000 000 €<br />
17<br />
Cygate Networks AB, Nethawk Oy<br />
1 000 000 – 6 000 000 €<br />
Expansion<br />
Communications, Computer,<br />
Telecommunications, Internet Technology<br />
Finland, Nordic Countries<br />
Equity<br />
Minority<br />
77
MEMBERS<br />
EMERGING POWER PARTNERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O. Box 92 (Tekniikantie 4 D),02151 Espoo,<br />
Finland<br />
+358 9 469 1201<br />
+358 9 469 1207<br />
info@pemfund.com<br />
forename.surname@pemfund.com<br />
www.pemfund.com<br />
1999<br />
3<br />
Mr. Olli Kuronen, Managing Director<br />
Private Energy Market Fund L.P.<br />
26 000 000 €<br />
6<br />
Inesco Oy, A.T.Biopower Co.Ltd., Thai Biogas<br />
Energy Co. Ltd., Cannon Arkadien Wind Parks<br />
Ltd.<br />
5 000 000 €<br />
Start-up, Expansion<br />
Energy<br />
Asia, Eastern Europe, EU, Baltic Countries,<br />
Nordic Countries<br />
Equity<br />
Minority<br />
78
MEMBERS<br />
EQT PARTNERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Pohjoisesplanadi 25 A, 00100 Helsinki, Finland<br />
+358 9 6962 470<br />
+358 9 6962 4710<br />
info@eqt.fi<br />
forename.surname@eqt.fi<br />
www.eqt.fi<br />
1995<br />
8 (in Finland)<br />
Mr. Petri Myllyneva, Senior Partner<br />
Mr. Juha Lindfors, Partner<br />
Mr. Panu Halonen, Director<br />
EQT I – IV, EQT Mezzanine, EQT Opportunity<br />
Approximately 6 000 000 000 €<br />
26<br />
VTI Technologies, Finn-Power,<br />
Sanitec (in Finland)<br />
50 000 000 – 500 000 000 € Equity<br />
Buyout<br />
No restrictions<br />
Nordic countries, German-speaking Europe<br />
Equity<br />
Majority<br />
79
MEMBERS<br />
EQVITEC PARTNERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O.Box 148 (Fabianinkatu 8), 00101 Helsinki,<br />
Finland<br />
+358 9 689 4551<br />
+358 9 6894 5595<br />
marita.tainio@eqvitec.com<br />
forename.surname@eqvitec.com<br />
www.eqvitec.com<br />
1997<br />
18<br />
Mr. Jukka Mäkinen, Managing Partner<br />
Mr. Matti Turunen, Senior Partner<br />
Mr. Juha Mikkola, Senior Partner<br />
Mr. Markku Puskala, Senior Partner<br />
Mr. Einar Lindquist, Senior Partner<br />
Mr. Pertti Nurmio, Partner (Mezzanine)<br />
Eqvitec Technology Fund I Ky<br />
Eqvitec Technology Fund II Ky<br />
Eqvitec Technology Fund III Ky<br />
Eqvitec Technology Mezzanine Fund I A & B Ky<br />
Eqvitec Technology Mezzanine Fund II & II NIB Ky<br />
430 000 000 €<br />
40<br />
Ecocat Oy, Navicore Oy, Movimento AB<br />
1 000 000 – 15 000 000 €<br />
Start-up, Expansion, Buyout<br />
Chemicals & Materials, Communications,<br />
Computer: Hardware, Semiconductors,<br />
Services, Software<br />
Electronics, Energy, Industrial Automation<br />
Industrial Products & Services<br />
Finland, Nordic Countries<br />
Equity, Quasi-equity, Mezzanine<br />
No Preferences<br />
80
MEMBERS<br />
FENNO MANAGEMENT OY<br />
Contact information<br />
Address<br />
Telephone No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Toppelundintie 5 B 10, 02170 Espoo, Finland<br />
+358 400 706 072<br />
aaro.cantell@fennomanagement.fi<br />
www.fennomanagement.com<br />
1997<br />
1<br />
Mr. Aaro Cantell, Managing Partner<br />
Fenno Program funds (co-managed with<br />
CapMan)<br />
64 000 000 € (co-managed with CapMan)<br />
6<br />
AffectoGenimap Oyj<br />
1 000 000 – 10 000 000 €<br />
Buyout<br />
No limitations<br />
Finland<br />
Equity<br />
Both<br />
81
MEMBERS<br />
FINNISH INDUSTRY INVESTMENT LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O.Box 685 (Kalevankatu 9 A), 00101 Helsinki,<br />
Finland<br />
+358 9 680 3680<br />
+358 9 612 1680<br />
tesi@teollisuussijoitus.fi<br />
forename.surname@teollisuussijoitus.fi<br />
forename.surname@indust<strong>ry</strong>investment.com<br />
www.teollisuussijoitus.fi<br />
www.indust<strong>ry</strong>investment.com<br />
1995<br />
17<br />
Mr. Juha Marjosola, Managing Director<br />
Mr. Marko Häikiö, Finance Director<br />
Mr. Henri Grundstén, Director<br />
Mr. Kimmo Viertola, Director<br />
Ms. Asta Sjöblom, Communications Manager<br />
330 000 000 €<br />
69<br />
Intune Circuits Oy, Keycast Oy,<br />
Ipsat Therapies Oy<br />
50 000 – 10 000 000 €<br />
Buyout, Seed, Start-up, Early Stage,<br />
Expansion, Development, Mezzanine,<br />
Turnaround - Restructuring<br />
All Industries<br />
Europe, Finland<br />
Equity Financing, Mezzanine<br />
Minority<br />
82
MEMBERS<br />
HEAD INDUSTRIAL PARTNER OY<br />
Contact information<br />
Address<br />
Telephone No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Uusikatu 53, 90101 Oulu, Finland<br />
+358 201 432 300<br />
lauri.antila@headteam.com<br />
forename.surname@headteam.com<br />
www.headteam.com<br />
2001<br />
2<br />
Mr. Lauri Antila, CEO<br />
Ms. Raila Mukka, Controller<br />
5 000 000 €<br />
6<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
83
MEMBERS<br />
HELMET BUSINESS MENTORS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Runeberginkatu 5 B, 00100 Helsinki, Finland<br />
+358 9 6869 2210<br />
+358 9 6869 2241<br />
info@helmetcapital.fi<br />
www.helmetcapital.fi<br />
1995<br />
15<br />
Mr. Seppo Ahonen<br />
Mr. Reijo Kaukonen<br />
Mr. Heikki Koivisto<br />
Mr. Kalevi Puonti<br />
Mr. Berndt Blomqvist<br />
Mr. Tuomas Hirvonen<br />
Mr. Pentti Kulmala<br />
Mr. Pauli Kulvik<br />
Mr. Arto Naukkarinen<br />
Mr. Mikko Kumpulainen<br />
Helmet SME Ventures Ky<br />
Helmet SME Ventures II Ky<br />
Helmet Ventures II G Ky<br />
MVI Partners<br />
66 000 000 €<br />
20<br />
Nokian Capacitors Oy, Nordic Shelter Solutions<br />
Group Oy, Silver Boats Ltd<br />
1 000 000 – 4 000 000 €<br />
Buyout, Expansion<br />
No Preferences<br />
Finland, Nordic Countries<br />
Equity, Mezzanine, Quasi-equity<br />
Majority<br />
84
MEMBERS<br />
HOLTRON VENTURES OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Kansakoulukuja 3, ll floor, 00100 Helsinki,<br />
Finland<br />
+358 9 2510 1730<br />
+358 9 2510 1731<br />
info@holtron.com<br />
forename.surname@holtron.com<br />
www.holtron.com<br />
1994<br />
3<br />
Mr. Sami Lampinen, Managing Director,<br />
Partner<br />
Mr. Timo Tirkkonen, Investment Director,<br />
Partner<br />
Holtron Capital Fund I Ky<br />
Holtron Capital Fund II Ky<br />
17 000 000 €<br />
9<br />
My SQL, Navicore, Zipic, Stockway and FRWD<br />
500 000 – 1 000 000 €<br />
Start-up, Early Stage<br />
Computer: Hardware, Semiconductors,<br />
Services, Software<br />
Electronics<br />
Telecommunication: Hardware, Carriers<br />
Internet Technology<br />
Finland<br />
Equity<br />
Minority<br />
85
MEMBERS<br />
INNOFINANCE OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Tekniikantie 12, 02150 Espoo, Finland<br />
+358 (0) 207 43 2500<br />
+358 (0) 207 43 2501<br />
info@innofinance.fi<br />
forename.surname@innofinance.fi<br />
www.innofinance.fi<br />
1997<br />
8<br />
Mr. Martti Hintikka, CEO<br />
Mr. Heikki Miettinen, Investment Director<br />
Mr. Turkka Oksanen, Investment Director<br />
Mr. Juha Turunen, Investment Director<br />
Mr. Marko Tulonen, Investment Director<br />
Ms. Mari Lymysalo, Investment Manager<br />
Indekon Oy, Spinno-seed Oy, Tamseed Ky,<br />
Seedcap Ky, Seedcap II Ky<br />
36 000 000 €<br />
65<br />
Plusdial Oy, Bookit Oy, Greenvironment Oy,<br />
Puhdas Energia Oy, Primet Oy, Mandrel Oy,<br />
<strong>Suomen</strong> Teollisuusosa Oy, Karhu Sporting<br />
Goods Oy, Ch5 Finland Oy, Addoz Oy<br />
50 000 – 1 000 000 €<br />
Seed, Start-up, Other Early Stage<br />
All<br />
Finland<br />
Equity, Quasi-equity, Mezzanine<br />
Minority<br />
86
MEMBERS<br />
MB FUNDS<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Bulevardi 1 A, 00100 Helsinki, Finland<br />
+358 9 131 011<br />
+358 9 1310 1310<br />
mirja.sundstrom@mbfunds.fi<br />
forename.surname@mbfunds.fi<br />
www.mbfunds.fi<br />
1988<br />
10<br />
Mr. Juhani Suomela, Managing Partner<br />
Mr. Kari Rytkönen, Partner<br />
Mr. Matti Mertsola, Partner<br />
Mr. Eero Niiva, Partner<br />
Mr. Hannu Puhakka, Partner<br />
Ms. Mirja Sundström, Partner<br />
MB Equity Fund Ky<br />
MB Equity Fund II Ky<br />
MB Equity Fund III Ky<br />
MB Mezzanine Fund II Ky<br />
290 000 000 €<br />
10<br />
Inspecta, Medivire, Norpe A-Inspection,<br />
Engel-Group, Panda<br />
2 000 000 – 50 000 000 €<br />
Buyout, Expansion<br />
All Sectors Considered<br />
Finland, Nordic countries, EU<br />
Equity<br />
Majority (Minority not excluded)<br />
87
MEMBERS<br />
MIDINVEST MANAGEMENT OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Kauppakatu 31 C, 40100 Jyväskylä, Finland<br />
+358 14 339 3100<br />
+358 14 339 3111<br />
visa.virtanen@midinvest.fi<br />
forename.surname@midinvest.fi<br />
www.midinvest.fi<br />
2001<br />
8<br />
Mr. Visa Virtanen, Managing Director, Partner<br />
Mr. Veli-Matti Helenius, Investment Director,<br />
Partner<br />
Mr. Seppo Sneck, Investment Director, Partner<br />
Mr. Pentti Isokangas, Investment Director,<br />
Partner<br />
Mr. Pentti Kuvaja, Investment Director, Partner<br />
Ms. Marja Kantonen, Investment Director,<br />
Partner<br />
Mr. Seppo Laube-Pohto, Senior Advisor, Partner<br />
Midinvest Fund I Ky, Midinvest Fund KSV Ky,<br />
Midinvest Fund PH I Ky, Midinvest Fund EP I<br />
Ky, Midinvest Fund YPY I Ky, Midinvest Oy<br />
JyväsSeed Fund Oy<br />
42 000 000 €<br />
52<br />
Komas Oy, Pisla Oy, Inka Oy, Tikka Group Oy,<br />
TTP-Yhtiöt Oy, Buildercom Oy, Oy Esse Möbel<br />
Ab, Aidon Oy, Tuottotieto Oy<br />
35 000 – 1 500 000 €<br />
No Preferences<br />
No Preferences<br />
Finland<br />
Equity, Quasi-Equity, Mezzanine<br />
Both<br />
88
MEMBERS<br />
NEOMARKKA OYJ<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Capital Under Management<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Aleksanterinkatu 48 A, 00100 Helsinki, Finland<br />
+358 9 684 4650<br />
+358 9 684 46 531<br />
neomarkka@neomarkka.fi<br />
forename.surname@neomarkka.fi<br />
www.neomarkka.fi<br />
1998<br />
5<br />
Mr. Samuel von Martens, Managing Director<br />
60 000 000 €<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
No Preferences<br />
89
MEMBERS<br />
NEXIT VENTURES OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Kaisaniemenkatu 2 b, 00100 Helsinki, Finland<br />
+358 9 681 8910<br />
+358 9 6818 8117<br />
info@nexitventures.com<br />
forename.surname@nexitventures.com<br />
www.nexitventures.com<br />
2000<br />
5<br />
Mr. Pekka Salonoja, General Partner<br />
Mr. Artturi Tarjanne, General Partner<br />
Mr. Sami Karppinen, Investment Director<br />
Mr. Risto Yli-Tainio, Chief Financial Officer<br />
Nexit Infocom 2000 Fund LP<br />
Nexit Infocom 2000 Fund US LP<br />
66 300 000 €<br />
12<br />
Bitfone, Conformiq, Ecrio, Ekahau, Exidio,<br />
Fathammer, Futuremark, Hantro Products,<br />
Hybrid Graphics, Mobile 365, SkyPilot<br />
Networks, Theta Microelectronics<br />
500 000 – 3 000 000 €<br />
Seed, Start-up, Other Early Stage, Expansion<br />
Communications, Telecommunication<br />
Finland, Nordic Countries, USA<br />
Equity, Quasi-Equity<br />
No preferences<br />
90
MEMBERS<br />
NORDIA MANAGEMENT OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O. Box 255 (Kaisaniemenkatu 3 B), 00101<br />
Helsinki, Finland<br />
+358 9 696 2920<br />
+358 9 6962 9250<br />
info@nordiamanagement.fi<br />
forename.surname@nordiamanagement.fi<br />
www.nordiamanagement.fi<br />
1989<br />
4<br />
Ms. Ritva Ohmeroluoma, Managing Director<br />
Matkailunkehitys Nordia Oy<br />
13 000 000 €<br />
17<br />
Muumimaailma Oy, Kristina Cruises Oy Hotelli<br />
Luostotunturi Oy Hotelli Mesikämmen Oy,<br />
Opteam Henkilöstöpalvelut Oy<br />
100 000 – 1 000 000 €<br />
Start-up, Buyout, Expansion<br />
Services Consumer: Retail (Tourism & Leisure)<br />
Finland<br />
Equity, Quasi-Equity, Unsecured Debt<br />
Minority<br />
91
MEMBERS<br />
NORDIC GROWTH OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Lönnrotinkatu 3 A6, 00120 Helsinki, Finland<br />
Bredgade 56, 2, DK-1260 Copenhagen K,<br />
Denmark<br />
+ 358 9 6122 8350<br />
+ 45 7214 6708<br />
+ 358 9 6122 8257<br />
+ 45 7214 6777<br />
info@nordicgrowth.com<br />
www.nordicgrowth.com<br />
2005<br />
3<br />
Mr. Thor Birkmand<br />
Mr. Erkki Hietalahti<br />
Mr. Peter Immonen<br />
Nordic Growth<br />
Follow our website<br />
Follow our website<br />
Up to 20 000 000 €<br />
Stage-independent growth capital<br />
Logistics, Wellness, Support & Maintenance,<br />
Technology<br />
Nordic and Baltic Countries<br />
Equity and Equity-related<br />
Active Minority<br />
92
MEMBERS<br />
NORDIC MEZZANINE LIMITED<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Aleksanterinkatu 15 A, 00100 Helsinki, Finland<br />
+358 9 684 0640<br />
+358 9 6840 6410<br />
johanna.wasstrom@nordicmezzanine.com<br />
forename.surname@nordicmezzanine.com<br />
www.nordicmezzanine.com<br />
1998<br />
10<br />
Mr. Pekka Hietaniemi<br />
Mr. Pekka Sunila<br />
Mr. Vesa Suurmunne<br />
Nordic Mezzanine Fund<br />
Nordic Mezzanine Fund II<br />
342 000 000 €<br />
9<br />
Paroc, Dynapac<br />
5 000 000 – 50 000 000 €<br />
Expansion, Buyouts<br />
No Preferences<br />
Nordic Countries, Germany, Benelux, EU<br />
Mezzanine, Equity<br />
Minority<br />
93
MEMBERS<br />
NORDIC VENTURE PARTNERS<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Bulevardi 1A, 00100 Helsinki, Finland<br />
+358 9 4282 6111<br />
+358 9 4282 6110<br />
jr@nordicvc.com<br />
jr@nordicvc.com<br />
www.nordicvc.com<br />
2000<br />
10<br />
Mr. Jukka Rauhala<br />
Mr. Henrik Albertsen<br />
