vuosikirja / yearbook 2007 – 2008 - Suomen pääomasijoitusyhdistys ry

VUOSIKIRJA / YEARBOOK 2007 – 2008SUOMEN PÄÄOMASIJOITUSYHDISTYS RY / THE FINNISH VENTURE CAPITAL ASSOCIATION

VUOSIKIRJA / YEARBOOK 2007–2008SUOMEN PÄÄOMASIJOITUSYHDISTYS RY /THE FINNISH VENTURE CAPITAL ASSOCIATION

yearbook 20072Publisher: Finnish Venture Capital AssociationLayout: Mainostoimisto Synergia OyPrinting house: Punamusta Oy, 2007

SISÄLLYSLUETTELO / TABLE OF CONTENTSAlkusanatSuomen pääomasijoitusyhdistys ryYhdistyksen hallitus ja lakityöryhmäPrefaceThe Finnish Venture Capital AssociationBoard of Directors and Tax and Legal Committee568101113yearbook 2007Tilastotietoja toimialasta 2006The Development of Private Equity Industry in FinlandJäsenhakemistoDirectory of MembersKansalliset yhdistyksetNational AssociationsHenkilöhakuIndex of Persons1521591371413

ESIPUHEVuosi 2006 oli suotuisa pääomasijoittamiselle,onnistumisia ja uusia ennätyksiä koettiinerityisesti irtautumisissa sijoituskohteista.Myös uusien varojen kerääminen rahastoihinjatkui korkealla tasolla. Myönteisiä tuloksiamolemmissa pääomasijoittamisen keskeisissäosa-alueissa voidaan pitää näyttönä toimialankehittyneisyydestä ja terveestä markkinasta.Pääomasjoittaminen voi hyvin myös muuallamaailmassa. Buyout-rahastot ovat keränneetennätysmäisesti pääomia yritysosto- ja yritysjärjestelyrahastoihin.Myös Venture Capital– toiminta, aikaisen- ja kasvuvaiheen rahoittaminen,on alkanut kiinnostaa institutionaalisiasijoittajia useamman hiljaisen vuodenjälkeen. Uusia rahastoja on kerätty runsaastiPohjoismaissa, Euroopassa ja USA:ssa. Tämäkiinnostuksen kasvu tulee uusista tarpeista,joita globalisoituva maailma kohtaa ratkaistaessaesimerkiksi energian saatavuuteen ja ilmastonmuutokseen liittyviä haasteita.Suomen eduskuntavaalien yhteydessä käytiinvoimakasta keskustelua innovaatioista janiiden tarpeesta yhteiskunnan kehittämisessä.Suomen pääomasijoitusyhdistys toi useidenkumppanijärjestöjen kanssa esille moniakäytännön toimenpiteitä, joilla innovaatioistavoitaisiin saada aikaan yrittäjyyttä ja uuttaliiketoimintaa. Uuteen hallitusohjelmaan kirjattiinkinmonia toimia, joilla poistetaan liiketoiminnanesteitä, kannustetaan yrittämäänsekä tukemaan kohti kasvuyrittäjyyttä.Pääomasijoittaminen on saavuttanut institutionaalistensijoittajien instrumenttivalikoimassamerkittävän aseman omana sijoitusluokkanaan.Samalla pääomasijoittajienEurooppalainen kattojärjestö EVCA sekäuseat kansalliset järjestöt ovat tuoneet voimakkaastiesille pääomasijoittamisen merkitystäja vaikutusta niin yhteiskunnan kuinkoko kansantaloudenkin kehittymisen kannalta.Useat tutkimukset ovat osoittaneet,että pääomasijoittamisella on merkittävävaikutus työpaikkojen luomisessa, uusienyritysten perustamisessa ja innovaatioidenkaupallistamisessa. Suomen pääomasijoitusyhdistyson päättänyt toteuttaa oman vaikuttavuustukimuksensakuluvan vuoden aikana.Ensimmäiset tulokset ovat saatavilla vuodenloppuun mennessä.MATTI TURUNENPuheenjohtajaSuomen pääomasijoitusyhdistys ryalkusanat5

SUOMEN PÄÄOMASIJOITUSYHDISTYS RYfvca6YhdistyksestäSuomen pääomasijoitusyhdistys ry:n (FinnishVenture Capital Association, FVCA) tarkoituksenaon pääomasijoitustoimialan kehittäminenSuomessa. Varsinaisia jäseniäyhdistyksessä on tällä hetkellä 39 ja liitännäisjäseniä71.Yhdistyksen varsinaiset jäsenet ovat Suomessapääomasijoitustoimintaa harjoittavia yhteisöjä,joilla on pääomasijoitustoimintaa harjoittavatoimipiste Suomessa ja jotka toiminnassaannoudattavat erillisen ”Code of Conduct”– normiston periaatteita. Tämän lisäksi yhdistyshyväksyy liitännäisjäsenikseen yhteisöjätai yksityishenkilöitä, joilla on mahdollisuusvaikuttaa pääomasijoitustoiminnan kehittymiseenSuomessa.FVCA:n tavoitteetSuomen pääomasijoitusyhdistys ry:n tavoitteinaon kehittää pääomasijoitustoimialaaSuomessa, ajaa yhdistyksen jäsenten ja toimialanyleistä etua vuorovaikutuksessa valtiovallanja instituutioiden kanssa, parantaaalan käytäntöjä, toimia yhteistyössä muidenkansallisten järjestöjen kanssa ja tuottaa tilastojatoimialasta. FVCA on European PrivateEquity and Venture Capital Associationin(EVCA) jäsen.FVCA tähtää pääomasijoittamisen toimintaympäristönkehittämiseen mm. osallistumallalainsäädännöllisen, verotuksellisen jaoperationaalisen toimintaympäristön luomiseenja kehittämiseen suotuisaksi niin yrittäjillekuin pääomasijoittajillekin.Lisäksi FVCA määrittää toimialalle suosituksiaja toimintamalleja. Yhdistyksen jäsenetnoudattavat toiminnassaan yhdistyksenlaatimia eettisiä sääntöjä. FVCA mahdollistaamyös ainutlaatuisen kontaktiverkostonSuomen pääomasijoitusalalla luomalla fooruminkokemusten ja mielipiteiden vaihtamisellejäsenten ja sidosryhmien kesken.FVCA:n keskeisin tavoite on kehittää suurenyleisön luottamusta pääomasijoittamiseen japarantaa sen tunnettuutta sijoitusluokkana jaosana vakiintuneita rahoitusmarkkinoita.Mitä on pääomasijoittaminen?Pääomasijoitus on keskipitkän tähtäimen rahoitusta,joka annetaan osakeomistusta vastaanlistaamattomaan, nopeasti kasvavaanyritykseen. Pääomasijoitus voi olla tarpeen,jos tarkoituksena on yrityksen perustaminen,toiminnan kasvattaminen, yrityskaupanrahoittaminen, yrityksen tervehdyttäminentai liiketoiminnan merkittävä muuttaminen.Pääomasijoittamista voidaan käyttää myösomistuksen ja liikkeenjohdon uudelleenjärjestelyidenrahoittamiseen esimerkiksi sukupolvenvaihdostilanteissatai johdon yritysostojenyhteydessä.Eri kasvuvaiheiden yritykset aina perustettavastayrityksestä vakiintuneisiin saakka ja yritykseteri toimialoilla – huipputeknologiastaperusteollisuuteen – voivat hyötyä pääomasijoituksesta.Sijoittajat määrittelevät kohdeyrityksenkehitysvaiheet seuraavasti: siemenvaihe,käynnistysvaihe, aikainen kasvuvaihe,nopea kasvuvaihe, siirtymävaihe, tervehdyttäminenja toimivan johdon yritysosto / ulkopuolisenryhmän yritysosto.Pääomasijoittaja sijoittaa listaamattomiinyrityksiin oman pääomanehtoisesti. Näinpääomasijoittajan saama voitto on riippu-

vainen kohteen kasvusta ja menestyksestä.Pääomasijoitukset ovat määräaikaisia ja sijoituksistairtaudutaan tyypillisesti 3-5 vuodensisällä. Tuotto eli arvonnousu realisoidaanmyymällä yritys esimerkiksi teolliselle toimijalletai listaamalla yritys pörssiin.Pääomasijoitustoimialan ”ekosysteemi” voidaanlyhykäisyydessään esittää kuvion 1osoittamalla tavalla. Ensimmäinen vaihe käsittäävarojenkeruun (fundraising), jolloinpääomasijoittajan perustamaan pääomarahastoonkerätään varat sijoittamista varten.Tyypillisimpänä sijoittajatahona toimivatinstitutionaaliset sijoittajat, kuten eläke- jamuut vakuutusyhtiöt. Varojen keräämisenjälkeen ryhtyvät pääomasijoittajat etsimäänkehityskelpoisia sijoituskohteita, joihin pääomarahastoihinkerättyä sijoitusvarallisuuttasijoitetaan. Pääoman ohella osallistuvatpääomasijoittajat aktiivisesti kohdeyrityksenkehittämiseen muun muassa hallitustyöskentelynmuodossa. Pääoman ja aktiivisen kehittämistyönvastapainoksi luovuttavat yrittäjätyleensä osan yrityksensä osakekannastapääomasijoittajan hallinnoimien rahastojenomistukseen. Kohdeyrityksiä kehittämällä jasiten omistuksensa arvoa kasvattamalla tekevätpääomasijoittajat tuottonsa, joka realisoituuvasta irtautumisen yhteydessä. Tällöinmyös pääoma ja saavutettu tuotto palautetaanrahaston sijoittajille. Sijoittajien saaman tuotonohella tekevät pääomasijoittajat tärkeätätyötä myös kansantaloudelle. Kohdeyritystenaktiivinen kehittämistyö näkyy välillisesti verotulojenkasvussa ja työllisyyden kohenemisessa,kehittäen siis koko yhteiskuntaa.fvcaKuvio 1: Pääomasijoitustoiminnan ”ekosysteemi”YRITYS-1. PÄÄOMA 2.KEHITYS 3. 4.YHTEIS-KUNNALLINENPÄÄOMA-VAIKUTTAVUUS /KASVU-YHTEIS-SIJOITTAJATRAHASTO PÄÄOMAMERKITTÄVYYSYRITYKSETKUNTA(pääomasijoittajanTALOUDEN(KANSANhallinnoi-KASVU)YRITYKSENTUOTTO ma)OSAKKUUS7FVCA:n toimintaSuomen pääomasijoitusyhdistys ry:n toimintaajohtaa vt. pääsihteeri Antti Sekki.Yhdistyksen palveluksessa on myös analyytikkoVesa Välinen. FVCA:n toimintaa valvooyhdistyksen hallitus. Hallitus voi myösmuodostaa työryhmiä toteuttamaan yhdistyksentavoitteita. Tällä hetkellä työryhmiä onkolme: lakityöryhmä, edunvalvontatyöryhmäja tutkimustyöryhmä.FVCA:n perustaminen ja puheenjohtajatFVCA perustettiin vuonna 1990. Perustajajäseniäoli yhteensä 17. Perustamisestaan lähtienon sekä yhdistys että koko Suomen pääomasijoitussektorikasvanut merkittävästi jasamalla kehittynyt tärkeäksi yhteiskunnalliseksitoimijaksi.

fvca8Edelliset puheenjohtajatMatts Andersson 3 / 1990 – 3 / 1992Lauri Ratia 3 / 1992 – 11 / 1993Erkki Kariola 11 / 1993 – 2 / 1995Jorma Terentjeff 2 / 1995 – 11 / 1995Arto Naukkarinen 11 / 1995 – 3 / 1998Juha Marjosola 3 / 1998 – 2 / 2000Anu Nokso-Koivisto 2 / 2000 – 2 / 2002Risto Jalonen 2 / 2002 – 3 / 2004Kari Rytkönen 3 /2004 – 3 / 2006Matti Turunen 3 / 2006 –YhteystiedotSuomen pääomasijoitusyhdistys ryWorld Trade Center HelsinkiAleksanterinkatu 17, 6. kerros00100 HelsinkiPuh. +358 9 6969 3300Fax. +358 9 6969 3303Internet: www.fvca.fiSähköposti: info@fvca.fiHallitus ja lakityöryhmäSuomen pääomasijoitusyhdistys ry:n vuosikokouksessavalittiin seuraavat henkilöt yhdistyksenhallitukseen:PuheenjohtajaMatti Turunen, Eqvitec Partners OyTel.: +358 20 780 9804E-mail: matti.turunen@eqvitec.comHallituksen jäsenetHenri Grundstén,Suomen Teollisuussijoitus OyTel.: +358 9 680 3680E-mail: henri.grundsten@teollisuussijoitus.fiAnnareetta Lumme-Timonen, 3i FinlandTel.: +358 9 6815 4100E-mail: annareetta.lumme-timonen@3i.comErkki Pekkarinen,Bio Fund Management OyTel.: + 358 9 251 4460E-mail: erkki.pekkarinen@biofund.fiKari Rytkönen, MB Rahastot OyTel.: +358 9 131 011E-mail: kari.rytkonen@mbfunds.fiHeikki Westerlund, CapMan OyjTel.: +358 9 6155 800E-mail: heikki.westerlund@capman.comHallituksen sihteeriAntti Sekki,Suomen pääomasijoitusyhdistys ryTel.: +358 9 6969 3301E-mail: antti.sekki@fvca.fiLakityöryhmään kuuluvat seuraavathenkilöt:PuheenjohtajaJyrki Tähtinen,Asianajotoimisto Borenius & Kemppinen OyTel.: +358 9 615 333E-mail: jyrki.tahtinen@borenius.comTyöryhmän jäsenetMika Alanko, Roschier Asianajotoimisto OyTel.: + 358 20 506 6000E-mail: mika.alanko@roschier.comKari Itälahti, Teknoventure Management OyTel.: +358 8 887 3300E-mail: kari.italahti@teknoventure.fi

Jorma Jaalivaara, SitraTel.: +358 9 618 991E-mail: jorma.jaalivaara@sitra.fiRiitta Jääskeläinen,Suomen Teollisuussijoitus OyTel.: +358 9 680 3680E-mail: riitta.jaaskelainen@teollisuussijoitus.fiUlla Niemelä,OKO Private Equity Funds OyTel.: + 358 10 252 7198E-mail: ulla.niemela@oko.fiJyrki Orpana, Amanda Capital OyjTel.: +358 10 236 5334E-mail: jyrki.orpana@amandacapital.fiMikko Reinikainen,PricewaterhouseCoopers OyTel.: +358 9 22 800E-mail: mikko.reinikainen@fi.pwc.comTina Taivaloja, Bio Fund Management OyTel.: + 358 9 251 4460E-mail: tina.taivaloja@biofund.fiMartti Timgren, CapMan OyjTel.: +358 9 615 5800E-mail: martti.timgren@capman.comTuomo Vähäpassi,Asianajotoimisto Hannes Snellman OyTel.: +358 9 228 841E-mail: tuomo.vahapassi@hannessnellman.fiLakityöryhmän sihteeriAntti Sekki,Suomen pääomasijoitusyhdistys ryTel.: +358 9 6969 3301E-mail: antti.sekki@fvca.fifvca9

FOREWORDfvca10The passed year, 2006, was favorable for theFinnish venture capital and private equity industry.The success was driven by good exitsmanaged by many funds advised or managedby Finnish venture capital houses. The fundraisingactivity stayed also on a high level.These are signs of a sound industry and functioningmarket around us.Venture capital and private equity is doingwell in general in the world. The volumesof new funds raised into new buyout fundsare exceeding the old records. The long lastingdry season of venture capital is also over.The increasing number of new venture fundsraised in the Nordics, in Europe and in theUSA tells us about the importance of venturecapital for speeding up innovations and startingnew businesses.In Finland the discussion has gone aroundthe themes like innovation, starting up companies,establishing a new industrial base andcreating jobs instead of those gone to emergingproduction countries. The new governmentof Finland has taken these subjectsseriously in their new government program.The Finnish Venture Capital Association hasworked intensively with other related organizationsto give ideas and advice to the policymakersand legislators in order to find incentives,remove barriers and create the spirit ofentrepreneurship and a favorable atmospherefor growth companies.The private equity industry has reached astrong position as an investment class amongthe institutional investors. The aim of the toporganization, European Private Equity andVenture Capital Association, along side withthe national associations is conveying themessage about the positive impact of the industryon the society and economy. The studiesof private equity and venture capital showclear results in creating jobs and starting newgrowth companies. The FVCA has decided toperform a corresponding study in Finland in2007. The first results will be reported by theend of the year.MATTI TURUNENChairmanFinnish Venture Capital Association