Mr. Claus Höjbjerg Andersen<br />
Mr. Robert Göthner<br />
Mr. Laurence Mcdonald<br />
Mr. Per von Zelowitz<br />
NVP Nordic, NVP Seed, NVP II<br />
330 000 000 €<br />
25<br />
CRF Box Oy, U-Nav Microelectronics Inc,<br />
Funcom AS, Saxotech ApS, Operax AB<br />
400 000 – 10 000 000 €<br />
Seed, Start-Up, Other Early Stage, Expansion<br />
Computer, Communications, Internet<br />
technologies, Telecommunication<br />
Nordic<br />
Equity<br />
Minority<br />
94
MEMBERS<br />
OKO VENTURE CAPITAL LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O. Box 308 (Teollisuuskatu 1 b), 00101<br />
Helsinki, Finland<br />
+358 10 252 011<br />
+358 10 252 3652<br />
oko.venture.capital@okobank.com<br />
forename.surname@okobank.com<br />
www.okobank.com<br />
1990<br />
10<br />
Mr. Ville Jumppanen, Managing Director<br />
Mr. Reijo Grönholm, Vice President<br />
Mr. Antti Hovi, Vice President<br />
Mr. Ilkka Pentikäinen, Vice President<br />
Mr. Petri Pöllänen, Vice President<br />
Mr. Ilkka Hietala, Manager<br />
Mr. Jussi Korpela, Manager<br />
Promotion Rahasto II Ky<br />
Promotion Capital I Ky<br />
Promotion Bridge I Ky<br />
Promotion Equity I Ky<br />
Promotion Equity I B Ky<br />
Promotion Equity I C Ky<br />
Promotion Equity I D Ky<br />
Promotion Equity I E Ky<br />
90 000 000 €<br />
21<br />
Autotalo Mobila Oy, Keycast Corporation,<br />
Malkit Group, Nab Labs Ltd, Rustholli<br />
Remontit Oy<br />
500 000 – 3 000 000 €<br />
MBO/MBI, Expansion<br />
No Limitations<br />
Finland, The Nordic Scandinavian Countries, EU<br />
Equity, Quasi-Equity, Mezzanine<br />
Minority<br />
95
MEMBERS<br />
ORIENTEQ CAPITAL OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Fabianinkatu 4 B, 00130 Helsinki, Finland<br />
+358 9 6124 0521<br />
+ 358 9 6124 0060<br />
info@orienteq.com<br />
janne.mielck@orienteq.com<br />
kalle.pykala@orienteq.com<br />
forename.surname@orienteq.com<br />
www.orienteq.com<br />
2005<br />
3<br />
Mr. Janne Mielck<br />
Mr. Kalle Pykälä<br />
Finn-Thai Technology Fund A Ky,<br />
Finn-Thai Technology Fund B Ky<br />
20 000 000 €<br />
0<br />
1 000 000 – 3 000 000 €<br />
Early Stage, Expansion<br />
Telecommunications, Communications,<br />
Electronics, Industrial automation, Medical<br />
instrument/devices<br />
Finland, SE Asia/Thailand, Other<br />
Equity, Unsecured Debt<br />
Minority<br />
96
MEMBERS<br />
PRIVANET CAPITAL PLC<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Mannerheimintie 8A, 00100 Helsinki, Finland<br />
+358 9 6877 170<br />
+358 9 6877 1710<br />
contact@privanetcapital.com<br />
forename.surname@privanetcapital.com<br />
www.privanet.fi<br />
2000<br />
7<br />
Mr. Tuomas Siltala<br />
Mr. Jari Tuovinen<br />
Mr. Tapio Niemi<br />
Finance Group International Finland Oyj<br />
N/A (Large network of private investors)<br />
12<br />
A4 Media Oy, Expatrium Oy, Finestmedia Oü,<br />
Rumbapress Oy, De Facto Finland Oy, Taipale<br />
Telematics Oy<br />
400 000 – 20 000 000 €<br />
Expansion, Buyout<br />
All<br />
Finland, Baltic Area<br />
Equity<br />
No Preferences<br />
97
MEMBERS<br />
PROFITA MANAGEMENT OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Funds<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Korkeavuorenkatu 47 B, 00130 Helsinki, Finland<br />
+358 20 779 8620<br />
+358 9 625 878<br />
profita@profitagroup.fi<br />
forename.surname@profitagroup.fi<br />
www.profitagroup.fi<br />
1990<br />
3<br />
Mr. Risto Jalonen, Managing Director<br />
Mr. Eero Piipponen, Investment Director<br />
Mr. Pertti Lehikoinen, Investment Director<br />
Profita Fund I Ky, Profita Fund II Ky<br />
41 000 000 €<br />
24<br />
Constructor Finland, Empower, FCG-Finnish<br />
Consulting Group, Forchem, Keskusautohalli,<br />
Saraware, Teletekno<br />
1 000 000 – 5 000 000 €<br />
Expansion, Buyout<br />
No Preferences<br />
Finland<br />
Equity, Quasi-Equity, Mezzanine<br />
Both<br />
98
MEMBERS<br />
PROVENTURE LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Funds<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Lönnrotinkatu 15 C 26, 00120 Helsinki, Finland<br />
+ 358 9 696 2720<br />
+ 358 9 6962 7222<br />
forename.surname@proventure.com<br />
www.proventure.com<br />
1999<br />
8<br />
Ms. Ulla Niemelä, Partner<br />
Mr. Ari Jauho, Partner<br />
Mr. Samuli Sipilä, Partner<br />
Mr. Turo Levänen, Partner<br />
Ms. Catherine Lewis, Partner<br />
Mr. Staffan Jåfs, CFO<br />
Mr. Pasi Pihlajamaa, Research Manager<br />
The First European Fund Investments U.K. L.P.<br />
European Fund Investments II L.P.<br />
Separate Asset Management Accounts<br />
circa 950 000 000 €<br />
107 (investee funds)<br />
N/A<br />
Buyout and Venture Fund Investments<br />
All<br />
Europe<br />
N/A<br />
N/A<br />
99
MEMBERS<br />
SENTICA PARTNERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O. Box 1750, 70211 Kuopio, Finland<br />
Hatanpäänvaltatie 24, 33100 Tampere, Finland<br />
Äyritie 12 A, 01510 Vantaa, Finland<br />
+358 424 8301 Kuopio, +358 400 576 323<br />
Tampere, +358 40 507 2621 Vantaa<br />
+358 17 580 0241 Kuopio, +358 3 389 1940<br />
Tampere, +358 9 3487 3226 Vantaa<br />
mervi.paajala@sentica.fi<br />
forename.surname@sentica.fi<br />
www.sentica.fi<br />
1997<br />
16<br />
Mr. Matti Rusanen, CEO, Partner, Mr. Mikko<br />
Kuparinen, Head of Regional funds, Partner,<br />
Mr. Mika Uotila, Head of Growth funds, Partner<br />
GrowHow Rahasto I Ky, Sentica Kasvurahasto<br />
II Ky Sention Kasvurahasto Ky, Etelä-Savon<br />
Pääomarahasto Oy, Kainuun Pääomarahasto<br />
Oy, Kareliaventure Rahasto Ky, Karinvest Oy,<br />
Lahden Alueen Pääomarahasto Ky, Pikespo<br />
Invest Oy Ltd, Savon Kasvurahasto I Ky, Savon<br />
Teknia Oy, Tampereen Seudun Kasvurahasto<br />
Tasku Ky, Uudenmaan Pääomarahasto Oy, Ylä-<br />
Savon Pääomarahasto Oy<br />
81 000 000 €<br />
95<br />
Plenware Group, Jurilab Ltd, Intensium Ltd,<br />
Sahala Works Ltd, Sisu-Akselit Ltd, Samesor<br />
Ltd, Toolfac Ltd, TH Tools Ltd. Pikotec Ltd.<br />
CrossWrap Ltd<br />
200 000 – 2 000 000 €<br />
Buyout, Expansion, Other Early Stage<br />
Industrial Automation, Industrial Products<br />
& Services, Telecommunication: Hardware,<br />
Medical: Healthcare, Instruments / Devices<br />
Finland, other Nordic Countries<br />
Equity, Quasi-Equity, Mezzanine, Unsecured Debt<br />
Minority<br />
100
MEMBERS<br />
SITRA, THE FINNISH NATIONAL FUND<br />
FOR RESEARCH AND DEVELOPMENT<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O. Box 160 (Itämerentori 2), 00181 Helsinki,<br />
Finland<br />
+358 9 618 991<br />
+358 9 645 072<br />
sitra@sitra.fi<br />
forename.surname@sitra.fi<br />
www.sitra.fi<br />
1967<br />
100<br />
Mr. Esko Aho, President<br />
Mr. Kari Tolvanen, Vice President<br />
Mr. Magnus Sjöblom, Director of Finance and<br />
Corporate Funding<br />
Sitra<br />
Venture Capital 253 000 000 €<br />
Endowment Capital 660 000 000 €<br />
97<br />
Respecta Oy, Nexstim Ltd.,<br />
Avain Technologies Oy<br />
Average Investment Size 1 300 000 €<br />
Seed, Start-up, Expansion, Fund Investments<br />
Biotechnology; Industrial automation; Industrial<br />
products & services; Medical: healthcare,<br />
instruments/devices, pharmaceuticals<br />
Finland<br />
Equity, Quasi-Equity, Unsecured Debt<br />
Minority<br />
101
MEMBERS<br />
SPONSOR CAPITAL OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Mannerheimintie 4, 00100 Helsinki, Finland<br />
+358 9 680 3300<br />
+358 9 643 252<br />
juuso.kivinen@sponsor.fi<br />
forename.surname@sponsor.fi<br />
www.sponsor.fi<br />
1997<br />
9<br />
Mr. Mikael von Frenckell, Chairman, Partner<br />
Mr. Matti Suutarinen, Managing Director,<br />
Partner<br />
Mr. Olli Anttila, Partner<br />
Mr. Sami Heikkilä, Partner<br />
Mr. Kaj Hägglund, Executive Vice President,<br />
Partner<br />
Mr. Juuso Kivinen<br />
Sponsor Fund I Ky<br />
Sponsor Fund II Ky<br />
207 000 000 €<br />
6<br />
Saunatec Group Oy, MedOne Oy,<br />
Huoneistokeskus Oy, <strong>Suomen</strong> SKV Oy,<br />
Erätukku, Lindorff Group AB<br />
5 000 000 – 20 000 000 €<br />
Buyout<br />
All<br />
Finland<br />
Equity<br />
Majority<br />
102
MEMBERS<br />
STORA ENSO VENTURES OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Kanavaranta 1, 00160 Helsinki, Finland<br />
+358 20 462 1497<br />
+358 20 462 1461<br />
timo.pohjakallio@storaenso.com<br />
www.storaenso.com/venturing<br />
2004<br />
2<br />
Mr. Timo Pohjakallio, Managing Director<br />
500 000 – 3 000 000 €<br />
Start-up, Expansion<br />
Industrial products & services, manufacturing,<br />
chemicals & materials, energy<br />
No Preferences<br />
Equity, Quasi-Equity<br />
No Preferences<br />
103
MEMBERS<br />
STRATOS VENTURES LTD OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Yrjönkatu 11 D 19, 00120 Helsinki, Finland<br />
+358 9 4243 2500<br />
+358 9 626 507<br />
helsinki@stratosventures.com<br />
forename@stratosventures.com<br />
www.stratosventures.com<br />
2000<br />
5<br />
Mr. Kai Karttunen, Managing Partner<br />
Mr. Anton W. Mayr, Managing Partner<br />
Mr. Sami Sarkamies, COO & Partner<br />
Stratos Ventures Fund I LP<br />
52 000 000 €<br />
12<br />
CRF, First Hop, Liekki, Photonium, Wicom<br />
communications<br />
500 000 – 5 000 000 €<br />
Early-Stage, Seed, Start-up, Growth/Expansion<br />
Communications, Computer: Services,<br />
Computer: Software, Electronics, Internet<br />
Technology, Telecommunications: Carriers,<br />
Industrial Automation<br />
Europe<br />
Minority Equity<br />
Minority<br />
104
MEMBERS<br />
TEKNOVENTURE MANAGEMENT OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Isokatu 32 B, 90100 Oulu, Finland<br />
+358 8 887 3300<br />
+358 8 887 3310<br />
forename.surname@teknoventure.fi<br />
www.teknoventure.fi<br />
1991<br />
7<br />
Mr. Ilkka Lukkariniemi, Managing Director,<br />
Partner<br />
Ms. Kaarina Pekkinen, Investment Director,<br />
Partner<br />
Ms. Tuulikki Marjomaa, Investment Director,<br />
Partner<br />
Mr. Kari Itälahti, Investment Director, Partner<br />
Mr. Mauri Visuri, Investment Director, Partner<br />
Teknoventure Oy<br />
Lapin Rahasto I Ky<br />
Jokilaaksojen Rahasto I Ky<br />
Teknoventure Rahasto II Ky<br />
39 000 000 €<br />
32<br />
200 000 – 1 500 000 €<br />
Seed, Start-up, Expansion, Buyouts,<br />
Turnaround<br />
No Preferences<br />
Northern Finland<br />
Equity, Quasi-Equity, Mezzanine, Unsecured<br />
Debt<br />
Minority<br />
105
MEMBERS<br />
VERAVENTURE OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
P.O. Box 1127 (Haapaniemenkatu 40), 70111<br />
Kuopio, Finland<br />
+358 20 460 3988<br />
+358 20 460 3987<br />
palaute@veraventure.fi<br />
feedback@veraventure.fi<br />
forename.surname@veraventure.fi<br />
www.veraventure.fi<br />
2003<br />
6<br />
Mr. Leo Houtsonen, Managing Director<br />
Mr. Risto Huopaniemi, Investment Manager<br />
Mr. Petri Laine, Manager<br />
Mr. Vesa-Pekka Kursu, Manager<br />
Aloitusrahasto Vera Oy<br />
Veraventure Oy (operates as a fund of funds)<br />
50 000 – 500 000 €<br />
Seed, Start-up, Other Early Stage<br />
No Preferences<br />
Finland<br />
Equity<br />
Minority<br />
106
MEMBERS<br />
VIRTAA HÄMEESEEN KY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Vankanlähde 7, Visa 1-rakennus 2 krs.,<br />
13100 Hämeenlinna, Finland<br />
+358 3 621 5209<br />
+358 3 621 5200<br />
forename.surname@innopark.fi<br />
forename.surname@innopark.fi<br />
2001<br />
1<br />
Mr. Sampsa Sysi-Aho<br />
Virtaa Hämeeseen Ky<br />
3 200 000 €<br />
13<br />
20 000 – 200 000 €<br />
Seed, Start-up, Expansion, MBO/MBI<br />
No limitations<br />
Hämeenlinna Region in Finland<br />
Mezzanine, Unsecured Loan<br />
Minority<br />
107
MEMBERS<br />
VNT MANAGEMENT OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Examples of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Yrittäjänkatu 15, 65380 Vaasa, Finland<br />
+358 40 837 1210<br />
+ 358 6 282 8945<br />
jussi.palmroth@vntm.com<br />
forename.surname@vntm.com<br />
www.vntm.com<br />
2002<br />
3<br />
Mr. Veijo Karppinen, President<br />
Mr. Jarmo Saaranen, Partner<br />
Mr. Jussi Palmroth, Partner<br />
Power Fund I Ky<br />
17 000 000<br />
5<br />
Verteco Oy, Rotatek Finland Oy, Youtility Inc,<br />
Epic<strong>ry</strong>stals Oy, OptoGaN Oy<br />
500 000 – 2 000 000 €<br />
Start-up, Early Stage<br />
Energy, Distributed power generation, Power<br />
electronics, Power quality, Special electrical<br />
machines<br />
EU, Northern America<br />
Equity, Quasi-Equity, Mezzanine<br />
Minority<br />
108
MEMBERS<br />
WEDECO MANAGEMENT OY AB<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of Personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Key Persons<br />
Fund Names<br />
Capital Under Management<br />
Number of Portfolio Companies<br />
Investment Preferences<br />
Size of Investment<br />
Investment Stages<br />
Industrial Sectors<br />
Geographical Focus<br />
Type of Financing<br />
Minority / Majority Holding Preference<br />
Yrittäjänkatu 15, 65380 Vaasa, Finland<br />
P.O. Box 810, 65101 Vaasa, Finland<br />
+358 6 316 5800<br />
+358 6 316 5801<br />
keijo.kangasluoma@wedeco.fi<br />
forename.surname@wedeco.fi<br />
www.wedeco.fi<br />
1987<br />
3<br />
Mr. Keijo Kangasluoma, Managing Director,<br />
Partner<br />
Mr. Mikael Still, Investment Director<br />
Oy Wedeco Ab<br />
Etelä-Pohjanmaan Rahasto Ky<br />
Metal Fund Ky<br />
Wedeco Fund lll Ky<br />
Wedeco Seed Fund Ky<br />
Lapuan Pääomarahasto Ky<br />
26 000 000 €<br />
27<br />
100 000 – 1 000 000 €<br />
Seed, Start-up, Other Early Stage, Expansion,<br />
Buyout<br />
No Preferences<br />
Western Finland<br />
Equity, Quasi-equity, Mezzanine, Unsecured<br />
Debt<br />
Both<br />
109
110<br />
ASSOCIATE MEMBERS
ASSOCIATE MEMBERS<br />
DIRECTORY OF ASSOCIATE MEMBERS<br />
111
ASSOCIATE MEMBERS<br />
ACE LAW OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Erottajankatu 9 A, 00130 Helsinki,<br />
Finland<br />
+358 9 251 4000<br />
+358 9 251 40010<br />
antti.hannula@acelaw.fi<br />
forename.surname@acelaw.fi<br />
www.acelaw.fi<br />
2001<br />
15<br />
Mr. Antti Hannula, Senior Partner<br />
Our corporate practice contains legal services in the areas of incorporation and formation<br />
of business entities, mergers and acquisitions, joint ventures as well as strategic alliances,<br />
corporate governance, corporate compliance and general business law.<br />
We manage various types of financing transactions, including venture capital, convertible bond<br />
loans, securities and buy-out/buy-in transactions. We also represent our clients in negotiations<br />
and have long personal histo<strong>ry</strong> in the venture capital indust<strong>ry</strong>.<br />
ACE LAW provides full range of Intellectual Property services required by those needing to<br />
acquire, protect and exploit intellectual property rights.<br />
ASIANAJOTOIMISTO SIVENIUS, SUVANTO & CO<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Paciuksenkatu 21, 00270 Helsinki, Finland<br />
+358 9 530 6760<br />
+358 9 5306 7699<br />
peter.butzow@sisulaw.fi<br />
forename.surname@sisulaw.fi<br />
www.sisulaw.fi<br />
2001<br />
19<br />
Mr. Peter Bützow<br />
Mr. Kari Huttunen<br />
Sivenius, Suvanto & Co Ltd. focuses on business law. Most of our clients are domestic and<br />
foreign companies, municipalities and state institutions and units. We offer extensive expert<br />
knowledge in various fields of activity. We operate as legal advisors related to establishment of<br />
venture capital funds and investments.<br />
112
ASSOCIATE MEMBERS<br />
ASIANAJOTOIMISTO VEIKKO PALOTIE & CO OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Aleksanterinkatu 44 A, 00100 Helsinki, Finland<br />
+358 9 228 831<br />
+358 9 2288 3300<br />
palotie@veikkopalotie.fi<br />
forename.surname@veikkopalotie.fi<br />
www.veikkopalotie.fi<br />
1951<br />
32<br />
Mr. Tauno Palotie<br />
Business Law Firm<br />
The firm provides a full range of legal services to both domestic and foreign clients. The main<br />
areas of our practice include: Company Law, Corporate Finance, Contract Law, Construction and<br />
Real Estate Law, Labour Law, Environmental Law, IPR, IT, Communications Technology, Sports<br />
Law, Media and Entertainment Law, Transport Law and Competition Law.<br />
ASTREA ATTORNEYS-AT-LAW LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pieni Roobertinkatu 11, 4th floor, 00130 Helsinki,<br />
Finland<br />
+358 9 681 8290<br />
+358 9 6818 2910<br />
office@astrea.fi<br />
forename.surname@astrea.fi<br />
www.astrea.fi<br />
2001<br />
26<br />
Mr. Jari Suominen<br />
Astrea is specialised in commercial law and other areas of civil law. The firm has offices in<br />
Helsinki, Oulu and Turku. Astrea is a member of the international network of The AIEL. In the field<br />
of venture capital and private equity investment we serve our clients from the establishment of<br />
the fund to the execution of the exit from the investments. Astrea has in particular an extensive<br />
experience and expert knowledge in real estate funds and investments.<br />
113
ASSOCIATE MEMBERS<br />
ATTORNEYS-AT-LAW BORENIUS & KEMPPINEN LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Yrjönkatu 13 A, 00120 Helsinki, Finland<br />
+358 9 615 333<br />
+358 9 6153 3499<br />
jyrki.tahtinen@borenius.com<br />
forename.surname@borenius.com<br />
www.borenius.com<br />
1911<br />
97<br />
Mr. Jyrki Tähtinen<br />
We are a full service law firm with offices in Helsinki, Espoo and Tampere and associated offices<br />
in Estonia, Latvia and Lithuania. Our services include establishment and administration of funds<br />
and management companies, structuring carried interest structures and advising investors to<br />
domestic and foreign funds, due diligence of investment targets, making investments, legal<br />
services to target companies and exits. We have a unique team of IPR lawyers advising<br />
companies in the areas of patents, copyright, trademarks, e-commerce, information technology,<br />
communications and biotechnology and a strong venture capital and private equity oriented tax<br />
team.<br />
ATTORNEYS-AT-LAW JURIDIA LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Munkkisaarenkatu 2, 00150 Helsinki, Finland<br />
+358 9 684 1230<br />
+358 9 622 5400<br />
olli.iirola@juridia.com<br />
firstname.surname@juridia.com<br />
www.juridia.com<br />
1993<br />
19 lawyers<br />
Mr. Olli Iirola<br />
Mr. Kimmo Oila<br />
Juridia is a medium-sized commercial law firm based in Helsinki, with a strong venture capital and<br />
private equity practice: we have closed many transactions (in particular, late-stage international<br />
rounds, acquisitions and trade sales) for venture-capital backed technology companies and<br />
entrepreneurs, with many domestic, Nordic and international investors. We manage all of the<br />
Finnish company law, IPR, employment and other ancilla<strong>ry</strong> issues as an integrated whole, and<br />
our English-qualified solicitor is comfortable drafting transaction documents in English.<br />
114
ASSOCIATE MEMBERS<br />
ATTORNEYS-AT-LAW KALLIOINEN, TOLPPANEN, SALMINEN & CO OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Yrjönkatu 8 A 2, 00120 Helsinki, Finland<br />
+358 9 612 6090<br />
+358 9 607 344<br />
jukka.reilin@ktslaw.net<br />
forename.surname@ktslaw.net<br />
www.ktslaw.net<br />
1993<br />
18<br />
Mr. Jukka Reilin<br />
Kallioinen, Tolppanen, Salminen & Co Oy offers a wide range of legal services to the business<br />
community: commercial law, financial law, merges and acquisitions. Our firm also offers special<br />
expertise in investment and asset management. We act for clients in courts and arbitration, as<br />
well.<br />
Our offices are located in Helsinki, Tampere and Hämeenlinna<br />
ATTORNEYS-AT-LAW PELTONEN, RUOKONEN & ITÄINEN OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Fredrikinkatu 48 A, 00100 Helsinki, Finland<br />
+358 9 417 6030<br />
+358 9 4176 0411<br />
office@peltonenlaw.fi<br />
forename.surname@peltonenlaw.fi<br />
www.peltonenlaw.fi<br />
1970<br />
35<br />
Mr. Hans Sundblad<br />
Peltonen, Ruokonen & Itäinen specialises in commercial law. Besides trade, indust<strong>ry</strong>, energy,<br />
communications, traffic, transport and construction, we also specialise in the particular issues<br />
raised by banking, finance, insurance and security markets. We have been involved in several<br />
major mergers and acquisitions, capital financing arrangements, share and bond issues and<br />
corporate listings. Our attorneys have considerable experience in litigation in the general<br />
courts and in proceedings before the administrative and special courts as well as in arbitration<br />
proceedings.<br />
115
ASSOCIATE MEMBERS<br />
AUGUST ASSOCIATES OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Bulevardi 2– 4 A, 00120 Helsinki, Finland<br />
+358 9 681 2560<br />
+358 9 6812 5610<br />
info@augustassociates.com<br />
forename.surname@augustassociates.com<br />
www.augustassociates.com<br />
2001<br />
12<br />
Ms. Helena Koski-Väänänen<br />
Management consulting<br />
BÜTZOW NORDIA ADVOCATES<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pohjoinen Hesperiankatu 15 A, 00260 Helsinki,<br />
Finland<br />
+358 9 431 531<br />
+358 9 4315 3388<br />
peter.anthoni@butzow.com<br />
olli.hyvonen@butzow.com<br />
forename.surname@butzow.com<br />
www.butzow.com<br />
1999<br />
27<br />
Mr. Peter Anthoni<br />
Mr. Olli Hyvönen<br />
The focus of Bützow Nordia is on business law. We are a full service law firm, and we are capable<br />
of handling the needs of both multinational corporations, as well as small domestic companies.<br />
We serve venture capital investors from establishment of funds to exits. We act for clients in<br />
courts and arbitration. Bützow Nordia has an extensive international contact network.<br />
116
ASSOCIATE MEMBERS<br />
CAG - CORPORATE ADVISOR GROUP OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Bulevardi 1 A 2. floor, 00100 Helsinki, Finland<br />
+ 358 9 4764 600<br />
+ 358 9 4764 6601<br />
martin.krokfors@cag.fi<br />
www.cag.fi<br />
1995<br />
15<br />
Mr. Martin Krokfors<br />
Investment banking adviso<strong>ry</strong> service for the top management of the clients. Analyzing, planning<br />
and implementation of measures affecting business structures. Forms of service include<br />
Business Plans and Business Analyses, Development of Business Activities, Mergers and<br />
Acquisitions, Project Finance and Tailor made incentive schemes. Clientele consists of Owners,<br />
Management, Investors, Financiers, Board/Management groups of Nordic firms and groups,<br />
Subsidiaries/Divisions of big companies, Financial Institutions and Venture Capitalists, Investors<br />
and The Public Sector. Our approach is to focus on estimating the value of future cash flows.<br />
CASTRÉN & SNELLMAN ATTORNEYS LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Erottajankatu 5 A / PO Box 233, 00131 Helsinki,<br />
Finland<br />
+358 9 228 581<br />
+358 9 601 961<br />
kimmo.rekola@castren.fi<br />
forename.surname@castren.fi<br />
www.castren.fi<br />
1888<br />
140<br />
Mr. Kimmo Rekola, Partner, Mr. Mårten Janson,<br />
Partner, Mr. Jari Sonninen, Partner Mr. Samuli<br />
Palin, Partner, Mr. Jan Örndahl, Partner,<br />
Ms. Merja Kivelä, Partner<br />
Castrén & Snellman is one of the largest law firms in Finland and a leading law firm in private<br />
equity and venture capital. We have broad experience in private equity and venture capital<br />
transactions, in structuring funds and advising on individual fund investments. The members of<br />
our PE/VC team are widely recognised for their efficient project management, strong negotiation<br />
skills and their ability to find constructive and innovative solutions.<br />
117
ASSOCIATE MEMBERS<br />
DELOITTE & TOUCHE OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Porkkalankatu 24 , P.O. Box 122, 00181 Helsinki,<br />
Finland<br />
+358 20 755 500<br />
+358 20 755 501<br />
matti.copeland@deloitte.fi, eero.lumme@deloitte.fi,<br />
saija.paasonen@deloitte.fi, jari.piiponniemi@deloitte.fi<br />
forename.surname@deloitte.fi<br />
www.deloitte.fi<br />
1995<br />
300<br />
Mr. Matti Copeland, M&A Services<br />
Mr. Eero Lumme, Transaction Services<br />
Ms. Saija Paasonen, Transaction Services<br />
Mr. Jari Piiponniemi, Corporate Finance<br />
Deloitte is one of the world’s largest professional services organizations, offering a wide range<br />
of world-class audit, tax, consulting, and financial adviso<strong>ry</strong> services. Our M&A service offering<br />
consist of following services:<br />
• Both buy-side and sell-side (vendor) due diligence including financial, tax and IT due diligence<br />
• Corporate Finance services<br />
• Valuations<br />
• Adviso<strong>ry</strong> in connection with IPO process<br />
• Deal and tax structuring<br />
• Post-merger integration services<br />
DITTMAR & INDRENIUS<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pohjoisesplanadi 25 A, 00100 Helsinki, Finland<br />
+358 9 681 700<br />
+358 9 652 406<br />
jan.ollila@dittmar.fi, anders.carlberg@dittmar.fi<br />
forename.surname@dittmar.fi<br />
www.dittmar.fi<br />
1899<br />
42<br />
Mr. Jan Ollila<br />
Mr. Anders Carlberg<br />
Dittmar & Indrenius is one Finland’s leading international law firms focused on mergers and<br />
acquisitions, finance and capital markets and dispute resolution. In the last few years we<br />
have offered advice in connection with hundreds of mergers and acquisitions va<strong>ry</strong>ing from<br />
acquisitions of small private businesses to public-to-private transactions and mergers of large<br />
public companies. The firm has represented both domestic and international private equity and<br />
venture capital firms as well as target companies and their management in various types of<br />
transactions.<br />
118
ASSOCIATE MEMBERS<br />
ERNST & YOUNG OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Elielinaukio 5 B, 00100 Helsinki, Finland<br />
+358 9 172 771<br />
+358 9 1727 7700<br />
petri.ojala@fi.ey.com, jari.onniselka@fi.ey.com,<br />
heikki.ilkka@fi.ey.com<br />
forename.surname@fi.ey.com<br />
www.ey.com/fi<br />
1927<br />
450<br />
Mr. Petri Ojala, Mr. Jari Onniselkä, Mr. Heikki Ilkka<br />
Ernst & Young is a global leader in professional services. Our services include: Assurance<br />
and Adviso<strong>ry</strong> Business Services, Tax Services, Legal Services, Technology and Security Risk<br />
Services, Business Risk Services, Business Process Outsourcing, Assignment Management<br />
and Transaction Adviso<strong>ry</strong> Services.<br />
Our solutions help you manage the critical issues in each phase of your company’s life cycle:<br />
• Early stage (start-up or spin-off, laying down the foundation)<br />