FINNISH VENTURE CAPITAL ASSOCIATIONAbout the AssociationThe Finnish Venture Capital Association(FVCA) promotes and develops the privateequity and venture capital industry inFinland. FVCA has 39 full members. Thisrepresents the vast majority of Finnish privateequity and venture capital firms. In addition,FVCA has 71 associate members.Full membership has been approved for equityinvestors and venture capitalists representingpublic and private investment capital,captive funds and corporate venturing units.Associate membership can be granted to organizationsand individuals with an interestin the private equity and venture capital industry.The Objectives of FVCAFVCA’s objectives include developing venturecapital activities and practices in Finland,representing the members’ views and interestsin discussions with the government and institutions,providing assistance in improvingprofessional practice, co-operation with othernational associations and providing statisticsregarding the industry. FVCA is a memberof the European Private Equity and VentureCapital Association (EVCA).FVCA aims to improve the framework forventure capital/private equity activity inFinland by, among other things, contributingtowards the creation and development of anappropriate legal, fiscal and operational environmentand encouraging the developmentof a favourable entrepreneurial environment.Furthermore, FVCA sets coherent best practicesby elaborating operational principlesand requires its members to comply with theFVCA Code of Conduct. FVCA also enablesa unique network of contacts within theFinnish private equity and venture capitalmarket, providing a forum for the exchangeof views and experiences among its membersand interest groups.The main objective of FVCA is to enhancepublic confidence in venture capital and privateequity and also increase awareness withregard to venture capital and private equity asa part of established financial markets.What is Venture Capital/Private EquityPrivate equity refers to the provision of equityfinancing for companies not quotedon the stock market. Private equity can beused to develop new products and technologies,boost working capital, make acquisitionsor strengthen a company’s balancesheet. It can also resolve ownershipand management issues - succession in family-ownedcompanies or buyouts and buyinsof businesses by experienced managerscan be executed with private equity funding.Venture capital and private equity can be usedin investments in growth companies at anystage of the company’s life. These stages spanfrom the seed, start up and early stages to theexpansion stage, together with managementbuyouts and buy-ins of the company.The key elements of venture capital and privateequity investments include investmentin unlisted companies, usually with equity,and medium to long term investment horizons.The companies, in which investmentsare made, are characterized by growth potentialand prospects of realizing the investmentpreface11

prefaceat the end of the investment period through,for instance,a trade sale or floatation on publicmarkets.“The Private Equity Ecosystem” can be summarizedby the diagram shown in Graph 1.The first step includes the fundraising phaseat which the fund gathers capital from variousinvestor sources. Institutional investorstypically represent the majority of the fundsraised. After the fundraising phase is complete,the private equity fund begins seekingsuitable businesses in which to invest. In additionto the capital invested, the fund andits managers also offer valuable expertise andactive interest in building the businesses inwhich the investments have been made. Thisis typically realised through participation bythe fund managers on the board of the business.Thus, the entrepreneur effectively exchangespart of their ownership in the companyfor the capital and the advisory servicesprovided by the fund. The private equity fundthen proceeds to develop and expand thebusiness, thereby, increasing the value of itsinvestment. This added value is later realisedin the exit phase, preferably via an IPO or atrade sale. The investors behind the fund arethen compensated according to the returnsrealised in the exits from the companies inthe fund’s portfolio. The resources investedin developing the companies not only benefitthe investors of the fund but the economyas a whole. For instance, the active developmentof businesses reflects positively on theamount of corporate tax collected as well ason employment statistics.12Graph 1: The Private Equity EcosystemADVISORY1. CAPITAL 2.SERVICESPRIVATEINVESTORSEQUITYFUNDCAPITAL3. 4.SOCIETYGROWTH IMPACTSOCIETYCOMPANIES (ECONOMICGROWTH)RETURNSOWNERSHIPThe Operations of FVCAFounding and Past ChairmenThe operations of FVCA are conductedby a secretary general. The acting SecretaryGeneral is Mr. Antti Sekki. The associationalso employs an analyst, Mr Vesa Välinen. Theassociation’s operations are supervised by aboard of directors. The board may form committeesto implement the objectives of theassociation. The active committees are: theTax & Legal Committee, the Public AffairsCommittee and the Research Committee.FVCA was founded in 1990 by 17 foundingmembers. Since its establishment, FVCA hasgrown considerably along with the Finnishventure capital market.

Past ChairmenMatts Andersson 3/1990 – 3/1992Lauri Ratia 3/1992 – 11/1993Erkki Kariola 11/1993 – 2/1995Jorma Terentjeff 2/1995 – 11/1995Arto Naukkarinen 11/1995 – 3/1998Juha Marjosola 3/1998 – 2/2000Anu Nokso-Koivisto 2/2000 – 2/2002Risto Jalonen 2/2002 – 3/2004Kari Rytkönen 3/2004 – 3/2006Matti Turunen 3/2006 –Contact Information:Finnish Venture Capital AssociationWorld Trade Center HelsinkiAleksanterinkatu 17, 6th floorFI-00100 Helsinki, FinlandTel. +358 9 6969 3300Fax. +358 9 6969 3303Webpage: www.fvca.fiE-mail: info@fvca.fiBoard of Directors and Legal CommitteeAt the FVCA Annual General Meeting, thefollowing persons were elected to serve asmembers of the Board of Directors:The Chairman of the BoardMr. Matti Turunen, Eqvitec Partners LtdTel.: +358 20 780 9804E-mail: matti.turunen@eqvitec.comThe Members of the Board:Mr. Henri Grundstén,Finnish Industry Investment LtdTel.: +358 9 680 3680E-mail: henri.grundsten@teollisuussijoitus.fiMs Annareetta Lumme-Timonen,3i Nordic PlcTel.: +358 9 6815 4100E-mail: annareetta_lumme-timonen@3i.comMr. Erkki Pekkarinen,Bio Fund Management LtdTel.: + 358 9 251 4460E-mail: erkki.pekkarinen@biofund.fiMr. Kari Rytkönen, MB Funds LtdTel.: +358 9 131 011E-mail: kari.rytkonen@mbfunds.fiMr. Heikki Westerlund,CapMan Capital Management PlcTel.: +358 9 6155 800E-mail: heikki.westerlund@capman.comSecretary of the boardAntti Sekki,Finnish Venture Capital AssociationTel.: +358 9 6969 3301E-mail: antti.sekki@fvca.fiThe current Tax & Legal Committee is comprisedof the following members:ChairmanJyrki Tähtinen,Attorneys-at-Law Borenius & Kemppinen LtdTel.: +358 9 615 333E-mail: jyrki.tahtinen@borenius.comThe Members of the committee:Mika Alanko,Roschier Holmberg, Attorneys LtdTel.: + 358 20 506 6000E-mail: mika.alanko@roschier.comfvca13

Kari Itälahti,Teknoventure Management LtdTel.: +358 8 887 3300E-mail: kari.italahti@teknoventure.fiMikko Reinikainen,PricewaterhouseCoopers LtdTel.: +358 9 22 800E-mail: mikko.reinikainen@fi.pwc.comfvcaJorma Jaalivaara,Sitra, the Finnish Innovation FundTel.: +358 9 618 991E-mail: jorma.jaalivaara@sitra.fiRiitta Jääskeläinen,Finnish Industry Investment LtdTel.: +358 9 680 3680E-mail: riitta.jaaskelainen@teollisuussijoitus.fiUlla Niemelä,OKO Private Equity Funds LtdTel.: + 358 9 696 2720E-mail: ulla.niemela@oko.fiTina Taivaloja, Bio Fund Management LtdTel.: + 358 9 251 4460E-mail: tina.taivaloja@biofund.fiMartti Timgren, CapMan PlcTel.: +358 9 6155 800E-mail: martti.timgren@capman.comTuomo Vähäpassi,Hannes Snellman Attorneys at Law LtdTel.: +358 9 228 841E-mail: tuomo.vahapassi@hannessnellman.fiSecretary of the Legal Committee14Jyrki Orpana, Amanda Capital PlcTel.: +358 10 236 5334E-mail: jyrki.orpana@amandacapital.fiAntti Sekki,Finnish Venture Capital AssociationTel.: +358 9 6969 3301E-mail: antti.sekki@fvca.fi

tilastotTILASTOT15

PÄÄOMASIJOITTAMINEN SUOMESSA 2006• Suomeen rekisteröidyt pääomasijoitusyhtiöt tekivät vuonna2006 yhteensä 454 uutta sijoitusta, 284 eri kohdeyritykseen.Sijoitettu kokonaissumma oli 350 miljoonaa euroa.• Tämän lisäksi ulkomaille rekisteröidyt pääomasijoitusyhtiötsijoittivat suomalaisiin kohdeyrityksiin n. 171 miljoonaaeuroa.tilastot• Jatkosijoitusten osuus sijoitusten kokonaissummasta kasvoiselvästi• Aktiivisuus uusien varojen keräämisessä pysyi korkeana, ollenyhteensä 517 miljoonaa euroa• Hallinnoitavien pääomien yhteismäärä oli 3156 miljoonaaeuroa16VARAINHANKINTAUusien varojen kerääminen on ensimmäinenvaihe vasta perustetun pääomarahaston elinkaarta,sisältäen rahastorakenteen muodostamisenja uusien sijoittajien etsimisen.Suomalaisten pääomasijoitusrahastojen varojenkeruu on jatkunut korkealla tasolla jousean vuoden ajan, ollen vuonna 2006 517miljoonaa euroa. Tästä summasta itsenäisetpääomasijoitusrahastot 1 keräsivät 434 miljoonaaeuroa. Loppusumma koostui suoraantaseestaan sijoituksia tekevien pääomasijoittajienkeräämästä 82 miljoonasta eurosta japääomatuotoista, joiden kokonaissumma oli1,4 miljoonaa euroa.Itsenäisten rahastojen suurimpana yksittäisenäsijoittajana olivat eläkerahastot (165 miljoonaaeuroa, 38 % kaikista itsenäisten rahastojenkeräämistä varoista). Määrä oli samakuin viime vuonna (166 miljoonaa euroa,2005).Ulkomaalaisten sijoittajien osuus itsenäistenrahastojen sijoitusvaroista oli 135 miljoonaneuroa (31 %). Suurinpana yksittäisenä sijoittajaryhmänätoimivat rahastojen rahastot(fund of funds), jotka vuonna 2006 sijoittivatyhteensä 96 miljoonaa euroa suomalaisiinpääomasijoitusrahastoihin.Tutkimuksen metodologian mukaisesti uusienvarojen kerääminen on esitetty rahastonkotimarkkinoiden mukaan. Toisin sanoen,vaikka rahaston sijoitusfokus on ulkomaisissayrityksissä, sen varainkeruu lasketaan kotimaantilastoihin.SIJOITUKSETVuonna 2006 uusia sijoituksia tehtiin350 (313) miljoonan euron arvosta.1Lähdejakauma on saatavilla vain itsenäisille pääomasijoitusrahastoille, ei taseestaan sijoituksia tekeville sijoittajille

Kappalemääräisesti tarkasteltuna uusia sijoituksiatehtiin 454 (423). Uutta pääomaasaaneiden kohdeyritysten lukumäärä vuonna2006 oli 284 (244).Yksityiset pääomasijoitusrahastot ja suoraantaseesta sijoituksia tekevät pääomasijoittajatedustivat noin 86 prosentin osuutta koko viimevuoden sijoitusvolyymistä sijoittaen yhteensä301 miljoonaa euroa, 309 eri transaktiossa.Totuttuun tapaan julkisten toimijoidenosuus pysyi suhteellisen alhaisena (14 %).Julkisen rahoittajan tehtävänä onkin toteuttaarahamäärältään suhteellisen pienimuotoisiayhteissijoituksia yksityisen pääomasijoittajanjohtamiin investointikohteisiin. Sijoitustensuhteellisen pieni koko heijastui kuitenkinsuurena kappalemääränä. Kaiken kaikkiaan,julkisen sektorin toimijat tekivät yhteensä145 sijoitusta, mikä vastaa 32 prosentinosuutta koko viime vuoden sijoitusmäärästä.Pääsääntöisesti julkisen sektorin sijoituksetkohdistuivat jo portfolioissa oleviin yrityksiinja lukeutuvat siten jatkosijoituksiksi.Vuonna 2006 tehdyistä pääomasijoituksistaventure capital – sijoitusten osuus oli 71 prosenttia(248 miljoonaa euroa) ja buyout – sijoitustenosuus 29 prosenttia (102 miljoonaaeuroa). Kappalemääräisesti venture capital – sijoituksiatehtiin 410 ja buyout – sijoituksia 44.Käytetyt sijoitusinstrumentit jakautuivat seuraavasti:oman pääoman ehtoinen rahoitus 42prosenttia, mezzanine - rahoitus 28 prosenttia,vakuudeton laina 17 prosenttia ja muitaoman pääoman ehtoisia instrumentteja 13prosenttia.Vuonna 2006 ulkomaille rekisteröidyt pääomasijoitusyhteisötsijoittivat suomalaisiinkohdeyrityksiin 171 miljoonaa euroa (tämäluku perustuu EVCA:n raportointimetodologiaan,eikä ole täysin suhteutettavissa muihintekstissä esitettyihin lukuihin).Ensi- ja jatkosijoituksetEnsisijoitus määritellään sijoittavan rahastonnäkökulmasta. Ensisijoitus on rahastonensimmäinen sijoitus kohdeyritykseen.Rahaston ensimmäisen sijoituksen jälkeenseuraavat sijoitukset luokitellaan jatkosijoituksiksi.Vuonna 2006 ensisijoituksia tehtiin yhteensä185 miljoonan euron arvosta.Kappalemääräisesti tarkasteltuna ensisijoituksiatehtiin 182. Euromääräisesti tarkasteltunasijoitusaktiviteetti painottui aiempaaenemmän jatkosijoitusten puolelle, ollen ensimmäistäkertaa lähes tasoissa ensisijoitustenkanssa.Eniten ensisijoituksia tehtiin kasvuvaiheenyrityksiin, yhteensä 38 (40) miljoonaa euroa,vastaten yli viidenneksen osuutta ensisijoitustenyhteismäärästä (johdon yritysostot mukaanlukien). Alkuvaiheen 2 yritykset saivatyhteensä 33 (30) miljoonaa euroa ja kappalemääräisestitarkasteltuna 99 (65) ensisijoitusta.Siemen-, käynnistys- ja aikaisen kasvuvaiheenyritykset saivat mainitussa järjestyksessä3 %, 7 % ja 6 % kaikista ensisijoituseuroista.Kappalemääräisesti eniten ensisijoituksiasaivat siemen- ja käynnistysvaiheen yritykset.Kumpaankin kehitysvaiheeseen tehtiinsijoituksia yhteensä 40 kappaletta (yhteensä80 sijoitusta, 44 % kaikista ensisijoituksista).Vastaavasti kasvuvaiheen yrityksiin tehtiin 27(15 %) ja aikaisen kasvun yrityksiin 19 (10 %)ensisijoitusta.Toimialakohtaisessa tarkastelussa eniten ensisijoituseurojasai valmistusteollisuus, 52tilastot172 Alkuvaihe koostuu siemen-, käynnistys- ja aikaisen kasvun vaiheista