• Rapid growth period (expanding operations and/or approaching an IPO)<br />
• Market leader (increasing growth through strategic transactions)<br />
FAIRCHILD EXECUTIVE SEARCH<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Kalevankatu 4 A, 00100 Helsinki, Finland<br />
+358 9 680 34614<br />
+358 9 680 34620<br />
www.fairsearch.fi<br />
1999<br />
5<br />
Mr. Edvard Horelli, Senior Partner<br />
Leadership due diligence. Executive and key employees search.<br />
119
ASSOCIATE MEMBERS<br />
FENNIA<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Contact persons<br />
Asemamiehenkatu 3, 00017 Fennia, Finland<br />
+358 10 503 5311<br />
+358 10 503 5200<br />
forename.surname@fennia.fi<br />
www.fennia.fi<br />
Mr. Aarni Pursiainen<br />
FIM CORPORATE FINANCE OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pohjoisesplanadi 33 A, 00100 Helsinki, Finland<br />
+358 9 613 4600<br />
+358 9 6134 6279<br />
hannu.kananen@fim.com<br />
forename.surname@fim.com<br />
2001<br />
10<br />
Mr. Hannu Kananen<br />
FIM Corporate Finance offers services in the field of Capital Market transactions, Mergers &<br />
Acquisitions, stuctured products and Adviso<strong>ry</strong> services. Capital Market transactions consists of<br />
equity offerings, public market financing transactions and private equity fund raising. In M&A FIM<br />
CF has been adviser for sale and buy side assignments and also in mergers. Adviso<strong>ry</strong> services<br />
inlclude services from complex business and company valuations to incentive programs.<br />
120
ASSOCIATE MEMBERS<br />
FINANTEC OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Erottajankatu 15-17, 00130 Helsinki, Finland<br />
+358 20 743 2790<br />
+358 20 743 2799<br />
info@finantec.fi<br />
forename.surname@finantec.fi<br />
www.finantec.fi<br />
2003<br />
7<br />
Mr. Tero Nummenpää<br />
Finantec is an independent corporate finance adviso<strong>ry</strong> firm specialized in M&A and growth<br />
financing. For international access, we are part of international Translink-group, which offers<br />
cross-border M&A services and has offices in more than ten countries including China and<br />
US.<br />
FINNFUND<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Ratakatu 27, 00120 Helsinki, Finland<br />
+358 9 348 434<br />
+358 9 3484 3346<br />
hannele.korhonen@finnfund.fi<br />
forename.surname@finnfund.fi<br />
www.finnfund.fi<br />
1980<br />
29<br />
Ms. Helena Arlander<br />
Finnfund is a Finnish development finance company that provides long-term risk capital for<br />
profitable projects in developing countries and transition economies outside the EU. We finance<br />
private projects that involve a Finnish interest.<br />
Our instruments include both equity and long-term loans as well as different types of mezzanine<br />
financing.<br />
121
ASSOCIATE MEMBERS<br />
FINNISH SCIENCE PARK ASSOCIATION<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Innopoli 1, Tekniikantie 12, 02150 Espoo, Finland<br />
+358 9 2517 5258<br />
+358 9 2517 5333<br />
tuomo.pentikainen@tekel.fi<br />
forename.surname@tekel.fi<br />
www.tekel.fi<br />
1988<br />
6<br />
Mr. Tuomo Pentikäinen<br />
The Finnish Science Park Association TEKEL is a nationwide cooperation network connecting<br />
23 science parks in Finland’s university cities. TEKEL helps hitech enterprises start in business,<br />
grow and internationalise. TEKEL’s strategy is to promote internationalization, and to develop<br />
world-class R&D and business environments, and their global image. TEKEL is a part of the<br />
national innovation system, and acts as a mediator between policymakers and science parks.<br />
FINNVERA PLC<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Eteläesplanadi 8, P.O.BOX 1010, 00101 Helsinki,<br />
Finland<br />
+358 20 460 11<br />
+358 20 460 7237<br />
finnvera@finnvera.fi<br />
forename.surname@finnvera.fi (Scandinavian letters<br />
å, ä and ö are replaced with a, a and o, respectively)<br />
www. finnvera.fi<br />
1999<br />
419<br />
Mr. Unto Väkeväinen<br />
Finnvera plc is a state-owned specialised financing company providing risk-finance for domestic<br />
operations, exports and internationalisation of Finnish enterprises. Financial instruments<br />
comprise loans, guarantees and export credit guarantees, including Capital Loans. Veraventure<br />
Ltd and Seed Fund Vera Ltd, both owned by Finnvera plc, operate in the Finnish venture capital<br />
market.<br />
122
ASSOCIATE MEMBERS<br />
GARANTIA INSURANCE COMPANY LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Salomonkatu 17 A, 00100 Helsinki, Finland<br />
+358 20 7479 800<br />
+358 20 7479 801<br />
garantia@garantia.fi<br />
forename.surname@garantia.fi<br />
www.garantia.fi<br />
1993<br />
26<br />
Mr. Timo Lehikoinen<br />
Garantia Insurance Company is a non-life insurance company specializing in guarantees in the<br />
Finnish domestic market. Garantia´s principal product is a guarantee insurance for long-term<br />
loans. Other products include fund and bond guarantees as well as subordinated loans and<br />
performance bonds. Fund guarantee is for investments in bond, equity and venture capital funds.<br />
Fund guarantee enhances the risk catego<strong>ry</strong> of the guaranteed asset for regulato<strong>ry</strong> purposes.<br />
Garantia is owned among others by all the pension insurance companies.<br />
GEARSHIFT GROUP<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Albertinkatu 27 A, 00180 Helsinki, Finland<br />
+358 9 6124 5925<br />
+358 9 6124 5923<br />
info@gearshiftgroup.com<br />
forename.surname@gearshiftgroup.com<br />
www.gearshiftgroup.com<br />
2002<br />
10<br />
Mr. Jussi Autere<br />
Gearshift Group in an independent management consulting firm with three core practices:<br />
Strategy – developing winning business and IT strategies<br />
Development – helping clients improve their performance<br />
Mergers and Acquisitions – helping clients succeed in M&A<br />
We are strongly focused on ICT sector. Our clients are leading developers and users of<br />
technology. We offer a wealth of real-life experience to our clients. We serve mainly Finnish<br />
clients whom we support wherever growing business might take them.<br />
123
ASSOCIATE MEMBERS<br />
HAMMARSTRÖM PUHAKKA PARTNERS, ATTORNEYS LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Bulevardi 1 A, 00100 Helsinki, Finland<br />
+358 9 474 21<br />
+358 9 474 2222<br />
info@hpplaw.fi<br />
forename.surname@hpplaw.fi<br />
www.hpplaw.fi<br />
1975<br />
30<br />
Juho Lenni-Taattola<br />
Hammarström Puhakka Partners, Attorneys Ltd is a law firm specialised in business law.<br />
The firm has a good corporate practice with experienced M&A advisers acting constantly for<br />
domestic and cross-border clients.<br />
Specialists provide M&A services to public and private companies relating to assignments<br />
concerning private equity and venture capital transactions.<br />
The firm is constantly involved with complex transactions in connection with private equity<br />
firms and experienced in advising private equity/venture capital investors in divesting their<br />
investments.<br />
HANDELSBANKEN CAPITAL MARKETS (Corporate Finance and Debt Capital Markets)<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Number of Employees<br />
Contact persons<br />
Aleksanterinkatu 11, 00100 Helsinki, Finland<br />
+358 10 444 11<br />
+358 10 444 2957<br />
robin.ehrnrooth@handelsbanken.fi<br />
www.handelsbanken.com/capitalmarkets<br />
100 (Corporate Finance and Debt Capital Markets<br />
Professionals)<br />
Mr. Robin Ehrnrooth, Ms. Carina Hellemaa and<br />
Mr. Jyrki Leppänen (Corporate Finance)<br />
Mr. Kenneth Holmström and Mr. Holger<br />
Schauman (Debt Capital Markets)<br />
Handelsbanken Capital Markets is one of the Nordic region’s leading players in the areas of<br />
Corporate Finance and Debt Capital Markets. We provide adviso<strong>ry</strong> services and implementation<br />
in the field of corporate acquisitions and divestments, IPOs, raising equity in public companies,<br />
capital markets-related debt financing, syndicated loans, acquisition financing and structured<br />
financing.<br />
Handelsbanken Capital Markets is a division of Handelsbanken which is one of the leading banks<br />
in the Nordic region.<br />
124
ASSOCIATE MEMBERS<br />
HANNES SNELLMAN ATTORNEYS AT LAW LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Eteläranta 8, 00130 Helsinki, Finland<br />
+358 9 228 841<br />
+358 9 177 393<br />
hannes.snellman@hannessnellman.fi<br />
forename.surname@hannessnellman.fi<br />
www.hannessnellman.fi<br />
1909<br />
192 (in Februa<strong>ry</strong> <strong>2006</strong>)<br />
Mr. Tuomo Vähäpassi<br />
Mr. Tomas Holmberg<br />
Mr. Heikki Jaatinen<br />
Hannes Snellman Attorneys at Law Ltd focuses on transactions and related corporate and<br />
commercial law. Our practice areas are: M&A, Technology, Finance and Capital Markets, Dispute<br />
Resolution.<br />
Our Private Equity and Venture Capital team serves our clients in all areas of the indust<strong>ry</strong>, ranging<br />
from buy-outs (e.g. MBO, LBO, public-to-private), exits to private placements and transactions<br />
related to PE/VC funds.<br />
Head of the team: Tuomo Vähäpassi.<br />
HANSEATIC CAPITAL<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Roosikrantsi 11, 10119 Tallinn, Estonia<br />
+372 627 7181<br />
+372 627 7190<br />
kalmer.kikas@hanseaticcapital.net<br />
forename.surname@hanseaticcapital.net<br />
www.hanseaticcapital.net<br />
2003<br />
8<br />
Mr. Kalmer Kikas<br />
Hanseatic Capital (HC) is the only dedicated mezzanine financing provider for LBO’s and growth<br />
financing in Estonia, Latvia and Lithuania. HC is active throughout the Baltics and typically invest<br />
up to € 2.5m per portfolio company.<br />
1. Mezzanine financing<br />
2. LBO’s<br />
3. MBO’s & MBI’s<br />
4. Growth Financing<br />
125
ASSOCIATE MEMBERS<br />
HEIDRICK & STRUGGLES<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Kasarmikatu 46 – 48 B, 00130 Helsinki, Finland<br />
+358 9 251 1250<br />
+358 9 2511 2511<br />
jahtikari@heidrick.com, pkvikant@heidrick.com<br />
tsalonen@heidrick.com<br />
Initial of forename surname@heidrick.com<br />
www.heidrick.com<br />
1953<br />
1 450 in 57 locations around the world<br />
Mr. Juha-Pekka Ahtikari<br />
Mr. Patrik Kvikant<br />
Mr. Tuomo Salonen<br />
Heidrick & Struggles provides senior-level executive recruiting services for companies throughout<br />
the world on a retainer basis. Heidrick & Struggles was founded in 1953 and for 50 years the<br />
firm has been an indust<strong>ry</strong> leader. Today, our 1,450 executive search professionals and employees<br />
operate in 57 locations around the world.<br />
Heidrick & Struggles serves a broad spectrum of clients – multinational corporations, start-up<br />
companies, for-profit and non-profit entities, educational institutions, foundations, associations<br />
and governmental units – in eve<strong>ry</strong> indust<strong>ry</strong>. Consultants: Juha-Pekka Ahtikari, Patrik Kvikant and<br />
Tuomo Salonen.<br />
HEIMARI OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Contact persons<br />
P.O. Box 112, 28101 Pori, Finland<br />
+358 2 641 5334<br />
+358 2 641 5235<br />
heimari@baanapalvelut.net<br />
Same as above<br />
www.heimari.fi<br />
1986<br />
Mr. Seppo Collander<br />
Leading consultancy firm for structuring, valuating and financing acquisitions, such as MBO,<br />
LBO and other buyout/buyin/sellout/turnout situations; capital and business restructuring and<br />
financing. Long experience and excellent network.<br />
126
ASSOCIATE MEMBERS<br />
HERMIA BUSINESS DEVELOPMENT LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Hermiankatu 1, 33720 Tampere, Finland<br />
+358 3 316 5326<br />
+358 3 316 5552<br />
info@hermiayrityskehitys.fi<br />
forename.surname@hermia.fi<br />
www.hermiayrityskehitys.fi<br />
1992<br />
18<br />
Ms. Johanna Närhi<br />
Hermia Business Development LTD is a private-public owned company, which aim is to help<br />
customers to commercialise their technology based product and business innovations, and to<br />
develop business of technology based companies. Hermia Business Development is located in<br />
Science Park Hermia, Tampere.<br />
HH PARTNERS ATTORNEYS-AT-LAW<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Mannerheimintie 14 A, 00100 Helsinki, Finland<br />
+358 9 177 613<br />
+358 9 653 873<br />
taina.tuohino@hhpartners.fi<br />
www.hhpartners.fi<br />
2000<br />
18<br />
Ms. Taina Tuohino<br />
HH Partners serves both domestic and foreign clients in all areas of business law. Our expertise<br />
covers mergers and acquisitions, capital markets, loan arrangements, asset and project finance<br />
as well as other corporate finance transactions. In addition, we advice our clients in preparing<br />
management incentive schemes and corporate documentation. Our specialists are highly<br />
recognized also in the areas of tax law, IPR, IT law and dispute resolution. Our clients represent<br />
a broad spectrum from multinational companies to small privately held enterprises.<br />
127
ASSOCIATE MEMBERS<br />
HOWDEN INSURANCE BROKERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Aleksanterinkatu 17, WTC, P.O.Box 800 00101<br />
Helsinki, Finland<br />
+358 9 6969 2700<br />
+358 9 6220 0130<br />
reception@howdenins.com<br />
tautio-begley@howdenins.com<br />
alaukka-paananen@howdenins.com<br />
www.howdenins.com<br />
2000<br />
5<br />
Ms. Tiina Autio-Begley<br />
Howden is a specialist insurance broker, focusing on providing liability and crime products for<br />
businesses. Our core products include:<br />
• Professional Indemnity<br />
• Directors and Officers Liability<br />
• Crime Insurance<br />
• Cyber Liability/Esurance<br />
We provide access to the international insurance markets in co-operation with our London head<br />
office and our clients are serviced locally in Helsinki.<br />
HSH NORDBANK AG HELSINKI BRANCH<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Eteläranta 12, 00130 Helsinki, Finland<br />
+ 358 9 6133 4600<br />
+ 358 9 6133 4620<br />
af@hsh-nordbank.fi<br />
forename.surname@ hsh-nordbank.fi<br />
www.hsh-nordbank.fi<br />
2001<br />
14<br />
Ms. Pia Karvonen<br />
HSH Nordbank AG, Nordic Leveraged Finance team is through its offices in Copenhagen,<br />
Stockholm, Helsinki and Oslo acting as Arranger, Underwriter, Lender and Agen in supporting<br />
Nordic and International Private Equity Firms in connection with their investments in the Nordic,<br />
Baltic and Polish market. The bank is underwriting and providing long term financing structured<br />
as senor financing or subordinated financing. The prima<strong>ry</strong> activity is focusing on transaction with<br />
an Enterprise Value of MEUR 50 to more than a billion EUR. Business is based on international<br />
and local knowledge, local competence and execution as well as a flexible approach to meet<br />
the clients’ needs.<br />
128
ASSOCIATE MEMBERS<br />
ILMARINEN MUTUAL PENSION INSURANCE COMPANY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Porkkalankatu 1, 00018 Ilmarinen, Finland<br />
+358 10 284 11<br />
+358 10 284 3830<br />
jorma.tammenaho@ilmarinen.fi<br />
forename.surname@ilmarinen.fi<br />
www.ilmarinen.fi<br />
1961<br />
590<br />
Mr. Jorma Tammenaho<br />
Ms. Katja Salovaara<br />
Services/Description of the Company<br />
Ilmarinen is a mutual pension insurance company managing statuto<strong>ry</strong> earnings-related pension<br />
provision on employees and self-employed persons. Ilmarinen is owned by its clients. Ilmarinen<br />
holds about one third of the employment pension market in Finland. This means about 357.000<br />
insured employees and 244.000 beneficiaries at the end of 2005. Ilmarinen has 21 billion euros<br />
assets under management (31.12.05) of which 49 % is fixed income investments, 34 % in<br />
equity investments, 10 % real estate investments and 7 % loan receivables.<br />
INDUSTRI KAPITAL<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Industri Kapital AB, Birger Jarlsgatan 4, SE-11434<br />
Stockholm, Sweden<br />
+46 8 678 9500<br />
+46 8 678 0336<br />
info@industrikapital.com<br />
forename.surname@industrikapital.com<br />
www.industrikapital.com<br />
1989<br />
70<br />
Mr. Thomas Ramsay<br />
Mr. Kristian Kemppinen<br />
Industri Kapital is a European private equity firm with Nordic roots, managing close to 4 billion<br />
in four active funds. Industri Kapital acquires and develops companies with the objective of<br />
delivering attractive returns to our investors. Since 1989, Industri Kapital has acquired 57<br />
companies and the current portfolio includes 23 companies across Europe with a total turnover<br />
of over EUR 8.5 billion. Industri Kapital’s Finnish investments include Consolis, CPS Color,<br />
Dynea, Eltel Networks, Enermet, KCI Konecranes, Noviant and Paroc.<br />
129
ASSOCIATE MEMBERS<br />
INNOVATIONSKAPITAL NORDIC ADVISORS AB<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Kungsportsplatsen 1, 411 10 Göteborg, Sweden<br />
Birger Jarlsgatan 13, 111 45 Stockholm, Sweden<br />
+46 31 60 91 90, +46 8 54 50 14 90<br />
+46 31 60 91 99, +46 8 54 50 14 99<br />
info@innkap.se<br />
www.innkap.se<br />
1994<br />
13<br />
Mr. Jonas Risberg<br />
InnovationsKapital is one of the leading early stage venture capital firms for innovative growth<br />
companies in the Nordic region.<br />
Years of experience and a strong network within academia and indust<strong>ry</strong> enable us to invest in<br />
winning science and research based companies. We support talented entrepreneurs to create<br />
successful high growth companies.<br />
We have made over 40 investments in the life sciences and technology sectors. The capital<br />
(EUR 200 million) is managed in three funds and is provided by highly reputable international<br />
investors.<br />
KEKSINTÖSÄÄTIÖ, FOUNDATION FOR FINNISH INVENTIONS<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Tekniikantie 12, P.O. Box 382, 02150 Espoo,<br />
Finland<br />
+358 20 737 3000<br />
+358 20 737 3001<br />
keksintosaatio@keksintosaatio.fi<br />
forename.surname@keksintosaatio.fi<br />
www.keksintosaatio.fi, www.innofin.com<br />
1971<br />
33<br />
The Foundation supports and helps private individuals and small entrepreneurs residing in<br />
Finland to develop and exploit invention proposals.<br />
The Foundation’s constantly updated Invention Market provides companies with new business<br />
and product ideas for licensing.<br />
130
ASSOCIATE MEMBERS<br />
KPMG OY AB<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
P.O. Box 1037, 00101 Helsinki, Finland<br />
+358 20 760 3000<br />
+358 20 760 3399<br />
raija-leena.hankonen@kpmg.fi<br />
forename.surname@kpmg.fi<br />
www.kpmg.fi<br />
1926<br />
423<br />
Ms. Raija-leena Hankonen, Audit<br />
Ms. Timo Matikkala, Financial Adviso<strong>ry</strong> Services<br />
Mr. Björn Holming<br />
AUDIT AND ATTESTATION SERVICES: statuto<strong>ry</strong> audit for funds and management companies;<br />
portfolio valuations<br />
DIRECT AND INDIRECT TAXATION: full scope of tax and related adviso<strong>ry</strong> services<br />
TRANSACTION SERVICES: Both vendor and buyer due diligence; advice on planning, structuring<br />
and managing corporate transactions including disposals, acquisitions, restructuring and<br />
valuations.<br />
KROGERUS ATTORNEYS LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pohjoinen Makasiinikatu 6 A, P.O. Box 143, 00130<br />
Helsinki, Finland<br />
+358 9 622 6520<br />
+358 9 631 811<br />
mika.stahlberg@krogerus.com<br />
forename.surname@krogerus.com<br />
www.krogerus.com<br />
1992<br />
Approximately 75<br />
Mr. Mika Ståhlberg, Partner, Mr. Mikko Mali,<br />
Partner, Mr. Jarmo Makkonen, Partner, Mr. Vesa<br />
Okkonen, Partner<br />
Krogerus Attorneys Ltd specialises in domestic and international business law. The firm has<br />
offices in Helsinki, Jyväskylä, Kuopio and Oulu.<br />
One of our principal areas of activity is to advice clients on all issues relating to private equity<br />
investments. Our lawyers advise domestic and international investors on legal issues relating to<br />
private equity investments such as establishment of private equity funds, structuring investments,<br />
selecting financing instruments, tax and competition law issues as well as divestments. In<br />
addition our lawyers advise private equity investors and target companies e.g. on legal issues<br />
relating to development of target companies and entering into international markets.<br />
131
ASSOCIATE MEMBERS<br />
LTT RESEARCH LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pohjoinen rautatiekatu 21 B, 00100 Helsinki,<br />
Finland<br />
+358 9 4313 8570<br />
+358 9 408 417<br />
ltt@hkkk.fi<br />
forename.surname@hkkk.fi<br />
www.ltt-tutkimus.fi<br />
1938<br />
30<br />
Dr. Mika Vaihekoski<br />
LTT Research Ltd (LTT) is an applied business studies oriented research company owned by<br />
the Helsinki School of Economics (HSE). LTT enhances the activities of its clients through<br />
information based on research and innovations. We are experts in practical knowledge intensive<br />
research and consulting projects. We work closely with our clients to understand their needs<br />
and to find out new value-creating solutions.<br />
LUOSTARINEN METTÄLÄ RÄIKKÖNEN ATTORNEYS-AT-LAW LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Mannerheimintie 14 B, 9 th floor, 00100 Helsinki,<br />
Finland<br />
+358 9 586 0100<br />
+358 9 586 01060<br />
mail@lmrlaw.fi<br />
forename.surname@lmrlaw.fi<br />
www.lmrlaw.fi<br />
1997<br />
25<br />
Mr. Jukka Luostarinen<br />
Legal services, especially in business law. Key areas of expertise: Mergers and acquisitions,<br />
EU and national competition law, banking, finance and securities markets, business adviso<strong>ry</strong><br />
services incl. dispute resolution.<br />
132
ASSOCIATE MEMBERS<br />
MARSH OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Ahventie 4 B, 02170 Espoo, Finland<br />
+358 9 8677 4200<br />
+358 9 8677 4299<br />
forename.surname@marsh.com<br />
www.marsh.com<br />
1992<br />
38<br />
Ms. Johanna Kattelus, Practice Leader, Private<br />
Equity and M&A Practice<br />
Marsh’s Private Equity and M&A Practice is a dedicated team providing risk and insurance<br />
advice to the M&A community. Our European team – over 72 professionals in 14 countries<br />
– has unrivalled experience, having advised on 800+ deals in the last 3 years.<br />
Services include:<br />
• Risk & insurance due diligence<br />
• Transactional risk solutions<br />
• Post-acquisition insurance placement and risk management strategies<br />
• Management liability insurance<br />
MERASCO CAPITAL LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Mannerheimintie 8, 8 th fl., 00100 Helsinki, Finland<br />
+358 9 6129 670<br />
+358 9 6129 6710<br />
see web<br />
forename.surname@merasco.com<br />
www.merasco.com<br />
1997<br />
12<br />
Mr. Mikael Planting<br />
Mr. Karin von Wendt<br />
Merasco’s mission is to increase shareholder value for its clients through mergers and<br />
acquisitions and other investment banking services by combining independent corporate<br />
finance, strategic and industrial know-how through direct mandates, often in close operation<br />
with private equity funds.<br />
Merasco’s core services are:<br />
• Mergers, acquisitions and restructuring<br />
• Private placements and debt financing<br />
• Strategic issues in M&A and restructuring<br />
• Valuation, analysis and research.<br />
Merasco is part of the worldwide M&A International mergers and acquisitions network.<br />
M&A International offers the third largest network of M&A advisors in the world.<br />
133
ASSOCIATE MEMBERS<br />
MERCURI BUSINESS PARTNER OY<br />
Contact information<br />
Address<br />
Telephone No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Temppelikatu 4A, 00100 Helsinki, Finland<br />
+ 358 9 406 487<br />
ismo.peltomaki@mercuri.fi<br />
forename.surname@mercuri.fi<br />
www.mbp.fi<br />
2004<br />
7<br />
Mr. Ismo Peltomäki, Senior Partner<br />
Management consultants and advisors; Merger & acquisition processes; Business Due<br />
Diligence; Strategy Audit; International operations; Strategy processes; Change management<br />
MERCURI URVAL<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Mannerheimintie 15 A, 00260 Helsinki, Finland<br />
+358 207 420 500<br />
+358 207 420 509<br />
contact.fi@mercuriurval.com<br />
forename.surname@mercuriurval.com<br />
www.mercuriurval.com<br />
1967<br />
800<br />
Mr. Carl-Magnus Westermarck, MD<br />
Mercuri Urval matches key people with the strategic needs of our clients. We work with you to<br />
identify, develop and acquire the capabilities you need to make your strategies work.<br />
We help address and answer four key questions:<br />
- What capabilities do you need?<br />
- What capabilities do you have?<br />
- What capabilities can you develop?<br />
- What capabilities do you need to acquire?<br />
We help to clarify the link between your future needs and essential people capabilities, to utilise<br />
your existing people most effectively and to recruit strategically. Our integrated approach will<br />
enable you to address, with confidence, both short term issues and long term comptitiveness.<br />
Each year we appraise more than 50,000 people for 5,000 clients globally, from corporate multinationals<br />
to venture capital-backed enterprises to public organisations.<br />
134
ASSOCIATE MEMBERS<br />
MUTUAL INSURANCE COMPANY PENSION FENNIA<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Kansakoulukuja 1, 00100 Helsinki, Finland<br />
+ 358 10 5031<br />
+ 358 10 503 7711<br />
tatu.hemmo@fennia.fi<br />
forename.surname@fennia.fi<br />
www.elake-fennia.fi<br />
1998<br />
220<br />
Mr. Tatu Hemmo<br />
MÄKITALO RÄMÖ & LTD., ATTORNEYS-AT-LAW<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Eteläesplanadi 18, 00130 Helsinki, Finland<br />
+358 9 684 4410<br />
+358 9 6844 4141<br />
attorneys@makitalo.fi<br />
forename.surname@makitalo.fi<br />
1989<br />
20<br />
Mr. Risto Rämö, Senior Partner,<br />
Managing Director<br />
Full service law firm in domestic and foreign business law matters like M & A, Contracts, IPR,<br />
Company Law, Competition Law, Finance Law, Real Estates & Building Law, Labour Law,<br />
ICT, Environmental Law Biotech and Gene Technology, EU Law, Litigation, Arbitration and ADR,<br />
Taxation etc.<br />
135
ASSOCIATE MEMBERS<br />
NORDEA BANK FINLAND PLC<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Contact persons<br />