tilastotmiljoonan euron edestä, yhteensä 58 eri sijoituskohteeseen.Seuraavaksi eniten ensisijoituseurojakeräsivät Life Sciences (14 miljoonaaeuroa, 18 sijoitusta) ja ICT (11 miljoonaa euroa,34 sijoitusta)Ensisijoitusten keskikoko venture capital -sektorillavuonna 2006 oli 0,68 (0,74) miljoonaaeuroa, mediaanin ollessa 0,25 (0,30) miljoonassaeurossa.Johdon yritysostojen osuus ensisijoitusten euromääräisessätarkastelussa oli 46 prosenttia,yhteensä sijoituksia tehtiin siis 86 (115) miljoonaneuron arvosta, 37 (45) eri yritykseen.Näiden sijoitusten keskikoko oli 2,3 (2,6)miljoonaa euroa, mediaani 0,40 (0,49) miljoonaaeuroa.luokkaa kaikista sijoituksista (55 %, 2005).Kasvuvaiheen yritykset saivat 25 prosentinosuuden kappalemääräisestä jakaumasta (29%, 2005). Johdon yritysostot ja toissijainenrahoitus saivat mainitussa järjestyksessä 10 %ja 6 % osuudet vuoden 2006 kappalemääräisestäjakaumasta.ToimialajakaumaEuromääräisesti eniten venture capital -sijoituksiatehtiin lääketieteen alalle (medical relatedindustry), yhteensä 55 miljoonan euronedestä (22 %). Seuraavaksi eniten venture capital– sijoituksia tehtiin valmistusteollisuuteen(37 miljoonaa euroa /15 %). Teolliset tuotteetja palvelut saivat 23 miljoonaa euroa (9 %) jatietotekniikanala 22 miljoonaa euroa (9 %).18Yhteensä 90 uutta yritystä sai ensimmäistäkertaa elinkaarensa aikana ammattimaistapääomarahoitusta. Näistä yrityksistä 73 (75,2005) lukeutui venture capital -kategoriaan, 17yrityksessä kyseessä oli johdon yritysosto.KehitysvaihejakaumaEnsi- ja jatkosijoitukset mukaan lukien saivatkasvuvaiheen yritykset uutta pääomaa 111(77) miljoonaa euroa, yhteensä 113 (122) erisijoituskohteeseen. Toisin sanoen, sijoitusteneri kehitysvaiheiden välisessä vertailussa enitensijoituksia tehtiin kasvuvaiheen yrityksiin.Seuraavaksi eniten uutta pääomaa keräsivätaikaisen kasvun vaihe (40 miljoonaa euroa,84 sijoitusta), käynnistysvaihe (26 miljoonaaeuroa, 93 sijoitusta) ja siemenvaihe (12 miljoonaaeuroa, 79 sijoitusta). Toissijaista rahoitustahyödynnettiin 51 miljoonan euron edestä(15 % kaikista sijoituksista), yhteensä 25 erisijoituskohteeseen. Buyout -sijoituksia tehtiin102 miljoonalla eurolla.Alkuvaiheen sijoitusten kappalemääräinenosuus pysyi ennallaan, ollen 56 prosentinMyös buyout -rahastot sijoittivat euromääräisestieniten lääketieteen alalla toimiviinyrityksiin, jossa johdon yritysostoja tehtiinyhteensä 38 (37 %) miljoonan euron edestä.Vastaavasti teolliset tuotteet ja palvelut keräsivätjohdon yritysostoissa mitattuna 26(26 %) miljoonaa euroa ja kuluttajatuotteet16 (15 %) miljoonaa euroa.Kappalemääräisesti eniten venture capital – sijoituksiakohdistettiin tietotekniikan alalle,yhteensä 89 sijoitusta – lähes 22 % kaikistaventure capital -sijoituksista (yht. 410 kpl).Seuraavaksi eniten sijoituksia keräsi lääketiede(57 kpl, 14 %), teolliset tuotteet ja palvelut(49 kpl, 12 %) ja elektroniikka (45 kpl, 11 %).Kokonaisvaltaisesti teknologiateollisuudenpariin suunnattiin venture capital – sijoituksia87 miljoonan euron edestä (35 % venturecapital –sijoituksista). Kappalemääräisestiventure capital –sijoituksia tehtiin teknologiayrityksiin242 kappaletta (59 % venture capital-sijoituksista). Teknologiayritysten osuus kaikistakohdeyrityksistä vuonna 2006 oli 61 %(56 %).

Yritykset joiden voidaan katsoa toimivan sähköisenkaupankäynnin alalla, saivat sijoituksiayhteensä 16 miljoonan euron edestä (5% kaikista sijoituksista). Johdon yritysostotmukaan luettuna sähköisen kaupankäynninkoko sijoitusaktiivisuudesta oli 7 prosenttiyksikköä.Maantieteellinen jakaumaTutkimuksen metodologian mukaan suomalaistenpääomasijoitusyhtiöiden ulkomaisetsijoitukset lasketaan mukaan tilastoihin vain,jos ne tehdään suoraan kotimaisesta pääomarahastojahallinnoivasta yrityksestä, eikä ulkomaalaisentoimipisteen nimissä. Noin 31prosenttia vuonna 2006 Suomesta käsin sijoitetustapääomasta kanavoitiin ulkomaalaisiinyrityksiin suomalaisten pääomasijoitusrahastojenkautta (38 %, 2005).Suomeen tehdyt sijoitukset kohdistuivat pääosinEtelä-Suomen alueelle, jonne kanavoitiinnoin 62 % (54 %) kotimaahan kohdistuneestasijoitusvarallisuudesta. Länsi-Suomenalueella euroja kohdistettiin 24 prosentinedestä (26 %, 2005) ja Itä- ja Pohjois-Suomenalueella sijoitettiin seuraavassa järjestyksessä4 % (2 %) ja 10 % (18 %). Myös sijoitustenvälinen kappalemääräinen jakauma noudattiedellä kuvatun mukaista jakaumaa; Etelä-Suomi 53 % (44 %), Länsi-Suomi 26 % (36%), Itä-Suomi 7 % (4 %) ja Pohjois-Suomi14 % (16 %).IRTAUTUMISETIrtautumisten tilastointi seuraa suomalaistenpääomasijoittajien sijoitusportfolion kehitystä.Irtautumisten euromäärät ilmoitetaanhankintahintaan, eivätkä ne siitä syystä sisälläinformaatiota realisoidun tuoton suhteen.Irtautumisten määrä kasvoi jälleen kerranuudelle ennätystasolle, tarkoittaen jo kolmattaperättäistä ennätysvuotta hankintahintaansuoritettujen irtautumisten arvossa mitattuna.Vuonna 2006 hankintahintaisia irtautumisiatoteutettiin 399 miljoonan euron arvosta.Osittaisia tai täydellisiä irtautumisia tehtiin271 (247) kappaletta. Yhteissijoituksista johtuenirtauduttujen yritysten kappalemäärä oli160 (165).Irtautumistavoista käytetyin oli teolliset yrityskaupat,joita hyödynnettiin yhteensä 139miljoonan euron edestä (35 % kaikista irtautumisista).Lainapääoman takaisinmaksuahyödynnettiin 127 miljoonan euron arvosta.Myyntiä toiselle pääomasijoittajalle käytettiin30 miljoonan euron edestä ja osakkeidentakaisinmyyntiä yrityksen toimivalle johdolle20 miljoonan edestä.Osittaiset ja täydet alaskirjaukset vastasivat11 prosenttia (8 %) kaikkien irtautumistenhankintahintaisesta yhteissummasta, ollen 43miljoonaa euroa (25 miljoonaa euroa, 2005).HALLINNOITAVA PÄÄOMASuomalaisten pääomasijoittajien hallinnoimanpääoman yhteismäärä vuoden 2006lopussa oli 3156 miljoonaa euroa. Tästäsummasta 58 prosenttia oli jo sijoitettunakohdeyrityksiin ja 42 prosenttia sijoitussitoumuksina.AKTIIVINEN SIJOITUSPORTFOLIOPääomasijoittajien aktiivinen sijoitusportfoliokoostui vuoden 2006 lopussa 800 (745)yrityksestä. Portfolion hankintahintainenarvo oli 1 835 miljoonaa euroa.Suurimmat toimialat pääomasijoittajien aktiivisessaportfoliossa ovat lääketieteellisetalat, joihin on yhteensä sitoutunut 250 miljoonaaeuroa (13,6 % koko portfoliosta).Valmistusyritykset asettuvat toisella sijalletilastot19

tilastot227 miljoonalla eurollaan (12,4 %) ja kolmanneksisuurin toimiala löytyi teollistentuotteiden ja palvelujen parista, 213 miljoonaneuron osuudella (11,6 %).KOHDEYRITYKSETSuurin osa suomalaisten pääomasijoittajienportfoliosta koostuu pk-yrityksistä.Kohdeyrityksistä 67 prosenttia (48%) työllistää maksimissaan 50 henkeä.Pääomasijoittajien kohdeyritysten keskimääräinentyöntekijöiden määrä oli 88 henkilöä.Suurista buyout –sijoituksista johtuen, työllistämistilannettakuvaa huomattavasti paremminmediaani, 13 henkilöä.Kohdeyrityksistä 56 prosentilla liikevaihto onmaksimissaan miljoona euroa. Liikevaihdonmediaani on 1,46 miljoonaa euroa ja keskiarvo18,45 miljoonaa euroa. Keskiarvoon vaikuttavatjälleen isot buyout –sijoitukset.HALLINNOINTIYHTIÖTVuoden 2006 lopussa varsinaisia jäseniäSuomen pääomasijoitusyhdistyksellä oli 39.Tätä nykyä Suomen pääomasijoitussektorityöllistää noin 248 manageria ja 143 muutatoimihenkilöä. Vuoden 2006 lopussa jäsenyrityksilläoli hallinnoitavinaan yhteensä 73pääomasijoitusrahastoa.20

statictictsSTATISTICS21

THE PRIVATE EQUITY INDUSTRY IN FINLAND IN 2006• In 2006 private equity companies located in Finland made454 investments in 284 portfolio companies. The value of theinvestments totalled 350 million euros.• An additional 171 million euros was invested in Finland byforeign private equity housesstatictics• An increasing proportion of the total investment was investedin existing portfolio companies in the form of follow-on investments• Fundraising remained high at 517 million euros• The capital under management now stands at 3156 millioneuros.22FUNDRAISINGFundraising is the first phase in the life cycleof a private equity fund. Fundraising includesthe formation of the fund structure and theseeking of new capital from investors.The fundraising of Finnish private equity andventure capital 1 firms has prevailed at a highlevel for several years and reached 517 millioneuros in 2006. Independent funds wereresponsible for 434 million euros of fundsraised, while the rest comprises of capitalgains (1.4 million euros) and captive investors’investments (82 million euros).Pension funds provided most of the capitalraised by the independent private equityfunds (165 million, 38 % of total raised byindependent funds) for the second year insuccession. With 165 million euros investedin Finnish private equity funds, they virtuallymatched their level of investment the year before(166 million in 2005).The foreign capital raised by domestic fundsreached 135 million euros, which is equivalentto 31 % of the total amount raised byindependent private equity funds 2 . Most (96million) of the foreign capital was investedby funds of funds that seem to be taking advantageof favourable developments in theFinnish tax & legal environment.According to the survey methodology, thefunds raised are presented here for the domesticmarket of the private equity fund, evenif the investment policy of the fund would beto invest in foreign markets.1Venture Capital is defined here as non-buyout, i.e. all investments excluding MBO/MBI investments in established companies2Fundraising source split for captive investors is not available

INVESTMENTS PATTERNSThe total investment volume in 2006 amountedto 350 (313 million in 2005) million eurosand a total of 454 (423) individual investments.The number of companies financedwas 284 (245).Private investment funds and captive investorsrepresented 86 % of the total investment,while the public sector was responsible for14 %, which was a level typical for Finland.Again, public sector actors invested smallerstakes, often taking the back seat to privatelead investors in syndicated deals. This is reflectedin public sector’s greater share in thenumber of investments. The public sectormade 145 investments, which corresponds to32 % of the total number of investments. Theinvestments made by the public sector weremostly aimed at existing portfolio companiesas well as at follow-on investments.Venture capital investments increased theirrelative share of all investments totalling 248million euros in 2006, which is 71 % of totalinvestments. The remaining 29 % consisted ofbuyout deals, which amounted to 102 millioneuros. The number of venture capital investmentswas 410, while 44 were buyout-relatedtransactions.The financing instruments used in 2006 weresplit in a typical fashion. Equity was usedfor 42 % of the total amount invested, whilemezzanine was used for 28 %. Unsecureddebt was used for 17 % of the total investmentsand quasi-equity for 13 %. Secureddebt was marginally used to a total amountof 600 000 euros.Foreign Private Equity houses invested 171million euros in Finland in 2006. This figureis presented in accordance with EVCA methodologyand is not perfectly comparable withthe figures presented elsewhere in this text.Initial and Follow-on InvestmentsInitial investments are defined here from theperspective of the investing fund. An initialinvestment is defined as the first investmentmade by a fund in a target company. Beyondthe initial investment transaction, the followinginvestments by that fund into the companyare categorized as follow-on investments.In 2006 a total of 185 million euros was investedin the form of initial investments,whereas the number of initial investmentswas 182. Investment activity focused moreon follow-on investments than in previousyears. For the first time, the amount of follow-oninvestments reached the level of initialinvestments. The number of initial investmentsremained at a typical level of 40 % ofall investments.Most initial investments were made in companiesin the phase of expansion totalling 38(40) million, which corresponds to slightlyover one fifth of all initial investments (buyoutsincluded). Early stage 3 companies receiveda total of 99 (65) investments and 33(30) million euros in initial investments withseed, start-up and other early stage companiesreceiving 3 %, 7 % and 6 % of all initialinvestment euros´, respectively.Companies in the seed and start-up phasesreceived the highest number of initial investments,equivalent to 40 individual investments(22 % of the total number of initial investments).Companies in the phase of expansionreceived 27 (15 %) and other early stage companies19 (10 %) initial investments.staticticts233Early stage comprises of seed, start-up and other early stage development stages.

statictics24Companies in the manufacturing industry receivedthe most initial investment in terms ofthe value of the investments. Investments inthe manufacturing industry totalled 52 millioneuros and numbered 58. The industriesthat received the next most initial investmentwere Life Sciences (14 million euros, 18 investments)and ICT (11 million, 34).Investment activity shifted towards existingportfolio companies and, for the first time,the amounts invested in initial and follow-oninvestments are virtually equal. The ratio ofinitial to follow-on investments remained almostunchanged from the previous year withinitial investments making up 40 % and follow-oninvestments 60 % of all investments.The average size of initial investments in 2006was 0,68 (0,74) million, while the median was0,25 (0,30) million euros.Buyouts made up 46% of the total value ofinitial investments. The total value of initialinvestments in buyouts was 86 (115) millioneuros for 37 (45) investments. The averageand median sizes for initial investments inbuyout deals settled were 2,3 million (2,6 in2005) and 0,40 (0,49) million euros, respectively.The number of companies that received theirfirst ever investment from a venture capital orprivate equity fund was 90. Of these companies,73 (75) companies were venture capitalfinanced and 17 buyout deals.Stage distributionThe value of the investments made in companiesin the expansion stage was the greatestat 111 (77) million euros for 113 (122)investments. The phases of development thatreceived the next largest value of investmentwere the early stage (40 million for 84 investments),start-up stage (26 million for 93) andseed stage (12 million for 79). Secondary financingwas used to the extent of 51 million(15 %) in 25 investments.The share of early stage investments remainedstatic at 56 % (55 %, 2005) while that of investmentsinto companies in the expansionstage decreased to 25 % (29 %) of the totalnumber of investments in 2006. Buyouts andsecondary financing accounted for 10 % and6 % of all investments, respectively.Industry distributionMost venture capital investments were madeinto medical related industries. A total of 55(22 %) million and 57 individual investmentswere made into the medical related sector. Thenext largest sums were invested in manufacturing(37 million/15%, 25 investments), industrialproducts and services (23 million/9%,49) and computer related industries (22 million/9%, 83).Buyout funds also invested the most in medicalrelated industries with total investmentsof 38 million (37 %). Investments in industrialproducts and services amounted to 26 million(26 %) and those in consumer productsand services to 16 million (15 %). In 2006 thetotal investment volume of buyout funds was102 million for 44 investments.The largest number of venture capital investmentswas made in computer related industriesthat received 89 investments - almost22 % of the total number of venture capitalinvestments (410). The second largest industrysectors in terms of the number of investmentswere the medical related industries (57,14 %), industrial products and services (49, 12%) and electronics (45, 11 %) Industries.87 million euros of venture capital investmentswere made in hi-tech companies (35% of all venture capital) (97 million / 28 %