Satamaradankatu 5, Helsinki, 00020 NORDEA,<br />
Finland<br />
+358 9 1651<br />
+358 9 1655 2162<br />
forename.surname@nordea.com<br />
www.nordea.fi<br />
Mr. Jari Lindholm, Nordea Acquisition Finance<br />
Mr. Jouni Manelius, Nordea Retail Branch Network<br />
Mr. Pentti Mansukoski, Nordea Corporate Finance<br />
Nordea Bank is the largest commercial bank in the Nordic countries with a branch network<br />
throughout the region.<br />
Nordea provides senior and subordinated financing including capital loans, convertible bond<br />
loans and bond loans with warrants for comprehensive financial solutions for M&A’s, change-ofgeneration<br />
and expansion of operations.<br />
Nordea has a special Acquisition Finance unit, with offices in all Nordic capitals, focusing on<br />
financing of public to private transactions, large management and leverage buy-out transactions.<br />
The unit provides senior, second lien and mezzanine financing.<br />
Nordea has also a separate Corporate Finance unit specialized in advising the different parties<br />
in the transactions.<br />
NORDIC ADVISER GROUP<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Eteläesplanadi 24, 00130 Helsinki, Finland<br />
+358 9 6126 610<br />
+358 9 6126 6126<br />
info@nag.fi<br />
forename.surname@nag.fi<br />
www.nag.fi<br />
1998<br />
20<br />
Mr. Kalle Heikkinen, Kalle.Heikkinen@nag.fi<br />
NAG is focused on serving owners, boards and top management in strategic analyses and<br />
implementation. We also support our clients in valuations, feasibility analyses and strategy<br />
driven transactions.<br />
136
ASSOCIATE MEMBERS<br />
PAPULA-NEVINPAT<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
P.O. Box 981, Mechelininkatu 1A, 00101 Helsinki,<br />
Finland<br />
+358 9 348 0060<br />
+358 9 3480 0630<br />
papula@papula-nevinpat.com<br />
forename.surname@papula-nevinpat.com<br />
www.papula-nevinpat.com<br />
1975<br />
70<br />
Mr. Markku Simmelvuo, Managing Director<br />
Papula-Nevinpat is a patent and trademark agency protecting clients’ rights all over the world.<br />
We have a total of nine offices in Finland, Russia, Ukraine, Belarus, Kazakhstan and Uzbekistan.<br />
We are authorized representatives before European Patent Office (EPO), OHIM and Eurasian<br />
Patent Office (EAPO). Our services include: Applications for industrial property rights: patents,<br />
trademarks, registered designs, utility models, integrated circuits, supplementa<strong>ry</strong> protection<br />
certificates, patent term extensions. Consultation and guidance: e.g. in problem situations<br />
(infringements, pirates etc.), in drawing up strategies for industrial property rights. Technology<br />
review: for assessing industrial property right portfolios, technology due diligence, auditing<br />
of industrial property rights assets, competitor analyses and monitoring, mapping of known<br />
technology.<br />
PRICEWATERHOUSECOOPERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
P.O. Box 1015, (Itämerentori 2), 00101 Helsinki,<br />
Finland<br />
+358 9 22 800<br />
+358 9 2280 1230<br />
forename.surname@fi.pwc.com<br />
www.pwc.com/fi<br />
1954<br />
480<br />
Mr. Mika Kaarisalo; Ms. Eija Kuittinen;<br />
Mr. Mikko Reinikainen<br />
With over 120.000 professionals, PricewaterhouseCoopers is one of the largest professional<br />
organisation in the world operating in more than 139 countries. Also in Finland we are the<br />
leading experts. Our service sectors are:<br />
Assurance and Business Adviso<strong>ry</strong> Services (ABAS): We have 11 local offices with a total<br />
of 360 professionals working in Assurance and Business Adviso<strong>ry</strong> Services. Our services are<br />
assurance, risk management solutions and transaction services. Financial due diligence survey<br />
is the main service area of transaction services.<br />
Tax and legal services (TLS): Our tax department employs 60 tax experts dealing with corporate<br />
and natural person income taxation and VAT questions.<br />
Corporate Finance: We have 25 Corporate Finance professionals. Our services are evaluations,<br />
mergers and acquisitions, business line arrangements, MBO/MBI-operations and privatisations.<br />
137
ASSOCIATE MEMBERS<br />
PRIME TECHNOLOGY VENTURES<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
P.O. Box 260, 1180 AG Amstelveen,<br />
The Netherlands<br />
+31 20 3300650<br />
+31 20 3300651<br />
info@ptv.com<br />
forename@ptv.com<br />
www.ptv.com<br />
1999<br />
8<br />
Mr. Pekka Roine<br />
Mr. Sake Bosch<br />
Prime is one of Europe’s premier independent venture capital management companies, with<br />
over €100M under management. Prime invests in early-stage, growth-stage and later-stage<br />
fundamental technology companies in the wireless, Internet and communications hardware and<br />
software markets. Prime has a highly selective investment approach, with a strong geography<br />
focus in Benelux, Nordic, and the UK.<br />
PROMAN OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Korkeavuorenkatu 30 A, 3 th floor, 00130 Helsinki,<br />
Finland<br />
+358 9 6120 260<br />
+358 9 6120 2650<br />
lars.wikholm@proman.fi<br />
forename.surname@proman.fi<br />
www.proman.fi & www.imap.com<br />
1988<br />
6<br />
Mr. Lars Wikholm<br />
ProMan is one of the leading mid-market M & A advisors in Finland. We execute both sales and<br />
buy mandates both in Finland and internationally. ProMan is an exclusive Finnish member of<br />
the global International Network of M & A Partners, www.imap.com , with offices in over 30<br />
countries.<br />
138
ASSOCIATE MEMBERS<br />
RAY & BERNDTSON<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Bulevardi 5A, 00120 Helsinki, Finland<br />
+ 358 9 607 300<br />
+ 358 9 680 1390<br />
finn.wardi@rayberndtson.com<br />
forename.surname@rayberndtson.com<br />
www.rayberndtson.com<br />
1965<br />
1<br />
Mr. Finn Wardi<br />
Ray & Berndtson is a premier top 10 globally international executive search firm, specializing in<br />
recruiting services for top-level executives. An executive search firm distinguished by superior<br />
client service, Ray & Berndtson understands that leadership capital is the prime source of<br />
competitive advantage. Our professionals deliver leadership in the automotive, business and<br />
professional services, consumer products and services, e-business, energy and utilities, financial<br />
services, healthcare and life sciences, industrial products and services, education/not-for-profit,<br />
and technology industries.<br />
ROSCHIER HOLMBERG, ATTORNEYS LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Keskuskatu 7 A, 00100 Helsinki, Finland<br />
+358 20 506 6000<br />
+358 20 506 6100<br />
roschier@roschier.com<br />
forename.surname@roschier.com<br />
www.roschier.com<br />
1936<br />
approx. 210<br />
Mr. Mika Alanko<br />
Mr. Ulf-Henrik Kull<br />
Mr. Kaj Swanljung<br />
Mr. Jon Unnérus<br />
Roschier Holmberg, Attorneys Ltd. employing approximately 120 lawyers provides a full range of<br />
legal services in all fields of corporate and business law for domestic and international clients.<br />
The firm offers its clients a tailored service concept adapted to the client’s requirements and<br />
development phase. In addition to its Finnish offices the firm operates in Stockholm, Sweden<br />
and is a member of RoschierRaidla, a cross-border operation of approximately 190 lawyers in<br />
five jurisdictions.<br />
139
ASSOCIATE MEMBERS<br />
SPINVERSE CONSULTING OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Innopoli 2, Tekniikantie 14, 02150 Espoo, Finland<br />
+358 40 545 0008<br />
+358 9 2517 2202<br />
pekka.koponen@spinverse.com<br />
forename.surname@spinverse.com<br />
www.spinverse.com<br />
2004<br />
ASSOCIATE MEMBERS<br />
STARIA OYJ<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Bulevardi 6 A, 00120 Helsinki, Finland<br />
+358 42 442 2000<br />
+358 42 442 2244<br />
juha.tommila@staria.fi<br />
forename.surname@staria.fi<br />
www.staria.fi<br />
2003<br />
approximately 30<br />
Mr. Juha Tommila<br />
Staria Oyj is an independent finnish company that operates in the field of Financial Department in<br />
Scandinavia. Staria designs, builds and takes care of the target company´s Financial Department.<br />
The concept is unique and creates a new form of value chain within the Financial Department.<br />
The services comprise of all the tasks that the company´s Financial Department performs under<br />
supervision by the CFO. The Financial Management services are effective, process-oriented and<br />
integrated with reliable IT-solutions.<br />
Staria Inhouse Financial Department integrates deeply with the customer´s business processes.<br />
Staria Inhouse Express services ensure rapid implementation of necessa<strong>ry</strong> financial processes<br />
and functions.<br />
TAPIOLA GENERAL MUTUAL INSURANCE COMPANY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Number of Employees<br />
Contact persons<br />
FIN-02010 Tapiola (Revontulentie 7, Espoo), Finland<br />
+358 9 4531<br />
+358 9 453 3201<br />
riitta.naaralainen-vallila@tapiola.fi<br />
forename.surname@tapiola.fi<br />
www.tapiola.fi<br />
over 2400 (Tapiola Group)<br />
Ms. Riitta Naaralainen-Vallila<br />
Tapiola General is a mutual insurance company owned by its customers. Tapiola General is<br />
part of Tapiola Group which comprises of four insurance companies and an asset management<br />
company, a fund management company and a bank.<br />
141
ASSOCIATE MEMBERS<br />
TECHNOPOLIS VENTURES OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Tekniikantie 21, 02150 Espoo, Finland<br />
+358 9 2517 5365<br />
+358 9 455 3117<br />
ventures@technopolis.fi<br />
forename.surname@technopolis.fi<br />
www.technopolis.fi/ventures/<br />
1985<br />
21<br />
Mr. Tuomas Maisala, Director, Incubation Services<br />
Mr. Keith Silverang, CEO<br />
Technopolis Ventures Ltd is the largest high-tech<br />
business incubator in Finland and a non-profit subsidia<strong>ry</strong> of Technopolis Group.<br />
Technopolis Ventures Ltd provides business development services that support the growth<br />
and internationalization of high technology and knowledge based start-ups. The company is<br />
based in Otaniemi, Espoo, and has over 100 clients.<br />
TEKES, FINNISH FUNDING AGENCY FOR TECHNOLOGY AND INNOVATION<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
P.O. Box 69, 00101 Helsinki, Finland<br />
Visiting Address: Kyllikinportti 2<br />
+358 1060 55000<br />
+358-9-694 9196<br />
tekes@tekes.fi<br />
forename.surname@tekes.fi<br />
www.tekes.fi<br />
1983<br />
270<br />
Mr. Ilkka Koivumäki<br />
Tekes, the finnish Funding Agency for Technology and Innovation is the main public funding<br />
organisation for research and development (R&D) and innovation in Finland. Tekes funds industrial<br />
projects as well as projects in research organisations, and especially promotes innovative, riskintensive<br />
projects. Tekes offers partners from abroad a gateway to the key technology players<br />
in Finland. The funds, annually approximately EUR 437 million are awarded from the state<br />
budget.<br />
142
ASSOCIATE MEMBERS<br />
TUTOR PARTNERS OY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Biokatu 10, 33520 Tampere, Finland<br />
Pohjoisesplanadi 33, 00100 Helsinki, Finland<br />
+358 10 548 0800<br />
+358 10 548 0810<br />
info@tutorpartners.com<br />
forename.surname@tutorpartners.com<br />
www.tutorpartners.com<br />
2004<br />
4<br />
Mr. Heikki Nuutila, Managing Director<br />
Mr. Pekka Sillanaukee, Chairman of the Board<br />
Tutor Partners is a Finnish Corporate Finance and adviso<strong>ry</strong> service company. Our Clients include<br />
technology growth companies, medium sized indust<strong>ry</strong> and service companies and Investors<br />
and Financiers.<br />
Services for Companies:<br />
• Private placement (equity) etc. services,<br />
• Transaction services: M&A, Change of Generation, Trade Sales / Leveraged Buyouts<br />
• Other services: Strategy & Business Planning, Investor contact networking<br />
Investors:<br />
• Gateway for Attractive Investment Opportunities in Finland<br />
• Company Transaction Services<br />
• M&A<br />
• Trade sale services<br />
• Leveraged buyouts<br />
Public Sector/Investors:<br />
• Geographic and Sector Partnerships<br />
• Development of Business Opportunities<br />
VARMA MUTUAL PENSION INSURANCE COMPANY<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Contact persons<br />
Pension insurance services<br />
Annankatu 18, 00098 Varma, Finland<br />
+358 10 51 513<br />
+358 10 514 5068<br />
forename.surname@varma.fi<br />
www.varma.fi<br />
1984<br />
Mr. Tero Pesonen<br />
Mr. Risto Autio<br />
143
ASSOCIATE MEMBERS<br />
VENCAP VENTURE CAPITAL LTD<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pohjoisesplanadi 21 B, 00100 Helsinki, Finland<br />
+358 9 677 602<br />
+358 10 290 3000<br />
andreas.stenius@vencap.fi<br />
forename.surname@vencap.fi<br />
www.vencap.fi<br />
1998<br />
1<br />
Mr. Andreas Stenius<br />
Consultancy and venture capital services for small companies based in Finland<br />
VENTURE CUP FINLAND<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Pohjoinen Rautatiekatu 21 B, 00100 Helsinki,<br />
Finland<br />
+358 9 4313 9721<br />
+358 9 4313 9725<br />
info@venturecup.fi<br />
forename.surname@venturecup.fi<br />
www.venturecup.fi<br />
2001<br />
5<br />
Ms. Anne Sormunen<br />
Venture Cup Finland as a three-stage business plan competition for aspiring growth companies<br />
brings together the best business ideas from universities, polytechnics, institutes and<br />
technology centers. During the three stages of the competition participating teams go through<br />
a demanding process of education, coaching and screening, developing their business ideas<br />
into complete business plans with a clear focus. Venture Cup facilitates the birth of innovative<br />
growth companies and links the start-up teams, investors and entrepreneurial support network<br />
in Finland.<br />
144
ASSOCIATE MEMBERS<br />
WASELIUS & WIST<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
E-mail Address for General Enquiries<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Eteläesplanadi 24 A, 00130 Helsinki, Finland<br />
+358 9 668 9520<br />
+358 9 668 95222<br />
ww@ww.fi<br />
forname.surname@ww.fi<br />
www.ww.fi<br />
1997<br />
Some 20 fee-earners<br />
Ms. Tarja Wist<br />
Mr. Mikko Eerola<br />
Mr. Timo Sipi<br />
Waselius & Wist is one of the leading commercial law firms in Finland committed to providing<br />
legal services of outstanding quality from a business-minded solutions seeking perspective. The<br />
firm provides a full range of services in all fields of commercial law, with particular emphasis on<br />
capital markets, mergers and acquisitions, property investment, EU and competition law and<br />
dispute resolution.<br />
WHITE & CASE<br />
Contact information<br />
Address<br />
Telephone No<br />
Fax No<br />
Format of personal E-mail Addresses<br />
Web Address<br />
Company Information<br />
Year of Establishment<br />
Number of Employees<br />
Contact persons<br />
Eteläranta 14, 00130 Helsinki, Finland<br />
+358 9 228 641<br />
+358 9 2286 4228<br />
firstinitiallastname@whitecase.com<br />
www.whitecase.com<br />
1901<br />
1900<br />
Mr. Risto Ojantakanen<br />
Mr. Timo Airisto<br />
White & Case is one of the largest international law firms in the world. The Helsinki office of<br />
the firm was established in 1992 and focuses on complex M&A, capital markets and finance<br />
transactions. Our clients include leading international and Finnish private equity investors,<br />
investment banks and corporations. The Helsinki office is currently staffed with 18 lawyers.<br />
145
146<br />
NATIONAL ASSOCIATIONS
NATIONAL ASSOCIATIONS<br />
NATIONAL ASSOCIATIONS<br />
147
NATIONAL ASSOCIATIONS<br />
EUROPA<br />
EVCA (European Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Javier Echarri<br />
Telephone: +32 2 715 00 20<br />
Fax: +32 2 725 07 04<br />
E-Mail: evca@evca.com<br />
Website: www.evca.com<br />
AUSTRIA<br />
AVCO ( Austrian Private Equity and Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Thomas Jud<br />
Telephone: +43 1 526 38 050<br />
Fax: +43 1 526 38 05 10<br />
E-mail: office@avco.at<br />
Website: www.avco.at<br />
BELGIUM<br />
BVA (Belgian Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Peter Van den Brande<br />
Telephone: + 32 3 297 10 21<br />
Fax: +32 3 297 10 23<br />
E-mail: info@bva.be<br />
Website: www.bva.be<br />
CZECH REPUBLIC<br />
CVCA (Czech Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Petra Kursóva<br />
Telephone: +420 224 235 399<br />
Fax: +420 224 239 424<br />
E-mail: info@cvca.cz<br />
Website: www.cvca.cz<br />
DENMARK<br />
DVCA (Danish Venture Capital and Private Equity Association)<br />
Secreta<strong>ry</strong> General: Id Bøghave<br />
Telephone: +45 7225 5619<br />
Fax: +45 3391 1838<br />
E-mail: dvca@dvca.dk<br />
Website: www.dvca.dk<br />
148
NATIONAL ASSOCIATIONS<br />
FRANCE<br />
AFIC (Association Francaise des Investisseurs en Capital)<br />
Secreta<strong>ry</strong> General: Dominique Nicolas<br />
Telephone: +33 1 47 20 99 09<br />
Fax: +33 1 47 20 97 48<br />
E-mail: info@afic.asso.fr<br />
Website: www.afic.asso.fr<br />
GREAT-BRITAIN<br />
BVCA (British Venture Capital Association)<br />
Chief Executive: Peter Lithwaite<br />
Telephone: +44 20 7025 2950<br />
Fax: +44 20 7025 2951<br />
E-mail: bvca@bvca.co.uk<br />
Website: www.bvca.co.uk<br />
GERMANY<br />
BVK (German Private Equity and Venture Capital Association)<br />
Managing Director: Holger Fromann<br />
Telephone: +49 30 30 69 820<br />
Fax: +49 30 30 69 82 20<br />
E-mail: bvk@bvk-ev.de<br />
Website: www.bvk-ev.de<br />
HUNGARY<br />
HVCA (Hungarian Venture Capital and Private Equity Association)<br />
President: Julian Tzvetkov<br />
Telephone: +36 1 475 0924<br />
Fax: +36 1 475 0925<br />
E-mail: hvca@hvca.hu<br />
Website: www.hvca.hu<br />
IRELAND<br />
IVCA (Irish Venture Capital Association)<br />
Director General: Regina Breheny<br />
Telephone: +353 1 276 46 47<br />
Fax: +353 1 274 59 15<br />
E-mail: administrator@ivca.ie<br />
Website: www.ivca.ie<br />
149
NATIONAL ASSOCIATIONS<br />
ITALY<br />
AIFI (Italian Private Equity and Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Anna Gervasoni<br />
Telephone: +39 02 760 75 31<br />
Fax: +39 02 763 980 44<br />
E-mail: info@aifi.it<br />
Website: www.aifi.it<br />
THE NETHERLANDS<br />
NVP (Nederlandse Veregning van Participatiemaatschhappijen)<br />
Secreta<strong>ry</strong> General: Tjarna D. Molenaar<br />
Telephone: +31 20 571 2270<br />
Fax: +31 20 670 8308<br />
E-mail: info@nvp.nl<br />
Website: www.nvp.nl<br />
NORWAY<br />
NVCA (Norwegian Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Knut Traaseth<br />
Telephone: +47 226 03 040<br />
E-mail: knut.traaseth@nvca.no<br />
Website: www.norskventure.no<br />
POLAND<br />
PPEA (Polish Private Equity Association)<br />
Secreta<strong>ry</strong> General: Barbara Nowakowska<br />
Telephone: +48 22 458 84 30<br />
Fax: +48 22 458 85 55<br />
E-mail: psik@ppea.org.pl<br />
Website: www.psik.org.pl<br />
PORTUGAL<br />
APCRI (Associacão Portuguesa de Capital de Risco)<br />
Secreta<strong>ry</strong> General: Paolo Gaetano<br />
Telephone: +351 21 353 67 49<br />
Fax: +351 21 353 67 52<br />
E-mail: geral@apcri.pt<br />
Website: www.apcri.pt<br />
150
NATIONAL ASSOCIATIONS<br />
RUSSIA<br />
RVCA (Russian Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Albina Nikkonen<br />
Telephone: +7 812 326 61 80<br />
Fax: +7 812 326 61 80<br />
E-mail: rvca@rvca.ru<br />
Website: www.rvca.ru<br />
SPAIN<br />
ASCRI (Asociacion Española de Capital Inversión)<br />
Secreta<strong>ry</strong> General: Dominique Barthel<br />
Telephone: +34 91 411 96 17<br />
Fax: +34 91 562 65 71<br />
E-mail: ascri@mad.servicom.es<br />
Website: www.ascri.org<br />
SLOVAKIA<br />
SLOVKA (Slovak Venture Capital Association)<br />
Telephone: +386 2 5710 02 00<br />
Fax: +386 2 5273 13 23<br />
E-mail: saef@saef.sk<br />
Website: www.saef.sk<br />
SLOVENIA<br />
SLEVCA (Slovenian Venture Capital Association)<br />
Secreta<strong>ry</strong> General: Jaka Vadnjal<br />
Telephone: +386 1 530 98 09<br />
Fax: +386 1 589 18 18<br />
E-mail: info@slevca.org<br />
Website: www.slevca.com<br />
SWEDEN<br />
SVCA (Swedish Private Equity & Venture Capital Association)<br />
CEO: Tom Berggren<br />
Telephone: +46 8 678 30 90<br />
Fax: +46 8 678 40 90<br />
E-mail: info@vencap.se<br />
Website: www.vencap.se<br />
151
NATIONAL ASSOCIATIONS<br />
SWITZERLAND<br />
SECA (Swiss Private Equity & Corporate Finance Association)<br />
Contact person: Maurice Pedergana<br />
Telephone: +41 41 724 65 75<br />
Fax: +41 41 724 65 50<br />
E-mail: info@seca.ch<br />
Website: www.seca.ch<br />
OTHER<br />
Australian Venture Capital Association www.avcal.com.au<br />
Brazilian Venture Capital Association www.abcr-venture.com.br<br />
Canadian Venture Capital Association www.cvca.ca<br />
China Venture Capital Association www.cvca.com.hk<br />
Hong Kong www.hkvca.com.hk<br />
Indian Venture Capital Association www.indiavca.org<br />
Israel Venture Association www.iva.co.il<br />
Korean Venture Capital Association www.kvca.or.kr<br />
Malaysian Venture Capital Association www.mvca.org.my<br />
New Zealand Venture Capital Association www.nzvca.co.nz<br />
Philippines www.philvencap.com<br />
Singapore www.svca.org.sg<br />
South African Venture Capital Association www.savca.co.za<br />
Taiwan Venture Capital association www.tvca.org.tw<br />
Thailand Venture Capital Association www.venturecapital.or.th<br />
Turkish Venture Capital Association www.turkvca.org<br />
U.S. National Venture Capital Association www.nvca.org<br />
U.S. Emerging Markets Private Equity Association www.empea.net<br />
152
NATIONAL ASSOCIATIONS<br />
Roschier Holmberg, as a leading law firm in Northern<br />
Europe operates in the international marketplace. The firm’s<br />
clients include leading domestic and international corporations,<br />
financial service and insurance institutions, investors,<br />
growth and other private companies with international<br />
operations, as well as governmental authorities.<br />
To succeed in<br />
Northern Europe<br />
… rely on someone<br />
who is already there.<br />
As a member of RoschierRaidla, a cross-border operation<br />
of approximately 200 lawyers in five jurisdictions including<br />
Roschier Holmberg in Finland and in Sweden, Raidla &<br />
Partners in Estonia, Lejins, Torgans & Partners in Latvia and Norcous & Partners in Lithuania,<br />
the firm offers cross-border solutions based on uniform quality and best practices of international<br />
standard by premier law firms in each jurisdiction.<br />
Please visit www.roschier.com and www.roschierraidla.com<br />
for more information.<br />
153
154<br />
INDEX OF PERSONS
INDEX OF PERSONS<br />
INDEX OF PERSONS<br />
155
INDEX OF PERSONS<br />
A<br />
Aho<br />
Ahonen<br />
Ahtikari<br />
Ahvenniemi<br />
Airisto<br />
Alanko<br />
Albertsen<br />
Anthoni<br />
Antila<br />
Anttila<br />
Arlander<br />
Autere<br />
Autio<br />
Autio-Begley<br />
Esko<br />
Seppo<br />
Juha-Pekka<br />
Sami<br />
Timo<br />
Mika<br />
Henrik<br />
Peter<br />
Lauri<br />
Olli<br />
Helena<br />
Jussi<br />
Risto<br />
Tiina<br />
Sitra<br />
Helmet Business Mentors Oy<br />
Heidrick & Struggles<br />
Conor Venture Partners Oy<br />
White & Case<br />
Roschier Holmberg, Attorneys Ltd<br />
Nordic Venture Partners<br />
Bützow Nordia Advocates<br />
Head Industrial Partner Oy<br />
Sponsor Capital Oy<br />
Finnish Fund for Industrial Cooperation Ltd (FINNFUND)<br />
Gearshift Group Oy<br />
Varma Mutual Pension Insurance Company<br />
Howden Insurance Brokers<br />
B<br />
Becker<br />
Beuchert<br />
Birkmand<br />
Blomqvist<br />
Borg<br />
Borgström<br />
Bosch<br />
Bouix<br />
Buch Lund<br />
Burmeister<br />
Bützow<br />
Kai<br />
Joergen<br />
Thor<br />
Berndt<br />
Peter<br />
Johan<br />
Sake<br />
Jerome<br />
Peter<br />
Sebastian<br />
Peter<br />
Ahlström Capital Oy<br />
HSH Nordbank Helsinki Branch<br />
Nordic Growth Oy<br />
Helmet Business Mentors Oy<br />
Amanda Capital Plc<br />
Ahlström Capital Oy<br />
Prime Technology Ventures<br />
Capman Capital Management Oy<br />
Capman Capital Management Oy<br />
Ahlström Capital Oy<br />
Sivenius, Suvanto & Co Advocates Ltd<br />
C<br />
Cantell<br />
Carlberg<br />
Cederberg<br />
Collander<br />
Copeland<br />
Aaro<br />
Andreas<br />
Kari<br />
Seppo<br />
Matti<br />
Fenno Mangement Oy<br />
Dittmar & Indrenius<br />
Ahlström Capital Oy<br />
Heimari Oy<br />
Deloitte & Touche Oy<br />
E<br />
Eerola<br />
Ehrnrooth<br />
Erkolahti<br />
Mikko<br />
Robin<br />
Timo<br />
Waselius & Wist<br />
Handelsbanken Capital Markets<br />
Aboaventure Management Oy<br />
156
INDEX OF PERSONS<br />
G<br />
Grundstén<br />
Grönholm<br />
Grönlund<br />
Göthner<br />
Henri<br />
Reijo<br />
Lasse<br />
Robert<br />
Finnish Indust<strong>ry</strong> Investment Ltd<br />
OKO Venture Capital Ltd<br />
Sentica Partners Oy<br />
Nordic Venture Partners<br />
H<br />
Halonen<br />
Hankonen<br />
Hannula<br />
Hara<br />
Hautsalo<br />
Heikkilä<br />
Heikkinen<br />
Heikkinen<br />
Heinilä<br />
Helenius<br />
Hemmo<br />
Hietala<br />
Hietala<br />
Hietalahti<br />
Hietaniemi<br />
Hilli<br />
Hintikka<br />
Hirvonen<br />
Hirvonen<br />
Hoffström<br />
Holmberg<br />
Holming<br />
Holmström<br />
Horelli<br />
Horelli<br />
Houtsonen<br />
Hovi<br />
Huopaniemi<br />
Huttunen<br />
Hyvönen<br />
Hägglund<br />
Häikiö<br />
Höjberg Andersen<br />
Panu<br />
Raija-Leena<br />
Antti<br />
Marko<br />
Matti<br />
Sami<br />
Kalle<br />
Kalle<br />
Olli<br />
Veli-Matti<br />
Tatu<br />
Pekka<br />
Ilkka<br />
Erkki<br />
Pekka<br />
Jyrki<br />
Martti<br />
Tuomas<br />
Petteri<br />
Petter<br />
Tomas<br />
Björn<br />
Kenneth<br />
Edvard<br />
Edvard<br />
Leo<br />
Anti<br />
Risto<br />
Kari<br />
Olli<br />
Kaj<br />
Marko<br />
Claus<br />
EQT Partners Oy<br />
KPMG Oy Ab<br />
ACE Law Oy<br />
Conventum Venture Finance Ltd<br />
Aura Capital Oy<br />
Sponsor Capital Oy<br />
Nordic Adviser Group<br />
The Nordic Adviser Group Ltd<br />
Amanda Capital Plc<br />
Midinvest Management Oy<br />
Mutual Insurance Company Pension Fennia<br />
Sentica Partners Oy<br />
OKO Venture Capital Ltd<br />
Nordic Growth Oy<br />
Nordic Mezzanine Ltd<br />
Conventum Venture Finance Ltd<br />
Innofinance Oy<br />
Helmet Business Mentors Oy<br />
Replicon Oy<br />
Amanda Capital Plc<br />
Hannes Snellman Attorneys-at-Law Ltd<br />
KPMG Oy Ab<br />
Handelsbanken Capital Markets<br />