including buyouts). The number of investmentsin hi-tech companies was 242 (59 %).Hi-tech companies accounted for more thanhalf 61 % (56 %, 2005) of all the companiesthat received investment in 2006 (venturecapital and buyout).The companies classified as operating in e-commerce received investments of 16 millioneuros (5 % of the total amount invested).Companies in the e-commerce sector representeda 7 % share of all the companies thatreceived investments in 2006.Geographical distributionAccording to the survey methodology, theforeign investments of private equity companiesare included in the survey only ifthese investments are made directly and notthrough a foreign subsidiary (i.e. through apermanent establishment). 31 % (38 % in2005) of the investments made in 2006 waschannelled into foreign companies throughFinnish private equity funds..Investments made in Finland were againtargeted mostly at companies in SouthernFinland that received 62 % (54 % in 2005)of the total amount invested in Finland.Companies in Western Finland received 24% (26 %), while companies in Eastern andnorthern Finland received 4 % (2 %) and 10% (18 %), respectively.The regional breakdowns of the numberof investments are distributed similarly tothe total amount invested. Companies inSouthern Finland received 53 % (44 %) ofall individual investments in Finland. Of thetotal number of investments, companies inWestern Finland received 26 % (36 %) whilecompanies in Eastern and Northern Finland7 % (4 %) and 14 % (16 %), respectively.DIVESTMENTSDivestment information is used here tokeep track of what happens to the portfolioof Finnish private equity investments.Divestment amounts are reported at cost,rather than the amounts actually realised byany sale. It does not reflect returns or amountsthat private equity companies actually receive.In 2006 the amount divested once againreached a new record level of 399 millioneuros at cost. This marks the third year in arow that divestments at cost have reach a newhigh. Partial or complete divestments weremade from 271 (247) investments. Due to investmentsyndications, the number of portfoliocompanies divested is lower at 160 (165).The largest category of actual divestmentmethods was that of trade sales which accountedfor 35 % and 139 million euros.A total of 127 million euros was divestedthrough the repayment of principal of loans,30 million euros through sales to other venturecapitalists and 20 million euros throughbuy-backs (i.e. the sales of shares back tomanagement).Partial and complete write-offs represented11 % (8 %) of the total amount of 43 million(25 million) euros divested in 2006.CAPITAL UNDER MANAGEMENTAt the end of 2006 the total capital under themanagement of Finnish private equity firmstotalled 3,156 million euros. Of this amount,58 percent was already invested in portfoliocompanies and 42 percent available for follow-oninvestment rounds and new investments.staticticts25

statictics26ACTIVE INVESTMENT PORTFOLIOAt the end of 2006 the active investmentportfolio consisted of 800 (745) portfoliocompanies. The value of the active investmentportfolio amounted to 1835 millioneuros at cost, which is almost the exact levelfor the previous year.The largest industry sectors represented in theactive portfolio are medical related industriesat 250 million euros (13,6 %), manufacturingat 227 million euros (12,4 %) and industrialproducts and services at 213 million euros(11,6 %).PORTFOLIO COMPANY INFORMATIONSmall and medium-sized enterprises comprisemost of the active portfolio of Finnishprivate equity houses. A total of 67 % (48 %in 2005) of portfolio companies employ amaximum of 50 people. The median numberof employees is 13 persons. Buyout dealsbring larger companies into the portfolios,thus raising the mean number of employeesto 88 persons.Typical portfolio companies are small also interms of turnover, but have, on average, grownmore than in previous years. 56 % of portfoliocompanies generate a turnover of 2 millioneuros or less. The median turnover is 1,46million euros and average turnover, also as resultof buyout deals, 18,45 million euros.MANAGEMENT COMPANY INFORMATIONThe Finnish private equity industry has experiencedsignificant growth since it took offin the late eighties. At the end of 2006 therewere 39 private equity firms as full membersof the Finnish Venture Capital Association.Today these private equity companies employapproximately 248 managers and 143 otheremployees. By the end of 2006 the same companiesmanaged 73 private equity funds.

Annual New Funds in 1991 – 2006 (M€)funds raisedAnnual New Funds by Capital Sources in 1996 – 2006 (M€)2719961997199819992000200120022003200420052006Pension Funds2575140180100722781212166165Insurance Companies13616318719110418912106731Banks117532570262818256261Public Sector*2054207889405810154763Corporate Investors591953117764205329Fund of Funds00005029165247696Capital Markets0381792350100114780Private Individuals00928897241021Academic Institutions00006110130Other14726012214001629New Funds raised byIndependend Private194297319640548321657117186542434Equity FundsFunds Raised by-----82142861198182Captive InvestorsCapital Gains Available089151581534141for ReinvestmentsTotal New Funds194305328655563411814206309637517*The class includes new investment activity undertaken by the captive public investors between the years1996-2000. In case of captive vehicles the new investment activity is used as an estimate of fundraising.Since 2001 all the investment activity undertaken by both public and private captive vehicles (e.g.investor’s balance) is reported separately.

Annual Funds Raised by Type of Investor in 1996 – 2006funds raised28

Annual Investments in 1991 – 2006investments29Annual Number of Portfolio Companies Invested in 1995 – 2006

Quarterly Investments in 2005 – 2006investments30Annual Initial and Follow-on Investments in 1994 – 2006

Average Sizes of Initial and Follow-on Investments in 1994 – 2006 (M€)investments31Annual Investments by Investor Type in 1994 – 2006

Stage Distribution of Investments in 2006Initial Investments Follow-on Investments Total InvestmentsNbrM€NbrM€NbrM€Seed7405391279Start-up144012532666Other Early Stage121928654084Expansion38277386111113MBO/MBI863716710244Secondary Financing261425115125investmentsOther (incl. Rescue/Turnaround)Total2185518261651127283501645432Stage Distribution by Percentage of Total Amount Invested in 2006

Stage Distribution by Percentage of Total Number of Investments in 2006investments33Stage Distribution by Percentage of Initial and Follow-on Investments in 2006

Stage Distribution by Investor Type in 2006investments34Annual Stage Distribution of Amount (M€) Invested in 1996 –2006

Annual Stage Distribution of Number of Investments in 1996 – 2006investments35

Industry Distribution of Investments in 2006investmentsBiotechnologyElectronicsEnergyInternet technologyChemicals & MaterialsTransportationConsumerRetailOther (e.g. production)Medical2006M€6,420,87,71,414,41,817,515,92006%1,86,02,20,44,10,55,04,52006Nbr174517695692006%3,79,93,71,32,01,11,32,036Instruments / DevicesPharmaceuticalsHealthcareServicesManufacturing (other)TelecommunicationIndustrial Products & ServicesIndustrial AutomationComputer68,15,418,812,546,63,249,42,319,51,55,43,613,30,914,10,72811222633175996,22,44,95,77,33,713,02,0OtherSoftwareCommunicationsOtherTotal0,822,91,732,33500,26,50,59,3100%5814454541,117,80,910,0100%

Industry Distribution by Percentage of Amount Investedand Number of Investments in 2006investments37Initial and Follow-on Investments by Industry Sectors in 2006Industry Sectors Initial Investments Follow-on Investments Total InvestmentsM€ Number M€ Number M€ NumberICTLife SciencesServices & RetailManufacturingOtherTotal13511389191853722148227182244733528165845627832227237994614127350121784116549454

Industry Distribution by Percentage of Initial and Follow-on Investments in 2006investments38Industry Sectors and Stage Distribution of Amount Invested in 2006

Annual Industry Distribution of Amount Invested in 1997 – 2006investments39Annual Industry Distribution of Number of Investments in 1997 – 2006

Geographical Distribution of Amount Invested and Number of Investments in 2006investments40Financing Instruments in 2000 – 2006EquityQuasi-equityMezzanineUnsecured debtSecured debtUnknownTotal2000M€2562180373-3972001M€2074640230243402002M€21062565013-3912003M€1548536503-3282004M€1854991431-3692005M€1506567264-3132006M€14844100581-3502006%421329160-100%

Annual Divestments in 1994 – 2006 (M€, at cost)divestments41Divestment Methods Used in 2006Number ofNumber ofDivestment MethodM€DivestmentsCompaniesIPO111Sale to Trade Buyers1396339Sale to Financial Institutions1364Sale to Another Venture Capitalist302514Sale of quoted Equity Post Flotation974Sale to Management, Buy-back204130Repayment of Principal of Loans1277246Other172320Write Offs433324Total399271182** The actual number of companies divested is 160. Some divested companieshave several divestment methods.

Method Distribution of Amount Divested in 2006divestments42Industrial Distribution of Amount Divested in 2006

Capital Under Management and Active Portfolio per Dec. 31,1991 – 2006 (M€)active portfolio43Capital Under Management in 1991 – 2006.Distribution by Public and Private Private Equity Companies.

Industry Distribution of Active Portfolio per Dec 31, 2006.TotalPortfolioTotalPortfolioTotalPortfolioTotalPortfolioM€%Number*%Biotechnology532,9373,2Electronics1548,4998,5Energy301,6181,5Internet –technology452,5272,3active portfolioChemicals & MaterialsTransportationConsumerRetailOther (e.g. production)MedicalInstruments / Devices585714856923211143,23,18,13,15,017,66,32227672839156571,92,35,72,43,313,34,9Pharmaceuticals1216,6524,4Healthcare864,7474,0Services844,6595,044Manufacturing (other)23512,91099,3Financial Services150,840,3Construction150,8221,9Telecommunication221,2242,0Industrial Products & Services22912,618515,8Industrial Automation422,3262,2Computer21611,821418,3Hardware50,380,7Software1538,417715,1Services502,7221,9Semiconductors80,470,6Communications482,6221,9Other632,8534,5Total1835100%1171100%*The number of investments is calculated based on the number of investments made by each investmentvehicle, such as a fund or the direct investments of a captive organization. In case of each investmentvehicle the transaction is calculated only once, although the vehicle might have invested several times intoa portfolio company.

Industry Distribution by Percentage of Amount Invested andNumber of Investments in Active Portfolio per Dec 31, 2006.active portfolio45Active Portfolio Investment Amount by Region per Dec. 31, 2006

Turnover Distribution by Percentage of Portfolio Companiesactive portfolio46Number of Employees Distribution by Percentage of Portfolio Companies

Private Equity Investors’ Share of Equity by Percentage of Portfolio Companiesactive portfolio47

METODOLOGIAstaticticsSuomen pääomasijoitusyhdistys ry (FVCA)käyttää toimintakartoituksessaan samaa metodologiaa,kuin Euroopan pääomasijoitusyhdistys(EVCA). Tiedot kerätään FVCA:n kehittämän ja EVCA:n vuosittaisiin kyselykaavakkeisiinperustuvan online-kyselynavulla. Web-pohjainen järjestelmä otettiinkäyttöön vuoden 2003 alussa kun tietoja kerättiinvuoden 2002 toimintakartoitukseen.Uuden nettikyselyn ja kehittyneemmän tietokannanansiosta FVCA:n oli mahdollista tehdäneljännesvuosittaiset kyselyt ensimmäistäkertaa vuonna 2003.VarainhankintaHankitut varat annetaan pääomasijoitusyhtiönkotimarkkinaa varten vaikka varojensijoitusperiaatteen vuoksi olisi sijoitettavajohonkin toiseen maantieteelliseen markkina-alueeseen.Merkittävää on, että varainhankinnanlaskenta riippuu yksittäisen pääomasijoitusyhtiönluokituksesta. Varainhankinnanlaskenta riippuu siitä, onko yhtiö riippumatonvai semi-captive tai captive (osin tai kokonaansijoituksensa suoraan omasta taseestaantekevä).48Otannan suunnittelu ja valintaKyselyn kohderyhmänä ovat FVCA:n varsinaisetjäsenyhteisöt. Nämä edustavat läheskaikkia Suomessa toimivia pääomasijoitustaharjoittavia yhteisöjä. Alla olevan listan mukaisiasijoituksia ei huomioida:•••••Mukaan ei oteta yhteisöjä, jotka sijoittavattoisiin pääomasijoitusyhtiöihin (ns. fundof-funds),jotta vältyttäisiin laskemasta sijoituksiakahteen kertaan.Yhtiöiden tekemiä sijoituksia ei oteta huomioon,ellei yhtiöllä ole varainhallintaanerillistä yritystä (ns. corporate venturing –yksikköä)Yritysenkeleiden tekemät sijoitukset on jätettyhuomioimatta.Kysely ei ota huomioon suoria sijoituksia.Mikäli ulkomaisella pääomasijoitusyhtiölläon pysyvä toimisto Suomessa, lasketaantämän toimiston kautta tehdyt sijoituksetmukaan.Vuoden 2006 toimintakartoitus tehtiin 39yhteisölle. Vastausprosentti oli 79 ja otannassaon mukana Suomen suurimmat pääomasijoitusyhtiöt.Riippumattomille yhtiöille varainhankintakysymyson selkeä, sillä kaikkea vuoden aikanahankittuja uusia varoja pidetään ”uutena”rahoituksena. Captive ja semi-captive-sijoittajienkohdalla heidän captive-välineellään(esim. taseellaan) tehty uusi sijoitustoimintamerkitään uusiksi hankituiksi varoiksi.Captive- ja semi-captive-yhtiöiden muualta kuinemo-organisaatioiltaan hankkimat varat merkitäänriippumattomiksi hankituiksi varoiksi.Varainhankintaan lasketaan myös yritystensaamat pääomatulot, jotka voidaan uudelleensijoittaa.Sijoitukset ja irtautumisetVaikka varainhankinta kohdennetaan pääomasijoitusyhtiönkotimaahan, riippuu sijoitustenkohdentuminen yhtiön paikallisentoimiston rakenteesta. Siten paikallisen toimistonkautta tehty sijoitus ”kohde”-markkinoillekohdentuu sen maan tilastoihin. Vainilman paikallisia toimistoja tehdyt suorat sijoituksetulkomaisiin yhtiöihin on sisällytettySuomen tilastoihin. Tämä tarkoittaa myössitä, että ulkomaisten pääomasijoitusyhtiöidentekemä suora sijoitus suomalaisiin yhtiöihinei ole mukana Suomen tilastoissa.

Sijoitusten lukumäärä lasketaan kunkin sijoitusvälineenkuten rahaston tekemien sijoitustenlukumäärän tai captive-organisaation tekemiensuorien sijoitusten perusteella. Siksi josesimerkiksi kolmea erillistä rahastoa hoitavaitsenäinen yhtiö sijoittaa yhteen sijoitusyhtiöönkäyttäen kustakin rahastosta peräisin olevaapääomaa lasketaan se markkinatilastoissakolmeksi sijoitustapahtumaksi. Samoin, josyksityinen pääomasijoitusyhtiö sijoittaa yhtiööneri aikoina vuoden kuluessa lasketaannämä sijoitukset erikseen.Ensisijoitukset kuten muutkin sijoitukset perustuvatsijoittavien rahastojen määrään. Josesimerkiksi sijoitusyhtiö on saanut rahoitustaaiemmin yhdeltä pääomasijoitusrahastolta jatoinen pääomasijoitusrahasto sijoittaa siihenlisää myöhemmin, on jälkimmäinenkin ensisijoitusviimeksi mainitun rahaston näkökannalta.Irtautumistietoja käytetään tässä jotta voitaisiinseurata mitä suomalaisille pääomasijoitussalkulletapahtuu. Irtautumisten summatilmaistaan hankintahintaisena, eikä varsinaisestamyynnistä saatuina summina. Siitä einäy voittoa tai sitä summaa, jonka pääomasijoitusyhtiöttodellisuudessa saavat.Irtautumisten lukumäärää laskettaessa on toimintaamitattu samalla tavoin kuin investointienkinkohdalla. Jokainen irtautuminen onsiis laskettu yksitellen. Sijoitusyhtiöllä voisisiten kunakin vuonna olla useitakin irtautumisiasamasta kohdeyrityksestä.Hallinnoitu pääomaHallinnoiduksi pääomaksi lasketaan seuraavienlukujen yhteenlaskettu summa:• sijoitusyhtiöihin omakustannushintaan sijoitettu,vielä irtautumaton pääoma• sijoitusyhtiöihin sitoutunut muttei vielä sijoitettupääoma• sijoitusyhtiöihin vielä sijoittamaton tai sitoutumatonpääoma (rahastositoumukset)Captive-sijoittajien kohdalla sijoituksiin taseestasaatavissa olevia summia ei lasketa hallinnoituunpääomaan. Jos pääomasijoitusyhtiösijoittaa vain taseestaan, on hallinnoitupääoma samansuuruinen kuin kahden ensimmäisenkohdan yhteenlaskettu summa.MÄÄRITELMÄTVaihe/rahoitusmääritelmien tyypitSiemenvaihe: Rahoitus on alkuidean tutkimukseen,arviointiin ja kehittämiseen ennenkuin yritys on saavuttanut käynnistysvaiheen.Käynnistysvaihe: Rahoitus on yrityksilletuotekehittelyvaiheeseen ja lisärahoitukseksikaupallisen valmistuksen ja myynnin aloittamiseen.Yritykset eivät vielä tuota voittoa.Kasvuvaihe: Rahoitus on jo toimivan yrityksenkasvuun ja laajenemiseen. Yrityksentoiminta voi olla kannattavuuden rajoilla taikannattavaa. Pääoma voidaan käyttää tuotantokapasiteetinkasvattamiseen, markkinoidentai tuotteen kehittelyyn ja/tai käyttöpääomanlisäämiseen.Siirtymävaihe: Rahoitus on yritykselle siirtymävaiheeseenyksityisestä omistuksesta julkisillamarkkinoilla noteeratuksi yritykseksi.Jälkirahoitus: Olemassa olevien osakkeidenostaminen toiselta pääomasijoitusorganisaatioltatai toisilta osakkeenomistajilta.Tervehdyttäminen: Rahoitus, jota saaolemassa oleva vaikeuksissa ollut yritys.Tarkoituksena on saada toiminta taas kannattavaksi.staticticts49

statictics50Pankkilainan uudelleenrahoitus:Päämääränä yrityksen velkaantumisasteenvähentäminen.Toimivan johdon yritysosto (ManagementBuyout): Rahoituksen tarkoituksena on antaatoimivalle johdolle ja sijoittajille mahdollisuushankkia jo olemassa oleva tuotelinja taitoimiva yritys.Management Buy-in: Rahoitus joka antaayrityksen ulkopuoliselle johtajalle tai ryhmällejohtajia mahdollisuuden ostaa yritystä pääomasijoittajientuella.Listattujen osakkeiden riskiosto:Listattujen osakkeiden ostaminen sillä tarkoituksellaettä yritys poistetaan pörssilistalta.Muu listattujen osakkeiden osto: Pörssissälistattujen osakkeiden osto. Tämän tyyppinenrahoitus on jätetty tulosten ulkopuolelle.RahoitusinstrumentitOma pääoma: Yhtiössä oleva omistusosuus,jota edustavat sijoittajilla olevat yhtiön osakkeet.Muu oman pääoman ehtoinen rahoitus:Arvopaperit kuten pääomalainat ja etuosakkeetjotka ovat vakuudettomia ja muutettavissaomaksi pääomaksi laina-ajan lopussa.Välirahoitus: Lainarahoitus, joka on omanpääoman ja vakuudellisen velan välimuoto,joko vakuudeton tai vähäisillä vakuuksilla varustettu.Vakuudeton velka: Lainat, joiden takuunaei ole yrityksen varoja.Vakuudellinen velka: Lainat, joiden takuunaon yrityksen varoja.Teollisuuden alatViestintä:• Telekommunikaatiolaitteet (esim. ääni- jatietoliikennelaiteet, verkkolaitteet)• Teleoperaattorit• Internet-teknologia(esim. selaimet, portaalit,hakukoneet, ISP:t, internet-sivujensuunnittelu)• TV- ja radiolähetystoiminta• Mediatalot• KustannustoimintaTietokoneisiin liittyvä• Tietokonelaitteet (mukaan lukien oheislaitteetja äänisyntetisaattori-/äänentunnistuslaitteet)• Tietokoneohjelmat• Tietokonepalvelut• TietokonepuolijohteetBioteknologia• Maatalous-/eläinbioteknologia (esim. kasvidiagnostiikka)• Teollinen bioteknologia (esim. johdannaisetkemikaalit)• Bioteknologiaan liittyvä tutkimus- ja tuotantolaitteistoLääketieteeseen liittyvä• Terveydenhoito• Lääketieteen kojeet ja laitteet (esim. diagnoosi-ja terapialaitteet)• Lääkeala (esim. lääkkeiden kehittäminen)Elektroniikka• Paristot• Virtalähteet• Kuituoptiikka• Analyysivälineet ja tieteen välineet• Puolijohteet ja niihin liittyvät laitteet (mukaanlukien elektroniikkakomponentit)

Teollisuustuotteet ja -palvelut• Teollisuuden koneet ja laitteet• Saasteisiin ja kierrätykseen liittyvät• Teollisuuden palvelutKemikaalit ja aineet• Maatalouden kemikaalit• Kemikaalihyödykkeet• Erikois- ja suorituskemikaalit ja -aineet• Pinnoitteet ja liimat• Kalvot ja kalvopohjaiset tuotteetTeollisuusautomaatio• Teollisuuden mittaus- ja anturilaitteet• Prosessinohjauslaitteet• Robotiikka• Konenäköjärjestelmät• Numeerinen ja tietokoneistettu työstökoneidenohjausRakentaminen• Rakennuspalvelut• Rakennusaineiden valmistus• Elementtitalojen ja -järjestelmien valmistus(Muu) Valmistus• Yritystuotteet ja -tarvikkeet• Toimistohuonekalut• Tekstiilit• Rautakauppatavara ja putkitarvikkeet• Massa ja sidonta• Pakkaustuotteet ja järjestelmätRahoituspalvelut• Pankkitoiminta• Vakuutusalaan liittyvä• Kiinteistöala• Arvopaperi- ja hyödykevälitysPalvelut• Palvelut• Rahoituspalvelut• Vähittäismyynti ja kuluttajapalvelutEnergia• Öljyn ja kaasun etsintä ja -tuotanto• Etsintä- ja porauspalvelut ja -laitteet• Hiileen liittyvä• Energiansäästöön liittyvä• Vaihtoehtoiset energiatKuljetus• Lentoyhtiöt, rautatiet, linja-autot• Lentokenttä- ja muut kuljetuspalvelut• Posti - ja pakettihuolintaMaatalous• Karjanhoito• Viljanviljely• Kalastus• MetsätalousMuu• Kaivostoiminta• Julkiset laitokset• Monialayhtymät•High-tech -yhtiöYhtiö, jolla on yksinomistus määrättyihinimmateriaalioikeuksiin kuten mallioikeuksiin,patentteihin, tekijänoikeuksiin, jne. jotkatuovat oleellista lisäarvoa yhtiön tuotteelleja liiketoiminnalle ja jotka yhtiön vakituinenhenkilökunta kehittää yhtiössä sisäisesti.Vaikka tällä tavalla luonnehditut yhtiöt eivätrajoitu mihinkään teollisuuden aloihin, niitätapaa useimmin aloilla, jotka liittyvät televiestinnänlaitteisiin, internet-teknologiaan, tietokonelaitteisiin,-ohjelmiin ja -palveluihin,elektroniikkaan, puolijohteisiin, bioteknologiaan,lääketieteen kojeisiin ja laitteisiin.Sähköinen kaupankäynti -yhtiöYhtiö, joka tukeutuu pääasiassa liiketoimintamalliin,jossa asiakkaat voivat internetinkautta tilata yhtiön palveluita ja tuotteita jamaksaa niistä.staticticts51

statictics52Toimialaluokittelu- ja hierarkia EVCA:nmetodologian mukaanICT (Information and CommunicationsTechnology)• Tietotekniikka• Tietotekniikka: Laitteistot• Tietotekniikka: Ohjelmistot• Tietotekniikka: Palvelut• Tietotekniikka: Puolijohtimet• Viestintä•• Viestintä: Laitteistot• Viestintä: Teleoperaattorit• Viestintä (muu)Internet -teknologiaLife Sciences• Biotekniikka• Lääketiede/Terveydenhuolto• Lääketiede/Terveydenhoito: Laitteisto• Lääketiede/Terveydenhoito:Terveydenhoito• Lääketiede/Terveydenhoito: LääkkeetValmistusteollisuus• Elektroniikka• Teollisuuden tuotteet ja palvelut• Kemianteollisuus ja uudet materiaalit• Teollinen automaatio• Valmistus (muu)• Rakennusteollisuus• Kuluttajatuotteet (muu)Palvelut• Rahoituspalvelut• Palvelut (muu)• Kuluttajatuotteet: VähittäiskauppaMuu toimiala• Maatalous• Kuljetus• Energia• Muu (ei listattu)

METHODOLOGY AND DEFINITIONSThe Finnish Venture Capital Association(FVCA) uses the same methodology as theEuropean Private Equity and Venture CapitalAssociation with regard to activity surveys.The data is collected using an online surveythat has been developed by the FVCA andis based on the EVCA’s annual survey questionnaires.A web-based system was launchedin the beginning of 2003 when the data forthe 2002 activity survey was collected. Dueto the new on-line survey and a more developeddatabase, in 2003 the FVCA was able toconduct quarterly surveys during 2003 for thefirst time. The 2006 activity survey includedin this annual report marks the fifth anniversaryof the system.Sample design and selectionThe survey is targeted at the full members ofthe FVCA. These companies represent almostevery venture capital and private equity companyin Finland. There are cases in which investmentsare excluded:1. Companies that make investments in otherprivate equity funds (i.e. funds of funds)are excluded in order to avoid the doublecountingof investment activities.2. Investments made by corporations are excluded,if a corporation does not have aseparate management company that managesits funds.3. Investments by business angels are excluded.4. The survey does not take into account directinvestments made by foreign investorsin Finland. Investments made through thepermanent Finnish office of a foreign privateequity company can be included.The 2006 activity survey was targeted at 39companies. The response rate was 79 percent,and the sample includes all the largest privateequity companies in Finland.FundraisingFunds raised are shown for the home marketof the private equity company, even if the investmentpolicy is to invest in another geographicmarket. It is important to note thatthe calculation of fundraising is dependenton the classification of the individual privateequity company. Whether a company is independent,semi-captive or captive determineshow fundraising is calculated.For independent companies, the issue of fundraising is straightforward with any funds raisedduring the year being treated as “new” finance.For captive and semi-captive investors, newinvestment activity undertaken via their captivevehicle (for instance, their balance sheet) is recordedas new funds raised. Funds raised by captiveand semi-captive companies from sourcesother than the parent organisations are recordedas independent funds raised. Fundraisingalso includes capital gains generated by companiesand available for re-investment.Investments and divestmentsWhile fundraising is allocated to the homecountry of the private equity company, theallocation of investments is determined bythe structure of the company’s local organisation.Therefore, an investment made througha local office in the “destination” market willbe allocated to that country’s statistics. Onlyforeign direct investments that bypass localoffices in those countries are included inFinnish statistics. This also means that directinvestments in Finnish companies made byforeign private equity companies are not includedin the Finnish statistics.staticticts53

statictics54The number of investments is calculated basedon the number of investments made by eachinvestment vehicle, such as a fund, or the directinvestments of the captive organisation.Therefore, for example, if an independentcompany that manages three separate fundsinvests in a portfolio company using capitalfrom each of these funds, then this is countedin the market statistics as three investments.Similarly, if a private equity company investsin a company at different times of the year,the investments are counted separately.As with all investments, initial investmentsare also based on the number of investingfunds. For example, if a portfolio companyhas received funding from one private equityfund before and another private equity fundmakes further investment later, the latter investmentis also an initial investment fromthe point of view of the latter fund.Divestment information is used here tokeep track of what happens to the portfolioof Finnish private equity investments.Divestment amounts are reported at cost,rather than at the actual amounts realised byany sale. It does not reflect the returns or theamount that private equity companies actuallyreceive.With regards to the number of divestments,activity is measured in the same way as are investments.That is, each divestment is countedindividually. Therefore, a portfolio companycan have a number of divestments made fromit in any particular year.Capital Under ManagementThe capital under management is calculatedas a sum of following numbers:• the capital invested and not yet divested, atcost, in the portfolio companies• the capital committed to, but not yet investedin, portfolio companies• the capital not yet invested in or committedto portfolio companies (fund commitments)Regarding captive investors, assets in the balanceavailable for investment are not includedthe capital under management. If a privateequity company makes investments from itsbalance only, the capital under managementequals the sum of the first two items.DEFINITIONSInvesting stages / type of financingSeed: Financing provided to research, assessand develop an initial concept before a businesshas reached the start-up phase.Start-up: Financing provided to companiesfor the product development stage, and furtherfunds to are required in order to initiatecommercial manufacturing and sales. Thesecompanies do not generate profits yet.Other early stage: Financing provided tocompanies that have begun initial marketingand related development and that require financingto achieve full commercial productionand sales.Expansion: Financing provided for thegrowth and expansion of an operating company,which may or may not be breaking evenor trading profitably. The capital may be usedto finance increased production capacity, marketor product development and/or to provideadditional working capital.Bridge financing: Financing made availableto a company in the period of transitionfrom being privately owned to being publiclyquoted.Secondary financing: The purchase of existingshares in a company from another pri-

vate equity investment organisation or fromanother shareholder or shareholders.Rescue/Turnaround: Financing that is madeavailable to an existing business which has experiencedtrading difficulties with a view tore-establishing prosperity.Refinancing bank debt: To reduce a company’slevel of gearing.Management buyout (MBO): Financingprovided in order to enable a company’s currentoperating management and investors toacquire an existing product line or business.Management buy-in (MBI): Financingprovided to enable a manager or group ofmanagers from outside the company to buyinto a company with the support of privateequity investors.Venture purchase of quoted shares: Thepurchase of quoted shares with the purpose ofdelisting the company.Other purchase of quoted shares: Thepurchase of shares on a public stock market.This type of financing is excluded from theresults.Financial instrumentsEquity: Ownership interest in a corporation,represented by the shares of stock that areheld by investors.Quasi-Equity: Quasi equity encompassessuch instruments as convertible shareholderloans, loan notes, preference shares. These instrumentsare unsecured and convertible onexit.Mezzanine: Loan financing that is halfwaybetween equity and secured debt, either unsecuredor with junior access to collateral.Secured debt: A loan backed by assets belongingto the borrower in order to decreasethe risk assumed by the lender.Unsecured debt: A loan not backed by theborrower’s assets.Composition of industry sectorsCommunications:• Telecommunications hardware (e.g. voiceand data communications equipment, networkingequipment)• Telecommunications carriers• Internet Technology (e.g. browsers, portals,search engines, ISPs, website design)• TV and radio broadcasting• Media houses• PublishingComputer Related• Computer Hardware (including peripheralsand voice synthesis / recognition equipment)• Computer Software• Computer Services• Computer SemiconductorsBiotechnology• Agricultural / animal biotechnology (e.g.plant diagnostics)• Industrial biotechnology ( e.g. derivedchemicals)• Biotechnology related research and productionequipmentMedical Related• Healthcare• Medical Instruments and Devices (e.g. diagnosticand therapeutic equipment)• Pharmaceuticals (e.g. drug development)Electronics• Batteries• Power supplies• Fibre opticsstaticticts55

statictics••Analytical and scientific instrumentationSemiconductors and related equipment(including electronic components)Industrial Products and Services• Industrial equipment and machinery• Pollution and recycling related• Industrial servicesChemicals and Materials• Agricultural chemicals• Commodity chemicals• Speciality or performance chemicals / materials• Coatings and adhesives• Membranes and membrane-based productsServices• Services• Financial Services• Retail and Consumer ServicesEnergyOil and gas exploration and productionExploration and drilling services andequipmentCoal relatedEnergy conservation relatedAlternative energy•••••Transportation• Airlines, railways, buses• Airfield and other transportation services• Mail and package shipment56Industrial Automation• Industrial measurement and sensing equipment• Process control equipment• Robotics• Machine vision systems• Numeric and computerised control of machinetoolsConstruction• Construction services• Manufacture of building materials• Manufacture of pre-fabricated buildingsand systems(Other) Manufacturing• Business products and supplies• Office furniture• Textiles• Hardware and plumbing supplies• Pulp and binding• Packaging products and systemsFinancial Services• Banking• Insurance Related• Real estate• Securities and commodities brokersAgriculture• Animal husbandry• Crop cultivation• Fishing• ForestryOther• Mining• Utilities• ConglomeratesHigh-Tech CompanyA company that has exclusive ownership ofcertain intellectual property rights such asdesign rights, patents, copyrights etc. thatare critical elements in adding value to thecompany’s products and business and that arebeing developed in-house by the company’spermanent staff. Although companies thatpossess these attributes are not limited tospecific industries, they are most frequentlyfound in the telecommunications hardware,internet technology, computer hardware,software and computer services, electronics,semiconductors, biotechnology, medical instrumentsand devices industries.