Ernst & Young Oy<br />
Fairchild Executive Search<br />
Veraventure Oy<br />
OKO Venture Capital Ltd<br />
Veraventure Oy<br />
Sivenius, Suvanto & Co Advocates Ltd<br />
Bützow Nordia Advocates<br />
Sponsor Capital Oy<br />
Finnish Indust<strong>ry</strong> Investment Ltd<br />
Nordic Venture Partners<br />
157
INDEX OF PERSONS<br />
I<br />
Iirola<br />
Iiskola<br />
Iivonen<br />
Ilkka<br />
Ilkka<br />
Immonen<br />
Inborr<br />
Isohaaro<br />
Isokangas<br />
Itälahti<br />
Olli<br />
Hannu<br />
Juhani<br />
Heikki<br />
Heikki<br />
Peter<br />
Jan<br />
Hannu<br />
Pentti<br />
Kari<br />
Attorneys-at-Law Juridia Ltd<br />
Amanda Capital Plc<br />
Emerging Power Partners Ltd<br />
Ernst & Young Oy<br />
Ernst & Young Oy<br />
Nordic Growth Oy<br />
Ahlström Capital Oy<br />
3i Finland<br />
Midinvest Management Oy<br />
Teknoventure Management Oy<br />
J<br />
Jaatinen<br />
Jalonen<br />
Jalonen<br />
Janson<br />
Jauho<br />
Jumppanen<br />
Jåfs<br />
Jänkälä<br />
Heikki<br />
Risto<br />
Risto<br />
Mårten<br />
Ari<br />
Ville<br />
Staffan<br />
Pasi<br />
Hannes Snellman Attorneys-at-Law Ltd<br />
Aboaventure Management Oy<br />
Profita Management Ltd<br />
Castrén & Snellman Attorneys-at-Law Ltd<br />
Proventure Ltd<br />
OKO Venture Capital Ltd<br />
Proventure Ltd<br />
Bio Fund Management Oy Ltd<br />
K<br />
Kaarisalo<br />
Kananen<br />
Kangasluoma<br />
Kantonen<br />
Kariola<br />
Karppinen<br />
Karppinen<br />
Karttunen<br />
Karvonen<br />
Kattelus<br />
Kaukonen<br />
Kemppinen<br />
Kikas<br />
Kivelä<br />
Kivinen<br />
Koivisto<br />
Koivumäki<br />
Koponen<br />
Korpela<br />
Koski-Väänänen<br />
Mika<br />
Hannu<br />
Keijo<br />
Marja<br />
Erkki<br />
Sami<br />
Veijo<br />
Kai<br />
Pia<br />
Johanna<br />
Reijo<br />
Kristian<br />
Kalmer<br />
Merja<br />
Juuso<br />
Heikki<br />
Ilkka<br />
Pekka<br />
Jussi<br />
Helena<br />
PricewaterhouseCoopers Oy<br />
FIM Corporate Finance Oy<br />
Wedeco Management Oy Ab<br />
Midinvest Management Oy<br />
3i Finland<br />
Nexit Ventures Oy<br />
VNT Management Oy<br />
Stratos Ventures Ltd<br />
HSH Nordbank Helsinki Branch<br />
Marsh Oy<br />
Helmet Business Mentors Oy<br />
Industri Kapital<br />
Hanseatic Capital<br />
Castrén & Snellman Attorneys-at-Law Ltd<br />
Sponsor Capital Oy<br />
Helmet Business Mentors Oy<br />
Tekes, National Technology Agency<br />
Spinverse Consulting Oy<br />
OKO Venture Capital Ltd<br />
August Associates Oy<br />
158
INDEX OF PERSONS<br />
Kostamo<br />
Krokfors<br />
Kuittinen<br />
Kull<br />
Kulmala<br />
Kulvik<br />
Kumpulainen<br />
Kuparinen<br />
Kuronen<br />
Kursu<br />
Kuvaja<br />
Kvikant<br />
Ari<br />
Martin<br />
Eija<br />
Ulf-Henrik<br />
Pentti<br />
Pauli<br />
Mikko<br />
Mikko<br />
Olli<br />
Vesa-Pekka<br />
Pentti<br />
Patrik<br />
Sentica Partners Oy<br />
CAG - Corporate Advisor Group Oy<br />
PricewaterhouseCoopers Oy<br />
Roschier Holmberg, Attorneys Ltd<br />
Helmet Business Mentors Oy<br />
Helmet Business Mentors Oy<br />
Helmet Business Mentors Oy<br />
Sentica Partners Oy<br />
Emerging Power Partners Ltd<br />
Veraventure Oy<br />
Midinvest Management Oy<br />
Heidrick & Struggles<br />
L<br />
Laine<br />
Lampinen<br />
Lappalainen<br />
Laube-Pohto<br />
Lehdonvirta<br />
Lehikoinen<br />
Lehikoinen<br />
Lehtola<br />
Lenni-Taattola<br />
Leppänen<br />
Lewis<br />
Levänen<br />
Liimatainen<br />
Liitola<br />
Lindfors<br />
Lindholm<br />
Lindquist<br />
Lukkariniemi<br />
Lumme<br />
Lumme-Timonen<br />
Luostarinen<br />
Lymysalo<br />
Petri<br />
Sami<br />
Matti<br />
Seppo<br />
Herkko<br />
Timo<br />
Pertti<br />
Juha<br />
Juho<br />
Jyrki<br />
Catherine<br />
Turo<br />
Eero<br />
Olli<br />
Juha<br />
Jari<br />
Einar<br />
Ilkka<br />
Eero<br />
Annareetta<br />
Jukka<br />
Mari<br />
Veraventure Oy<br />
Holtron Ventures Ltd<br />
Sentica Partners Oy<br />
Midinvest Management Oy<br />
Emerging Power Partners Ltd<br />
Garantia Insurance Company Ltd<br />
Profita Management Ltd<br />
Aura Capital Oy<br />
Hammarström Puhakka Partners<br />
Handelsbanken Capital Markets<br />
Proventure Ltd<br />
Proventure Ltd<br />
Sentica Partners Oy<br />
Capman Capital Management Oy<br />
EQT Partners Oy<br />
Nordea Bank Finland Plc<br />
EQVITEC Partners Oy<br />
Teknoventure Management Oy<br />
Deloitte & Touche Oy<br />
3i Finland<br />
Luostarinen Mettälä Räikkönen Oy, Attorneys-at-Law<br />
Innofinance Oy<br />
M<br />
Maisala<br />
Makkonen<br />
Mali<br />
Manelius<br />
Mansukoski<br />
Tuomas<br />
Jarmo<br />
Mikko<br />
Jouni<br />
Pentti<br />
Technopolis Ventures Oy<br />
Attorneys-at-Law Krogerus & Co. Oy<br />
Attorneys-at-Law Krogerus & Co. Oy<br />
Nordea Bank Finland Plc<br />
Nordea Bank Finland Plc<br />
159
INDEX OF PERSONS<br />
Marjomaa<br />
Marjosola<br />
Matikkala<br />
Mayr<br />
McDonald<br />
Mertsola<br />
Mielck<br />
Miettinen<br />
Mikander<br />
Mikkola<br />
Mikkola<br />
Mukka<br />
Myllyneva<br />
Mäkinen<br />
Mäkinen<br />
Tuulikki<br />
Juha<br />
Timo<br />
Anton W.<br />
Laurence<br />
Matti<br />
Janne<br />
Heikki<br />
Henrik<br />
Juha-Matti<br />
Juha<br />
Raila<br />
Petri<br />
Seppo<br />
Jukka<br />
Teknoventure Management Oy<br />
Finnish Indust<strong>ry</strong> Investment Ltd<br />
KPMG Oy Ab<br />
Stratos Ventures Ltd<br />
Nordic Venture Partners<br />
MB Funds<br />
Orienteq Capital Oy<br />
Innofinance Oy<br />
Ahlström Capital Oy<br />
Aboaventure Management Oy<br />
EQVITEC Partners Oy<br />
Head Industrial Partner Oy<br />
EQT Partners Oy<br />
Bio Fund Management Oy Ltd<br />
EQVITEC Partners Oy<br />
N<br />
Naaralainen-Vallila<br />
Naukkarinen<br />
Niemelä<br />
Niemi<br />
Niemi<br />
Niiva<br />
Nummenpää<br />
Nurmio<br />
Nuutila<br />
Närhi<br />
Riitta<br />
Arto<br />
Ulla<br />
Petri<br />
Tapio<br />
Eero<br />
Tero<br />
Pertti<br />
Heikki<br />
Johanna<br />
Tapiola General Mutual Insurance Company<br />
Helmet Business Mentors Oy<br />
Proventure Ltd<br />
Capman Capital Management Oy<br />
Privanet Capital Plc<br />
MB Funds<br />
Finantec Oy<br />
EQVITEC Partners Oy<br />
Tutor Partners Oy<br />
Hermia Business Development Ltd<br />
O<br />
Ohmeroluoma<br />
Oila<br />
Ojala<br />
Ojantakanen<br />
Okkonen<br />
Oksanen<br />
Ollila<br />
Orpana<br />
Ritva<br />
Kimmo<br />
Petri<br />
Risto<br />
Vesa<br />
Turkka<br />
Jan<br />
Jyrki<br />
Nordia Management Oy<br />
Attorneys-at-Law Juridia Ltd<br />
Ernst & Young Oy<br />
White & Case<br />
Attorneys-at-Law Krogerus & Co. Oy<br />
Innofinance Oy<br />
Dittmar & Indrenius<br />
Amanda Capital Plc<br />
P<br />
Paasonen<br />
Palin<br />
Palmroth<br />
Palotie<br />
Saija<br />
Samuli<br />
Jussi<br />
Tauno<br />
Deloitte & Touche Oy<br />
Castrén & Snellman Attorneys-at-Law Ltd<br />
VNT Management Oy<br />
Attorneys-at-Law Veikko Palotie & Co<br />
160
INDEX OF PERSONS<br />
Pekkarinen<br />
Pekkinen<br />
Peltomäki<br />
Pentikäinen<br />
Pentikäinen<br />
Pesonen<br />
Petäjä<br />
Pihlajamaa<br />
Piiponniemi<br />
Piipponen<br />
Planting<br />
Pohjakallio<br />
Pohjola<br />
Puhakka<br />
Pursiainen<br />
Puskala<br />
Pykälä<br />
Pöllänen<br />
Erkki<br />
Kaarina<br />
Ismo<br />
Ilkka<br />
Tuomo<br />
Tero<br />
Timo<br />
Pasi<br />
Jari<br />
Eero<br />
Mikael<br />
Timo<br />
Jukka<br />
Hannu<br />
Aarni<br />
Markku<br />
Kalle<br />
Petri<br />
Bio Fund Management Oy Ltd<br />
Teknoventure Management Oy<br />
Mercuri Business Partner Oy<br />
OKO Venture Capital Ltd<br />
Tekel, Finnish Science Park Association<br />
Varma Mutual Pension Insurance Company<br />
Bio Fund Management Oy Ltd<br />
Proventure Ltd<br />
Deloitte & Touche Oy<br />
Profita Management Ltd<br />
Merasco Capital Ltd<br />
Stora Enso Ventures Oy<br />
Research Company Corporate Image Ltd<br />
MB Funds<br />
Fennia<br />
EQVITEC Partners Oy<br />
Orienteq Capital Oy<br />
OKO Venture Capital Ltd<br />
R<br />
Raasio<br />
Ramsay<br />
Rantasaari<br />
Rauhala<br />
Rautiainen<br />
Reilin<br />
Reinikainen<br />
Rekola<br />
Risberg<br />
Roine<br />
Ruohonen<br />
Rusanen<br />
Rytkönen<br />
Rämö<br />
Tuomo<br />
Thomas<br />
Krista<br />
Jukka<br />
Jarmo<br />
Jukka<br />
Mikko<br />
Kimmo<br />
Jonas<br />
Pekka<br />
Juha<br />
Matti<br />
Kari<br />
Risto<br />
Capman Capital Management Oy<br />
Industri Kapital<br />
Finnish Venture Capital Association<br />
Nordic Venture Partners<br />
Baltcap Management Ltd<br />
Attorneys-at-Law Kallioinen, Tolppanen, Salminen Co Oy<br />
PricewaterhouseCoopers Oy<br />
Castrén & Snellman Attorneys-at-Law Ltd<br />
Innovationskapital Nordic Advisors Ab<br />
Conor Venture Partners Oy, Prime Technology Ventures<br />
Conor Venture Partners Oy<br />
Sentica Partners Oy<br />
MB Funds<br />
Mäkitalo Rämö Juutilainen Oy, Attorneys-at-Law<br />
S<br />
Saaranen<br />
Saavalainen<br />
Sadeharju<br />
Saks<br />
Salonen<br />
Salonen<br />
Salonoja<br />
Jarmo<br />
Petri<br />
Vesa<br />
Peeter<br />
Petri<br />
Tuomo<br />
Pekka<br />
VNT Management Oy<br />
Capman Capital Management Oy<br />
3i Finland<br />
Baltcap Management Ltd<br />
Aura Capital Oy<br />
Heidrick & Struggles<br />
Nexit Ventures Oy<br />
161
INDEX OF PERSONS<br />
Sarkamies<br />
Schalin<br />
Schauman<br />
Sillanaukee<br />
Siltala<br />
Silverang<br />
Simmelvuo<br />
Sipi<br />
Sipilä<br />
Siponmaa<br />
Sjöblom<br />
Sjöblom<br />
Sneck<br />
Sonninen<br />
Sormunen<br />
Stelander<br />
Stenholm<br />
Stenius<br />
Still<br />
Ståhlberg<br />
Sundblad<br />
Sundström<br />
Sunila<br />
Suomela<br />
Suominen<br />
Suurmunne<br />
Suutarinen<br />
Swanljung<br />
Sysi-Aho<br />
Sami<br />
Berndt<br />
Holger<br />
Pekka<br />
Tuomas<br />
Keith<br />
Markku<br />
Timo<br />
Samuli<br />
Ari<br />
Asta<br />
Magnus<br />
Seppo<br />
Jari<br />
Anne<br />
Mikael<br />
Eero<br />
Andreas<br />
Mikael<br />
Mika<br />
Hans<br />
Mirja<br />
Pekka<br />
Juhani<br />
Jari<br />
Vesa<br />
Matti<br />
Kaj<br />
Sampsa<br />
Stratos Ventures Ltd<br />
3i Finland<br />
Handelsbanken Capital Markets<br />
Tutor Partners Oy<br />
Privanet Capital Plc<br />
Technopolis Ventures Oy<br />
Papula-Nevinpat<br />
Waselius & Wist<br />
Proventure Ltd<br />
Aura Capital Oy<br />
Finnish Indust<strong>ry</strong> Investment Ltd<br />
Sitra<br />
Midinvest Management Oy<br />
Castrén & Snellman Attorneys-at-Law Ltd<br />
Venture Cup Finland<br />
Stanton Chase International<br />
Sentica Partners Oy<br />
Vencap Venture Capital Oy<br />
Wedeco Management Oy Ab<br />
Attorneys-at-Law Krogerus & Co. Oy<br />
Attorneys-at-Law Peltonen, Ruokonen & Itäinen Oy<br />
MB Funds<br />
Nordic Mezzanine Ltd<br />
MB Funds<br />
Astrea Ltd, Attorneys-at-Law<br />
Nordic Mezzanine Ltd<br />
Sponsor Capital Oy<br />
Roschier Holmberg, Attorneys Ltd<br />
Virtaa Hämeeseen Ky<br />
T<br />
Taivaloja<br />
Tammenaho<br />
Tarjanne<br />
Tirkkonen<br />
Tolppanen<br />
Tolvanen<br />
Tommila<br />
Tulonen<br />
Tuohino<br />
Tuomaala<br />
Tuovinen<br />
Turunen<br />
Tiina<br />
Jorma<br />
Artturi<br />
Timo<br />
Ari<br />
Kari<br />
Juha<br />
Marko<br />
Taina<br />
Heikki<br />
Jari<br />
Matti<br />
Bio Fund Management Oy Ltd<br />
Ilmarinen Mutual Pension Insurance Company<br />
Nexit Ventures Oy<br />
Holtron Ventures Ltd<br />
Capman Capital Management Oy<br />
Sitra<br />
Staria Oyj<br />
Innofinance Oy<br />
HH Partners Attorneys-at-Law<br />
Aboaventure Management Oy<br />
Privanet Capital Plc<br />
EQVITEC Partners Oy<br />
162
INDEX OF PERSONS<br />
Turunen<br />
Tuunala<br />
Tähtinen<br />
Juha<br />
Pentti<br />
Jyrki<br />
Innofinance Oy<br />
Sentica Partners Oy<br />
Attorneys-at-Law Borenius & Kemppinen Ltd<br />
U<br />
Unnérus<br />
Uotila<br />
Jon<br />
Mika<br />
Roschier Holmberg, Attorneys Ltd<br />
Sentica Partners Oy<br />
V<br />
Vaihekoski<br />
Vanha-Honko<br />
Viertola<br />
Virén<br />
Virtanen<br />
Virtanen<br />
Visuri<br />
von Frenckell<br />
von Martens<br />
von Werdt<br />
von Zelowitz<br />
Vähäpassi<br />
Väkeväinen<br />
Väkiparta<br />
Välinen<br />
Mika<br />
Vesa<br />
Kimmo<br />
Asko<br />
Jarkko<br />
Visa<br />
Mauri<br />
Mikael<br />
Samuel<br />
Karin<br />
Per<br />
Tuomo<br />
Unto<br />
Keijo<br />
Vesa<br />
LTT Research Ltd<br />
Capman Capital Management Oy<br />
Finnish Indust<strong>ry</strong> Investment Ltd<br />
Sentica Partners Oy<br />
3i Finland<br />
Midinvest Management Oy<br />
Teknoventure Management Oy<br />
Sponsor Capital Oy<br />
Neomarkka Oyj<br />
Merasco Capital Ltd<br />
Nordic Venture Partners<br />
Hannes Snellman Attorneys-at-Law Ltd<br />
Finnvera Plc<br />
Bio Fund Management Oy Ltd<br />
Finnish Venture Capital Association<br />
W<br />
Wardi<br />
Westerlund<br />
Westermarck<br />
Wikholm<br />
Wist<br />
Finn<br />
Heikki<br />
Carl-Magnus<br />
Lars<br />
Tarja<br />
Ray & Berndtson Oy<br />
Capman Capital Management Oy<br />
Mercuri Urval<br />
Proman Oy<br />
Waselius & Wist<br />
Y<br />
Yli-Tainio<br />
Risto<br />
Nexit Ventures Oy<br />
Ä<br />
Änkilä<br />
Petteri<br />
Amanda Capital Plc<br />
Ö<br />
Örndahl<br />
Jan<br />
Castrén & Snellman Attorneys-at-Law Ltd<br />
163
Finnish Venture Capital Association<br />
World Trade Center Helsinki<br />
Aleksanterinkatu 17, 6th floor<br />
00100 Helsinki, Finland<br />
Tel. +358 9 6969 3300<br />
Fax. +358 9 6969 3303<br />
Email: Iinfo@fvca.fi<br />
www.fvca.fi
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