E-commerce CompanyA company relying primarily on a businessmodel whereby customers are able to orderand pay for a company’s goods and servicesvia the internetIndustry HierarchiesICT (Information and CommunicationsTechnology)• Computer related• Computer: Hardware• Computer: Software• Computer: Services• Computer: Semiconductors• Communications• Telecommunications: Hardware• Telecommunications: Carriers• Communications (other)• Internet TechnologyLife Sciences• Biotechnology• Medical/Healthcare Related• Medical/Healthcare: Instruments/Devices• Medical/Healthcare: Healthcare• Medical/Healthcare: PharmaceuticalsManufacturing• Electronics• Industrial Products and Services• Chemicals and Materials• Industrial Automation• Manufacturing (other)• Construction• Consumer (other)Services• Financial Services• Services (other)• Consumer related• Consumer: RetailOther• Agriculture• Transportation• Energy• Other (not listed)staticticts57

members58

membersDIRECTORY OF MEMBERS59

3i Nordic plcmembers60Contact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio CompaniesMikonkatu 25, P.O. Box 247, 00101 Helsinki,Finland+358 9 6815 4100+358 9 6815 4451helsinki@3i.comforename.surname@3i.comwww.3i.com/finland199612Mr. Hannu Isohaaro, Partner, Country ManagerMr. Berndt Schalin, DirectorEurofund IVEurofund V12 000 000 000 €14 (in Finland)DNA, Eltel Networks, Inspecta, Mehiläinen,KemFine, Halti, Empower, Sulake, RedLynxInvestment PreferencesSize of Investment 2 000 000 – 300 000 000 €Investment Stages AllIndustrial Sectors AllGeographical Focus Finland, the Nordic Countries, Baltics, RussiaType of Financing AllMinority /Majority Holding Preference Both

Ahlström Capital OyContact informationAddressTelephone NoFax NoFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio CompaniesP.O.B. 329 (Eteläesplanadi 14), 00101 Helsinki,Finland+358 10 888 18+358 10 888 4769forename.surname@ahlstromcapital.comwww.ahlstromcapital.com20018Mr. Jan Inborr, President & CEOMr. Kai Becker, Investment DirectorMr. Johan Borgström, General CounselMr. Sebastian Burmeister, Investment ManagerMr. Kari Cederberg, Financial DirectorMr. Henrik Mikander, Investment Director170 000 000 €6Enics, Nordkalk, Vacon, Wessen, Å&R Carton,Symbiconmembers61Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference5 000 000 – 25 000 000 €Expansion, Buy-outs, TurnaroundsChemicals & Materials, Electronics, IndustrialProducts & Services, Manufacturing, Real EstateNordic Countries, EU, Eastern Europe, RussiaEquity, Quasi-EquityNo Preferences

Amanda Capital Plcmembers62Contact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesAleksanterinkatu 15 A, 6th floor, P.O. Box 896,FI-00101 Helsinki, Finland+358 9 6829 600+358 9 6829 6020piia.latvala@amandacapital.fiforename.surname@amandacapital.fiCompany InformationYear of Establishment 2000Number of Employees 15Key Persons Mr. Petteri Änkilä, CEOMr. Petter Hoffström, CFOMs. Piia Latvala, IR DirectorMr. Hannu Iiskola, DirectorMr. Jyrki Orpana, DirectorMr. Olli Heinilä, DirectorMr. Peter Borg, DirectorMr. Staffan Jåfs, DirectorMr. Marko Hovi, DirectorFund Names Mandatum Private Equity Fund I L.P.Mandatum Private Equity Fund II L.P.Amanda III Eastern Private Equity L.P.The First European Fund Investments U.K. L.P.European Fund Investments II L.P.Capital Under Management 1 300 000 000 €Investment PreferencesSize of Investment No PreferencesInvestment Stages No PreferencesIndustrial Sectors No PreferencesGeographical Focus Western Europe, CEE, Russia, Nordic CountriesType of Financing No PreferencesMinority /Majority Holding Preference No Preferences

Aura Capital OyContact informationAddress Kluuvikatu 5, 00100 Helsinki, FinlandTelephone No +358 10 830 600Fax No +358 10 830 601E-mail Address for General Enquiries katri.kettukangas@auratum.comFormat of Personal E-mail Addresses forename.surname@auratum.comWeb Address www.auracapital.comCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies19974Mr. Ari Siponmaa, Managing PartnerMr. Petri Salonen, PartnerMr. Matti Hautsalo, Investment DirectorAura Capital Rahasto V KyNew investments from Aura Capital’s own balancesheetN/A (investments from own balance sheet)17BlueGiga Technologies, Confidex, AW Energy,Delfoi, Continuent, Chip-Man Technologiesmembers63Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference500 000 – 1 500 000 €Seed, Start-up, Other Early StageComputer, Communications, IT, Medical (notexclusively)FinlandEquity, Unsecured DebtNo Preferences

BaltCap Management Oymembers64Contact informationAddress Kauppiaankatu 6 C 38, 00160 Helsinki, FinlandTelephone No +358 20 198 5661Fax No +358 20 198 5665E-mail Address for General Enquiries info@baltcap.comFormat of Personal E-mail Addresses forename.surname@baltcap.comWeb Address www.baltcap.comCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies199510Mr. Peeter SaksMr. Martin KõdarMr. Dagnis DreimanisMr. Simonas GustainisMr. Matts AnderssonBaltic Investment Fund IIIBaltic SME Fund31 000 000 €14INTRAC Group, eKool, Adam Auto, DEPODIY, Hansa Electonics, NeoQi, ZetcomInvestment PreferencesSize of Investment 2 000 000 – 15 000 000 €Investment Stages Expansion, Buyout, Other Early StageIndustrial Sectors All sectorsGeographical Focus Baltics, CEEType of Financing EquityMinority /Majority Holding Preference No Preferences

BioFund Management Oy LtdContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio CompaniesMikonkatu 4, 3rd floor, 00100 Helsinki, FinlandP.O. Box 164, 00101 Helsinki, Finland+358 9 251 4460+358 9 251 44 620biofund@biofund.fiforename.surname@biofund.fiwww.biofund.fi199711Dr. Kalevi Kurkijärvi, Senior Partner, Chairman ofthe Board & CEO; Mr. Seppo Mäkinen, SeniorPartner; Mr. Timo Petäjä, Senior Partner; Mr. ErkkiPekkarinen, Partner, President; Mr. Keijo Väkiparta,Partner, Investment Director; Mr. Eric Leire,President of Bio Fund Management A/S, SeniorAdvisor of BioFund; Mr. Pasi Jänkälä, InvestmentDirector; Ms. Tiina Taivaloja, Investment Director;Mr. Juhana Rauramo, Investment ManagerBio Fund Ventures I L.P. , Bio Fund VenturesII L.P., Bio Fund Ventures III L.P., Bio FundVentures I Follow-on Fund L.P., Bio FundVentures II Follow-on Fund L.P.198 400 000 €47FibroGen Inc. (USA), QuatRx PharmaceuticalsCompany (USA), FIT Biotech Oy (Finland),SpinX, Inc. (Geneva)members65Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference1 000 000 – 5 000 000 €Early Stage, Expansion, Buyout, TurnaroundPharmaceuticals and Therapies (Pharmaceuticals),medical technologies (MedTech), cleantech andnutritionNordic Countries, EU, Canada, USAEquityMinority

CapMan Capital Management Ltd(CapMan Group)members66Contact informationAddress Korkeavuorenkatu 32, 00130 Helsinki, FinlandTelephone No +358 9 6155 800Fax No +358 9 6155 8300E-mail Address for General Enquiries info@capman.comFormat of Personal E-mail Addresses forename.surname@capman.comWeb Address www.capman.comCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies1989100Mr. Heikki Westerlund, CEO, Senior PartnerFinnventure II, III, IV, V and V ETFinnmezzanine II and IIICapMan Equity VIICapMan Mezzanine IVCapMan Buyout VIIICapMan Technology 2007CapMan Life Science IVCapMan Real Estate ICapMan RE IIapprox. 3 000 000 000 € in CapMan Group60Lumene Oy, Cardinal Foods AS, OneMed Group,Jolife AB, Infocare AS, Tokmanni Oy, MillicoreAB, Inflight Service AB, Tieturi Oy, GammadataGroup, ScanJour A/SInvestment PreferencesSize of Investment 2 000 000 – 60 000 000 €Investment Stages Expansion, BuyoutIndustrial Sectors AllGeographical Focus Nordic CountriesType of Financing Equity, MezzanineMinority /Majority Holding Preference No Preferences

Conor Venture Partners OyContact informationAddress Tekniikantie 14, 02150 Espoo, FinlandTelephone No +358 400 442 873Fax No +358 9 812 7305E-mail Address for General Enquiries manu.makela@conor.vcFormat of Personal E-mail Addresses forename.surname@conor.vcWeb Address www.conor.vcCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies20054Mr. Jari MieskonenMr. Manu MäkeläMr. Sami AhvenniemiMr. Will CardwellConor Technology Fund I ky19 000 000 €5Imbera Electronics, Concilio Networks,Supponor Systemsmembers67Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference250 000 – 1 500 000 €Seed, Start-up, Other Early StageCommunicationsComputer: hardware, semiconductors, services,softwareElectronicsInternet technologyFinland, Sweden, BalticsEquityMinority

EQT Partners Oymembers68Contact informationAddress Pohjoisesplanadi 25 A, 00100 Helsinki, FinlandTelephone No +358 9 6962 470Fax No +358 9 6962 4710E-mail Address for General Enquiries info@eqt.fiFormat of Personal E-mail Addresses forename.surname@eqt.fiWeb Address www.eqt.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies199510Mr. Petri Myllyneva, Senior PartnerMr. Juha Lindfors, PartnerMr. Panu Halonen, DirectorMr. Antti-Pekka Kääriäinen, DirectorEQT I – IVEQT MezzanineEQT OpportunityEQT Greater China IIApproximately 10 500 000 000 €27Finn-Power, Salcomp, Sanitec, VTI TechnologiesInvestment PreferencesSize of Investment 100 000 000 –Investment Stages BuyoutIndustrial Sectors No restrictionsGeographical Focus Nordic Countries, EuropeType of Financing EquityMinority /Majority Holding Preference Majority

Eqvitec Partners OyContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio CompaniesP.O.Box 148 (Fabianinkatu 8), 00101 Helsinki,Finland+358 20 780 9800+358 20 780 9801marita.tainio@eqvitec.comforename.surname@eqvitec.comwww.eqvitec.com199718Mr. Jukka Mäkinen, Managing PartnerMr. Matti Turunen, Senior PartnerMr. Juha Mikkola, Senior PartnerMr. Markku Puskala, Senior PartnerMr. Pertti Nurmio, Partner (Mezzanine)Eqvitec Technology Fund IEqvitec Technology Fund IIEqvitec Technology Fund IIIEqvitec Technology Mezzanine Fund I A & BEqvitec Technology Mezzanine Fund II & II NIB440 000 000 €40Ecocat Oy, Netadmin AB,Viz Risk Management ASmembers69Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference1 000 000 – 15 000 000 €Start-up, Expansion, BuyoutChemicals & Materials, Communications,Computer: Hardware, Semiconductors, Services,SoftwareElectronics, Energy, Industrial AutomationIndustrial Products & ServicesFinland, Nordic CountriesEquity, Quasi-equity, MezzanineNo Preferences

Fenno Management OyContact informationAddress Toppelundintie 5 B 10, 02170 Espoo, FinlandTelephone No +358 400 706 072E-mail Address for General Enquiries aaro.cantell@fennomanagement.fiWeb Address www.fennomanagement.commembers70Company InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies19971Mr. Aaro Cantell, Managing PartnerFenno Program funds(co-managed with CapMan)64 000 000 € (co-managed with CapMan)6AffectoGenimap OyjInvestment PreferencesSize of Investment 1 000 000 – 10 000 000 €Investment Stages BuyoutIndustrial Sectors No limitationsGeographical Focus FinlandType of Financing EquityMinority /Majority Holding Preference Both

Finnish Industry Investment LtdContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressP.O.Box 685 (Kalevankatu 9 A), 00101 Helsinki,Finland+358 9 680 3680+358 9 612 1680tesi@teollisuussijoitus.fiforename.surname@teollisuussijoitus.fiforename.surname@industryinvestment.comwww.teollisuussijoitus.fiwww.industryinvestment.commembersCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies199518Mr. Juha Marjosola, Managing DirectorMr. Marko Häikiö, Finance DirectorMr. Henri Grundstén, DirectorMr. Kimmo Viertola, DirectorMs. Asta Sjöblom, Communications ManagerStart Fund I Ky355 000 000 €94Ekahau, Inc., Elematic Oy, OptoGaN Oy, SwitchEngineering Oy, Talvivaaran Kaivososakeyhtiö,Viconsys Oy, Winwind Oy71Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference50 000 – 10 000 000 €Buyout, Seed, Start-up, Early Stage, Expansion,Development, Mezzanine, Turnaround -RestructuringAll IndustriesEurope, FinlandEquity Financing, MezzanineMinority

Helmet Business Mentors Oymembers72Contact informationAddress Runeberginkatu 5 B, 00100 Helsinki, FinlandTelephone No +358 9 6869 2210Fax No +358 9 6869 2241E-mail Address for General Enquiries info@helmetcapital.fiWeb Address www.helmetcapital.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies199513Mr. Seppo AhonenMr. Berndt BlomqvistMr. Tuomas HirvonenMr. Reijo KaukonenMr. Heikki KoivistoMr. Risto KortelaMr. Pentti KulmalaMr. Pauli KulvikMr. Mikko KumpulainenMr. Arto NaukkarinenMr. Kalevi PuontiHelmet SME Ventures KyHelmet SME Ventures II KyHelmet SME Ventures II G Ky66 000 000 €18Nokian Capacitors Oy, Nordic Shelter SolutionsGroup OyInvestment PreferencesSize of Investment 1 000 000 – 10 000 000 €Investment Stages Buyout, ExpansionIndustrial Sectors No PreferencesGeographical Focus Finland, Nordic CountriesType of Financing Equity, Mezzanine, Quasi-equityMinority /Majority Holding Preference Majority

Innofinance OyContact informationAddress Tekniikantie 12, 02150 Espoo, FinlandTelephone No +358 (0) 207 43 2500Fax No +358 (0) 207 43 2501E-mail Address for General Enquiries office@innofinance.fiFormat of Personal E-mail Addresses forename.surname@innofinance.fiWeb Address www.innofinance.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies19975Mr. Martti Hintikka, CEOMr. Heikki Miettinen, Investment DirectorMr. Juha Turunen, Investment DirectorMr. Marko Tulonen, Investment DirectorIndekon Oy, Spinno-seed Oy, Tamseed Ky,Seedcap Ky, Seedcap II Ky36 000 000 €63Addoz Oy, Bookit Oy, Ch5 Finland Oy,Greenvironment Oy, Innohome Oy, Laser LaneOy, Mandrel Oy, Mohinet Oy, Plusdial Oy, PrimetOy, Puhdas Energia Oy, Suomen Teollisuusosa Oy,Zora Biosciences Oymembers73Investment PreferencesSize of Investment 50 000 – 1 000 000 €Investment Stages Seed, Start-up, Other Early StageIndustrial Sectors AllGeographical Focus FinlandType of Financing Equity, Quasi-equity, MezzanineMinority /Majority Holding Preference Minority

Inventure Oymembers74Contact informationAddress Korkeavuorenkatu 22, 00130 Helsinki, FinlandTelephone No +358 400 399 912Fax No +358 420 399 912E-mail Address for General Enquiries info@inventure.fiFormat of Personal E-mail Addresses forename.surname@inventure.fiWeb Address www.inventure.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies20055Mr. Sami Lampinen, Managing Director, PartnerMr. Timo Tirkkonen, Investment Director, PartnerHoltron Capital Fund IHoltron Capital Fund IISalta Ltd.21 000 000 €14MySQL, Silex, Navicore Oy, UpstreamEngineering Oy, Beneq Oy, Zipic OyInvestment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference500 000 – 1 000 0000 €Start-up, Other Early StageCommunications, Computer: hardware,semiconductors, services, software, Electronics,Telecommunication: hardware, InternettechnologyFinlandEquityMinority

Korona Invest OyContact informationAddress Tekniikantie 12, 02150 Espoo, FinlandTelephone No +358 9 2517 2070Format of Personal E-mail Addresses forename.surname@koronainvest.fiWeb Address www.koronainvest.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies20063Mr. Vesa Lehtomäki, Managing Director, PartnerMr. Pasi Lehtinen, Investment Director, PartnerMr. Hannu Juvonen, Investment DirectorTerveysrahasto Oy28 625 000 €4Coxa Oy, Respecta Oy, Pihlajalinna Oy,FysioSporttis Oymembers75Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference200 000 – 2 500 000 €AllMedical: healthcare, instruments/devices,pharmaceuticals, ServicesFinlandEquity, Quasi-equity, Mezzanine, Unsecured DebtMinority

MB Fundsmembers76Contact informationAddress Bulevardi 1 A, 00100 Helsinki, FinlandTelephone No +358 9 131 011Fax No +358 9 1310 1310E-mail Address for General Enquiries mirja.sundstrom@mb.fiFormat of Personal E-mail Addresses forename.surname@mb.fiWeb Address www.mb.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies198810Mr. Juhani Suomela, Managing PartnerMr. Kari Rytkönen, PartnerMr. Matti Mertsola, PartnerMr. Eero Niiva, PartnerMr. Hannu Puhakka, PartnerMs. Mirja Sundström, PartnerMB Equity Fund KyMB Equity Fund II KyMB Equity Fund III KyMB Equity Fund IV Ky400 000 000 €10Forchem, Norpe, Medivire, InspectaInvestment PreferencesSize of Investment 2 000 000 – 50 000 000 €Investment Stages Buyout, ExpansionIndustrial Sectors All Sectors ConsideredGeographical Focus Finland, Nordic countries, EUType of Financing EquityMinority /Majority Holding Preference Majority (Minority not excluded)

Midinvest Management OyContact informationAddress Kauppakatu 31 C, 40100 Jyväskylä, FinlandTelephone No +358 14 339 3100Fax No +358 14 339 3111E-mail Address for General Enquiries visa.virtanen@midinvest.fiFormat of Personal E-mail Addresses forename.surname@midinvest.fiWeb Address www.midinvest.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio CompaniesInvestment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference200110Mr. Visa Virtanen,Mr. Veli-Matti HeleniusMr. Pentti IsokangasMs. Marja KantonenMr. Pentti KuvajaMr. Jukka-Pekka KorjaMr. Seppo Laube-PohtoMr. Seppo SneckMidinvest Fund I KyMidinvest Fund II KyMidinvest Fund EP I KyMidinvest Fund KSV KyMidinvest Fund PH I KyMidinvest Fund YPY I KyMidinvest Oy, JyväsSeed Fund Oy100 000 000 €50Aidon Oy, Buildercom Oy, Inka Oy, Pisla Oy,Steelpa Oy, Tikka Group Oy, TTP-Yhtiöt Oy,Viconsys Oy100 000 – 5 000 000 €AllNo LimitationsFinlandEquity, Quasi-Equity, MezzanineBothmembers77

Neomarkka OyjmembersContact informationAddress Aleksanterinkatu 48 A, 00100 Helsinki, FinlandTelephone No +358 9 684 4650Fax No +358 9 684 46 531E-mail Address for General Enquiries neomarkka@neomarkka.fiFormat of Personal E-mail Addresses forename.surname@neomarkka.fiWeb Address www.neomarkka.fiCompany InformationYear of Establishment 1998Number of Employees 5Key Persons Mr. Samuel von Martens, Managing DirectorCapital Under Management 60 000 000 €78Investment PreferencesSize of Investment 1 000 000 – 20 000 000 €Investment Stages No PreferencesIndustrial Sectors No PreferencesGeographical Focus FinlandType of Financing No PreferencesMinority /Majority Holding Preference Majority

Nexit Ventures OyContact informationAddress Kaisaniemenkatu 2 B, 00100 Helsinki, FinlandTelephone No +358 9 6818 910Fax No +358 9 6818 9117E-mail Address for General Enquiries info@nexitventures.comFormat of Personal E-mail Addresses forename.surname@nexitventures.comWeb Address www.nexitventures.comCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies199910Mr. Michel Wendell, General PartnerMr. Artturi Tarjanne, General PartnerMr. Michael Mandahl, General PartnerMr. Pekka Salonoja, General PartnerMr. Patrice Peyret, Venture PartnerMr. Risto Yli-Tainio, Chief Financial OfficerMr. Sami Karppinen, Investment DirectorNexit Infocom 2000 Fund LPNexit Infocom 2000 Fund US LP66 300 000 €18Bitfone, Conformiq, Ecrio, Ekahau, Futuremark,Hantro, Hybrid, Mobile365, SkyPilot, Telcogamesmembers79Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference500 000 – 5 000 000 €Early Stage, ExpansionInformation and Communication Technology,focus in mobile and wirelessFinland, Nordic Countries, USEquity, Quasi-EquityNo preferences

Nordia Management Oymembers80Contact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressP.O. Box 255 (Kaisaniemenkatu 3 B), 00101Helsinki, Finland+358 9 696 2920+358 9 6962 9250info@nordiamanagement.fiforename.surname@nordiamanagement.fiwww.nordiamanagement.fiCompany InformationYear of Establishment 1989Number of Employees 4Key Persons Ms. Ritva Ohmeroluoma, Managing DirectorFund Names Matkailunkehitys Nordia OyCapital Under Management 13 000 000 €Number of Portfolio Companies 17Examples of Portfolio Companies Muumimaailma Oy, Kristina Cruises Oy HotelliLuostotunturi Oy Hotelli Mesikämmen Oy,Opteam Henkilöstöpalvelut OyInvestment PreferencesSize of Investment 100 000 – 1 000 000 €Investment Stages Start-up, Buyout, ExpansionIndustrial Sectors Services Consumer: Retail (Tourism & Leisure)Geographical Focus FinlandType of Financing Equity, Quasi-Equity, Unsecured DebtMinority /Majority Holding Preference Minority

Nordic Growth OyContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesWeb AddressLönnrotinkatu 3 A6, 00120 Helsinki, FinlandBredgade 56, 2, DK-1260 Copenhagen K,Denmark+ 358 9 6122 8350+ 45 7214 6708+ 358 9 6122 8257+ 45 7214 6777info@nordicgrowth.comwww.nordicgrowth.commembersCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesNumber of Portfolio CompaniesExamples of Portfolio Companies20053Mr. Thor BirkmandMr. Erkki HietalahtiMr. Peter ImmonenNordic GrowthFollow our websiteFollow our website81Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding PreferenceUp to 20 000 000 €Stage-independent growth capitalLogistics, Wellness, Support & Maintenance,TechnologyNordic and Baltic CountriesEquity and Equity-relatedActive Minority

Nordic Mezzanine Limitedmembers82Contact informationAddress Aleksanterinkatu 15 A, 00100 Helsinki, FinlandTelephone No +358 9 684 0640Fax No +358 9 6840 6410E-mail Address for General Enquiries johanna.wasstrom@nordicmezzanine.comFormat of Personal E-mail Addresses forename.surname@nordicmezzanine.comWeb Address www.nordicmezzanine.comCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies199812Mr. Pekka HietaniemiMr. Pekka SunilaMr. Vesa SuurmunneNordic Mezzanine FundNordic Mezzanine Fund IIBaltic Mezzanine Fund362 000 000 €5Kwintet, Saunatec, Novagraaf, time:mattersInvestment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference1 000 000 – 50 000 000 €Expansion, BuyoutsNo PreferencesNordic Countries, Germany, Benelux, BalticCountries, Poland, EUMezzanine, EquityMinority

Nordic Venture PartnersContact informationAddress Bulevardi 1A, 00100 Helsinki, FinlandTelephone No +358 9 4282 6111Fax No +358 9 4282 6110E-mail Address for General Enquiries jr@nordic.comFormat of Personal E-mail Addresses jr@nordic.comWeb Address www.nordic.comCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies200010Mr. Jukka RauhalaMr. Henrik AlbertsenMr. Claus Höjbjerg AndersenMr. Robert GöthnerMr. Laurence McdonaldMr. Per von ZelowitzNVP Nordic, NVP Seed, NVP II330 000 000 €28CRF Box Oy, U-Nav Microelectronics Inc,Funcom AS, Saxotech ApS, Operax ABmembers83Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference400 000 – 10 000 000 €Seed, Start-Up, Other Early Stage, ExpansionComputer, Communications, Internet technology,TelecommunicationNordicEquityMinority

OKO Private Equity Funds Oymembers84Contact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of Establishment 2007Number of Employees 5Key Persons Mr. Ari JauhoMs. Ulla NiemeläMr. Samuli SipiläMr. Timo HaraMr. Pasi PihlajamaaCapital Under Management 800 000 000 €P.O. Box 1068, Lönnrotinkatu 5, 00101 Helsinki,Finland+358 10 252 7198+358 10 252 7201oko.private.equity.funds@oko.fiforename.surname@oko.fiwww.oko.fiInvestment PreferencesSize of Investment No PreferencesInvestment Stages Fund of funds investorIndustrial Sectors No PreferencesGeographical Focus EUType of Financing No PreferencesMinority /Majority Holding Preference No Preferences

OKO Venture Capital LtdContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio CompaniesP.O. Box 308 (Teollisuuskatu 1 b), 00101 Helsinki,Finland+358 10 252 011+358 10 252 3652oko.venture.capital@okobank.comforename.surname@okobank.comwww.okobank.com198910Mr. Juha Peltola, Managing Director, PartnerMr. Reijo Grönholm, PartnerMr. Ilkka Pentikäinen, PartnerMr. Ilkka Hietala, PartnerMr. Panu Vuorela, PartnerPromotion Capital I KyPromotion Bridge I KyPromotion Equity I -rahastotSuomi Välirahoitusrahasto I -rahastotIlmarisen Suomi-Rahasto I KyConventum Venture Finance portfolio128 555 000 €23EMC Group Oy, Finn Spring Oy, Top-Sport Oy,Rustholli Remontit Oymembers85Investment PreferencesSize of Investment 200 000 – 10 000 000 €Investment Stages Buyout, ExpansionIndustrial Sectors No LimitationsGeographical Focus Finland, OtherType of Financing Equity, Quasi-Equity, MezzanineMinority /Majority Holding Preference Both

Orienteq Capital OymembersContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressFabianinkatu 4 B, 00130 Helsinki, Finland+358 9 6124 0521+ 358 9 6124 0060info@orienteq.comjanne.mielck@orienteq.comkalle.pykala@orienteq.comforename.surname@orienteq.comwww.orienteq.com86Company InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio Companies20053Mr. Janne MielckMr. Kalle PykäläFinn-Thai Technology Fund A Ky,Finn-Thai Technology Fund B Ky20 000 000 €0Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference1 000 000 – 3 000 000 €Early Stage, ExpansionTelecommunications, Communications,Electronics, Industrial automation, Medicalinstrument/devicesFinland, SE Asia/Thailand, OtherEquity, Unsecured DebtMinority

Profita GroupContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressKorkeavuorenkatu 47 B, 00130 Helsinki, FinlandAurakatu 12 a, 20100 Turku, FinlandYrittäjänkatu 15, 65380 Vaasa, FinlandIsokatu 32 B, 90100 Oulu, FinlandHelsinki +358 20 7798 620Turku +358 2 410 7700Vaasa +358 6 316 5800Oulu +358 8 887 3300Helsinki +358 9 625 878Turku +358 2 410 7779Vaasa +358 6 316 5801Oulu +358 8 887 3310profita@profitagroup.fiforename.surname@profitagroup.fiwww.profitagroup.fimembers87Company InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies199019Mr Risto Jalonen, Managing Director, HelsinkiMr Keijo Kangasluoma, Managing Director, VaasaMr Ilkka Lukkariniemi, Managing Director, OuluAboa Venture FundsProfita FundsTeknoventure FundsWedeco Funds200 000 000 €90Constructor Finland, Empower, FCG-FinnishConsulting Group, Halikko Works, Nordic IDInvestment PreferencesSize of Investment 100 000 – 10 000 000 €Investment Stages Expansion, Buyout, Other Early StageIndustrial Sectors No PreferencesGeographical Focus FinlandType of Financing Equity, Quasi-Equity, Mezzanine, Unsecured DebtMinority /Majority Holding Preference Both

Sentica Partners Oymembers88Contact informationAddress Bulevardi 1, 00100 Helsinki, FinlandTelephone No +358 40 507 2621Fax No +358 9 3487 3226E-mail Address for General Enquiries info@sentica.fiFormat of Personal E-mail Addresses forename.surname@sentica.fiWeb Address www.sentica.fiCompany InformationYear of EstablishmentNumber of EmployeesFund NamesCapital Under ManagementNumber of Portfolio Companies199818Pikespo Invest Oy LtdTampereen Seudun Kasvurahasto Tasku KySention Kasvurahasto KyLahden Alueen Pääomarahasto KyGrowHow Rahasto I KyKareliaventure Rahasto KyKarinvest OySavon Teknia OyYlä-Savon Pääomarahasto OySavon Kasvurahasto I KyEtelä-Savon Pääomarahasto OyKainuun Pääomarahasto OyUudenmaan Pääomarahasto OySentica Kasvurahasto II Ky126 000 000 €95Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference200 000 – 2 000 000 €Buyout, MBO/MBI, ExpansionIndustrial Automation, Industrial Products &Services, Telecommunication: hardware, carriersFinlandEquity, Unsecured DebtMinority

SITRA, The Finnish Innovation FundContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio CompaniesP.O. Box 160 (Itämerentori 2), 00181 Helsinki,Finland+358 9 618 991+358 9 645 072sitra@sitra.fiforename.surname@sitra.fiwww.sitra.fi1967100Mr. Esko Aho, PresidentMr. Kari Tolvanen, Vice PresidentMr. Magnus Sjöblom, Director of Finance andCorporate FundingSitraVenture Capital 255 000 000 €Endowment Capital 767 000 000 €69AW-Energy Oy, Nexstim Ltd.,Avain Technologies Oy, Vivoxid Oymembers89Investment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding PreferenceAverage Investment Size 1 900 000 €Seed, Start-up, Expansion, Fund InvestmentsMedical: healthcare, instruments/devices,pharmaceuticals; Biotechnology; Industrialautomation; Industrial products & services; EnergyFinlandEquity, Quasi-Equity, Unsecured DebtMinority

Sponsor Capital Oymembers90Contact informationAddress Mannerheimintie 4, 00100 Helsinki, FinlandTelephone No +358 9 680 3300Fax No +358 9 643 252E-mail Address for General Enquiries juuso.kivinen@sponsor.fiFormat of Personal E-mail Addresses forename.surname@sponsor.fiWeb Address www.sponsor.fiCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies19979Mr. Mikael von Frenckell, Chairman, PartnerMr. Matti Suutarinen, Managing Director, PartnerMr. Kaj Hägglund, Executive Vice President,PartnerMr. Olli Anttila, PartnerMr. Sami Heikkilä, PartnerMr. Ari Jokelainen, PartnerMr. Juuso Kivinen, PartnerSponsor Fund I KySponsor Fund II Ky207 000 000 €6Erätukku, Lindorff Group AB, Lujapalvelut Oy,Medone Oy, Pouttu Oy, Realia Group OyInvestment PreferencesSize of Investment 5 000 000 – 20 000 000 €Investment Stages BuyoutIndustrial Sectors AllGeographical Focus FinlandType of Financing EquityMinority /Majority Holding Preference Majority

Stora Enso Ventures OyContact informationAddress Kanavaranta 1, 00160 Helsinki, FinlandTelephone No +358 20 462 1497Fax No +358 20 462 1461E-mail Address for General Enquiries petteri.leskinen@storaenso.comFormat of Personal E-mail Addresses forename.surname@storaenso.comWeb Address www.storaenso.com/venturingCompany InformationYear of Establishment 2004Number of Employees 3Key Persons Mr. Pettri Leskinen, Managing DirectorNumber of Portfolio Companies 2Examples of Portfolio Companies Design Force AB, Palwaste Recycling S.LInvestment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference500 000 – 5 000 000 €Start-up, Expansion, (Seed)Industrial products & services, manufacturing,chemicals & materials, energyGlobalEquity, Quasi-Equity, Mezzanine, Unsecured DebtMinority & Majoritymembers91

Veraventure LtdmembersContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressP.O. Box 1127 (Haapaniemenkatu 40), 70111Kuopio, Finland+358 20 460 3988+358 20 460 3987palaute@veraventure.fifeedback@veraventure.fiforename.surname@veraventure.fiwww.veraventure.fi92Company InformationYear of Establishment 2003Number of Employees 9Key Persons Mr Leo Houtsonen, Managing DirectorMr Matti Eskelinen, ManagerMr Janne Juhola, ManagerMr Vesa-Pekka Kursu, ManagerMr Petri Laine, ManagerFund Names Aloitusrahasto Vera OyVeraventure Oy (operates as a fund of funds)Investment PreferencesSize of Investment 50 000 – 500 000 €Investment Stages Pre-Seed, Seed, Start-up, Other Early StageIndustrial Sectors No PreferencesGeographical Focus FinlandType of Financing EquityMinority /Majority Holding Preference Minority

Virtaa Hämeeseen OyContact informationAddressTelephone NoFax NoE-mail Address for General EnquiriesFormat of Personal E-mail AddressesWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesVankanlähde 7, Visa 1-rakennus 2 krs.,13100 Hämeenlinna, Finland+358 40 770 1092+358 3 621 5200forename.surname@innopark.fiforename.surname@innopark.fiwww.kehittamiskeskus.fi20012Mr. Mika Huuskonen, Assistant ControllerMr. Sampsa Sysi-Aho, Managing DirectorVirtaa Hämeeseen Ky5 800 000 €14members93Investment PreferencesSize of Investment 20 000 – 200 000 €Investment Stages Seed, Start-up, Expansion, MBO/MBIIndustrial Sectors No limitationsGeographical Focus Hämeenlinna Region in FinlandType of Financing Mezzanine, Unsecured LoanMinority /Majority Holding Preference Minority

VNT Management Oymembers94Contact informationAddress Yrittäjänkatu 15, 65380 Vaasa, FinlandTelephone No +358 40 837 1210Fax No + 358 6 282 8945E-mail Address for General Enquiries jussi.palmroth@vntm.comFormat of Personal E-mail Addresses forename.surname@vntm.comWeb Address www.vntm.comCompany InformationYear of EstablishmentNumber of EmployeesKey PersonsFund NamesCapital Under ManagementNumber of Portfolio CompaniesExamples of Portfolio Companies20033Mr. Veijo Karppinen, CEO, PartnerMr. Jarmo Saaranen, PartnerMr. Jussi Palmroth, PartnerPower Fund I Ky17 000 000 €5The Switch Engineering Oy, OptoGaN Oy,Epicrystals Oy, Cavitar Oy, Finnish ElectricalVehicle Tech. OyInvestment PreferencesSize of InvestmentInvestment StagesIndustrial SectorsGeographical FocusType of FinancingMinority /Majority Holding Preference500 000 – 2 000 000 €Early StagePower Electronics, Distributed Power Generation,Electronics, EnergyEUEquity, Quasi-EquityMinority

members95

associate members96

associate membersDIRECTORY OF ASSOCIATE MEMBERS97

Aldea Oyassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläesplanadi 22 A,00130 Helsinki, Finland+358 9 42 428 200+358 9 42 428 210antti.hannula@aldea.fiforename.surname@aldea.fiwww.aldea.fi200011Mr. Antti Hannula, Senior PartnerMr. Matti Kari, Managing PartnerOur corporate practice contains legalservices in the areas of incorporationand formation of business entities,mergers and acquisitions, joint venturesas well as strategic alliances,corporate governance, corporatecompliance, and general business law.We manage various types of financingtransactions, including venture capital,convertible bond loans, securitiesand buy-out/buy-in transactions. Wealso represent our clients in negotiationsand have long personal historyin venture capital industry. We providefull range Intellectual Propertyservices required by those needing toacquire, protect and exploit intellectualproperty rights.98Aon Finland OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsOulunkylän tori 1, 00640 Helsinki,Finland+358 201 266 200+358 201 266 201marika_vihavainen@aon.fiforename_surname@aon.fiwww.aon.fi199389Ms. Marika VihavainenAccount ExecutiveAon Mergers and AcquisitionsGroup NordicAon is a world leader in risk management,insurance broking and humancapital consulting services operatingin more than 120 countries. Aon’sMergers and Acquistions Group(AMAG) provides insurance & employeebenefit due diligence adviceand transaction insurance solutionsto financial and corporate buyers.AMAG has 22 centres of excellenceworldwide employing 200 specialists.

Asianajotoimisto Astrea OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressPieni Roobertinkatu 11, 00130Helsinki, Finland+358 9 6818 290+358 9 6818 2910helsinki@astrea.fiforename.surname@astrea.fiwww.astrea.fiCompany InformationYear of Establishment 1994Number of Employees 25Contact persons Mr. Jari SuominenAstrea Attorneys at Law Ltd is a lawfirm concentrating in commercial lawand other areas of civil law having itsoffices in Helsinki, Oulu and Turku.Astrea is a member of the internationalnetwork of AIEL. The firm hasknowledge of jurisprudence of specificissues and conditions in differentfields of action as well as of legal consultancyof business management.In the field of venture capital and privateequity investments Astrea servesits clients from the establishment ofthe fund to the execution of the exitfrom the investments. Astrea has inparticular an extensive experience andexpert knowledge in real estate fundsas well as investments and jurisprudencerelated thereto.associate members99Asianajotoimisto Merilampi Marttila Laitasalo OyContact informationAddressTelephone NoFax NoGeneral E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläesplanadi 22 A,00130 Helsinki, Finland+ 09 686 481+ 09 6864 8484law.offices@mmllaw.fiwww.mmllaw.fi199245Mr. Ari KeinänenMerilampi Marttila LaitasaloAttorneys at Law Ltd. is among thetop ten business law firms in Finland.We offer a full range of services, focusingparticularly on mergers andacquisitions, capital markets, bankingand finance, corporate and commerciallaw, dispute resolution and insolvency,as well as competition and EUlaw. Our clientele consists of majorinternational and domestic companiesand institutions. We have officesin Helsinki and Tampere.

Asianajotoimisto Sivenius, Suvanto & Coassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsPaciuksenkatu 21,00270 Helsinki, Finland+358 9 530 6760+358 9 5306 7699peter.butzow@sisulaw.fiforename.surname@sisulaw.fiwww.sisulaw.fi200119Mr. Peter BützowMr. Kari HuttunenSivenius, Suvanto & Co Ltd. focuseson business law. Most of our clientsare domestic and foreign companies,municipalities and state institutionsand units. We offer extensive expertknowledge in various fields of activity.We operate as legal advisors relatedto establishment of venture capitalfunds and investments.100Asianajotoimisto Veikko Palotie & Co OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressAleksanterinkatu 44 A, 00100Helsinki, Finland+358 9 228 831+358 9 2288 3300palotie@veikkopalotie.fiforename.surname@veikkopalotie.fiwww.veikkopalotie.fiCompany InformationYear of Establishment 1951Number of Employees 32Contact persons Mr. Tauno PalotieBusiness Law FirmThe firm provides a full range of legalservices to both domestic and foreignclients. The main areas of our practiceinclude: Company Law, CorporateFinance, Contract Law, Constructionand Real Estate Law, Labour Law,Environmental Law, IPR, IT,Communications Technology, SportsLaw, Media and Entertainment Law,Transport Law and CompetitionLaw.

Attorneys-at-Law Borenius & Kemppinen LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsYrjönkatu 13 A, 00120 Helsinki,Finland+358 9 615 333+358 9 6153 3499jyrki.tahtinen@borenius.comforename.surname@borenius.comwww.borenius.com1911115Mr. Jyrki TähtinenWe are a full service law firm with officesin Helsinki, Espoo and Tampereand associated offices in Estonia,Latvia and Lithuania. Our servicesinclude establishment and administrationof funds and managementcompanies, structuring carried intereststructures and advising investorsto domestic and foreign funds,due diligence of investment targets,making investments, legal services totarget companies and exits. We havea unique team of IPR lawyers advisingcompanies in the areas of patents,copyright, trademarks, e-commerce,information technology, communicationsand biotechnology and a strongventure capital and private equity orientedtax team.associate members101Attorneys-at-Law Juridia LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsFabianinkatu 29 B,00100 Helsinki, Finland+358 9 684 1230+358 9 622 5400olli.iirola@juridia.comfirstname.surname@juridia.comwww.juridia.com199335Mr. Olli IirolaMr. Kimmo OilaJuridia is a medium-sized commerciallaw firm based in Helsinki, witha strong venture capital and privateequity practice: we have closed manytransactions (in particular, late-stageinternational rounds, acquisitions andtrade sales) for venture-capital backedtechnology companies and entrepreneurs,with many domestic, Nordicand international investors. We manageall of the Finnish company law,IPR, employment and other ancillaryissues as an integrated whole, and ourEnglish-qualified solicitor is comfortabledrafting transaction documentsin English.

Attorneys-at-Law Kallioinen, Tolppanen, Salminen & Co Oyassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsUnioninkatu 15, 4 krs., 00130Helsinki, Finland+358 9 612 6090+358 9 607 344jukka.reilin@ktslaw.fiforename.surname@ktslaw.fiwww.ktslaw.fi199318Mr. Jukka ReilinKallioinen, Tolppanen, Salminen &Co Oy offers a wide range of legalservices to the business community:commercial law, financial law, mergesand acquisitions. Our firm also offersspecial expertise in investment andasset management. We act for clientsin courts and arbitration, as well.Our offices are located in Helsinki,Tampere and Hämeenlinna102Attorneys-at-Law Peltonen, Ruokonen & Itäinen OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsFabianinkatu 23, 00130 Helsinki,Finland+358 9 4176 030+358 9 4176 0417office@peltonenlaw.fiforename.surname@peltonenlaw.fiwww.peltonenlaw.fi197035Mr. Hans SundbladPeltonen, Ruokonen & Itäinen specialisesin commercial law. Besidestrade, industry, energy, communications,traffic, transport and construction,we also specialise in the particularissues raised by banking, finance,insurance and security markets. Wehave been involved in several majormergers and acquisitions, capitalfinancing arrangements, share andbond issues and corporate listings.Our attorneys have considerable experiencein litigation in the generalcourts and in proceedings before theadministrative and special courts aswell as in arbitration proceedings.

August Associates OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsBulevardi 2– 4 A,00120 Helsinki, Finland+358 9 681 2560+358 9 6812 5610info@august.fiforename.surname@august.fiwww.august.fi200114Mr. Kai Koskinen,Managing DirectorManagement consultingassociate members103Bützow Attorneys LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsPohjoinen Hesperiankatu 15 A,00260 Helsinki, Finland+358 9 431 531+358 9 4315 3388peter.anthoni@butzow.comolli.hyvonen@butzow.comforename.surname@butzow.comwww.butzow.com199937Mr. Peter AnthoniMr. Olli HyvönenThe focus of Bützow Attorneys Ltd.is on business law. We are a fullservice law firm, and we are capableof handling the needs of both multinationalcorporations as well assmall domestic companies. We serveventure capital investors from establishmentsof funds to exits. We actfor clients in courts and arbitration.Bützow Attorneys has an extensiveinternational contact network.

CAG - Corporate Advisor Group Oyassociate members104Contact informationAddressTelephone NoFax NoGeneral E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsBulevardi 1 A 2. floor, 00100Helsinki, Finland+ 358 9 4764 600+ 358 9 4764 6601martin.krokfors@cag.fiwww.cag.fi199515Mr. Martin KrokforsInvestment banking advisory servicefor the top management of the clients.Analyzing, planning and implementationof measures affectingbusiness structures. Forms of serviceinclude Business Plans and BusinessAnalyses, Development of BusinessActivities, Mergers and Acquisitions,Project Finance and Tailor made incentiveschemes. Clientele consistsof Owners, Management, Investors,Financiers, Board/Managementgroups of Nordic firms and groups,Subsidiaries/Divisions of big companies,Financial Institutions andVenture Capitalists, Investors andThe Public Sector. Our approach isto focus on estimating the value offuture cash flows.Carnegie Investment Bank ABContact informationAddressTelephone NoFax NoGeneral E-mailWeb AddressCompany InformationContact personsEteläesplanadi 12,00130 Helsinki, Finland+ 09 6187 1517+ 09 6187 1555ari.bergman@carnegie.fiwww.carnegie.seMr. Ari Bergman

Castrén & Snellman Attorneys LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressErottajankatu 5 A (visiting),P.O. Box 233FI-00131 Helsinki, Finland+358 20 7765 765+358 20 7765 001kimmo.rekola@castren.fiforename.surname@castren.fiwww.castren.fiCompany InformationYear of Establishment 1888Number of Employees 160Contact persons Mr Kimmo Rekola, PartnerMr Mårten Janson, PartnerMr Jan Örndahl, PartnerMr Jari Sonninen, PartnerMr Samuli Palin, PartnerCastrén & Snellman is one of the largestlaw firms in Finland and a leadinglaw firm in private equity and venturecapital. We have broad experiencein private equity and venture capitaltransactions, in structuring funds andadvising on individual fund investments.The members of our PE/VCteam are widely recognized for theirefficient project management, strongnegotiation skills and their ability tofind constructive and innovative solutions.associate members105Deloitte & Touche OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressPorkkalankatu 24 , P.O. Box 122,00181 Helsinki, Finland+358 20 755 500+358 20 755 501eero.lumme@deloitte.fi,saija.paasonen@deloitte.fi,jari.piiponniemi@deloitte.fiforename.surname@deloitte.fiwww.deloitte.fiCompany Information 1995Year of Establishment 350Number of Employees Mr. Eero Lumme, TransactionContact persons Services; Ms. Saija Paasonen,Transaction Services; Mr. JariPiiponniemi, Corporate FinanceDeloitte is one of the world’s largestprofessional services organizations,offering a wide range of world-classaudit, tax, consulting, and financialadvisory services. Our M&A serviceoffering consist of following services:••••••Both buy-side and sell-side (vendor)due diligence including financial,tax and IT due diligenceCorporate Finance servicesValuationsAdvisory in connection with IPOprocessDeal and tax structuringPost-merger integration services

Dittmar & Indreniusassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressPohjoisesplanadi 25 A, 00100Helsinki, Finland+358 9 681 700+358 9 652 406jan.ollila@dittmar.fi,anders.carlberg@dittmar.fiforename.surname@dittmar.fiwww.dittmar.fiCompany InformationYear of Establishment 1899Number of Employees 45Contact persons Mr. Jan Ollila, Managing PartnerMr. Anders Carlberg,Head of M&ADittmar & Indrenius is an independent,leading Finnish law firm focusedon mergers and acquisitions, financeand capital markets and dispute resolution.In the last few years we have renderedadvice in hundreds of mergers andacquisitions varying from acquisitionsof small businesses to public-to-privatetransactions.We represent both domestic and internationalprivate equity and venturecapital houses as well as targetcompanies and their management invarious transactions such as creativefinancing arrangements and listings.106Ernst & Young OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationNumber of EmployeesContact personsElielinaukio 5 B,00100 Helsinki, Finland+358 207 280 190+358 207 280 199petri.ojala@fi.ey.com,jari.onniselka@fi.ey.com,heikki.ilkka@fi.ey.comforename.surname@fi.ey.comwww.ey.com/fiover 500Mr. Petri Ojala, M&A LeaderMr. Jari Onniselkä, TS LeaderMr. Heikki Ilkka, StrategicGrowth Market LeaderErnst & Young is a global leader inprofessional services. Our 114 500people in more than 140 countriesaround the globe provide clients witha broad array of services relating toaudit, advisory, tax, law and transactions.Our solutions help you to managethe critical issues in each phase ofyour company’s life cycle:• Early stage (start-up or spin-off,laying down the foundation)• Rapid growth period (expandingoperations and/or approaching anIPO)• Market leader (increasing growththrough strategic transactions)

Fairchild Executive SearchContact informationAddressTelephone NoFax NoWeb AddressKalevankatu 4 A, 00100 Helsinki,Finland+358 9 680 34614+358 9 680 34620www.fairsearch.fiLeadership due diligence. Executiveand key employees search.Company InformationYear of EstablishmentNumber of EmployeesContact persons19995Mr. Edvard Horelli, SeniorPartnerassociate members107FenniaContact informationAddressTelephone NoFax NoPersonal E-mailWeb AddressAsemamiehenkatu 3, 00017Fennia, Finland+358 10 503 5311+358 10 503 5200forename.surname@fennia.fiwww.fennia.fiCompany InformationContact personsMr. Aarni Pursiainen

FIM Investment Banking / FIM Securities Ltdassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsPohjoisesplanadi 33 A, 00100Helsinki, Finland+358 9 613 4600+358 9 6134 6279hannu.keranen@fim.comforename.surname@fim.comwww.fim.com1987 (FIM)300Mr. Kurt LundmarkMr. Hannu KeränenWe are an independent, Finnish investmentbank. We offer advice onboth ECM and M&A transactionsfrom a Finnish angle. We also have apresence in Moscow, Russia.Our clientele consists of public andprivate corporations, private equityfunds and institutional owners.The vast investment banking experienceof our personnel provide a solidfoundation for confidential and versatileinvestment banking relations withour clientele.108Finantec OyContact informationAddressTelephone NoFax NoPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsErottajankatu 15-17, 00130Helsinki, Finland+358 207 432 790+358 207 432 799forename.surname@finantec.fiwww.finantec.fi19997Mr. Tero NummenpääFinantec is a Finnish independentcorporate finance advisory firm, specialisedin M&A and growth financing.We are approved by Stockholm StockExchange as Certified Advisor forFirstNorth-listings.Cross-border transactions we executein co-operation with other TranslinkCorporate Finance -offices, whichcover 18 countries on four continents.

FinnfundContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsP.O. Box 391, 00121 Helsinki,Finland+358 9 348 434+358 9 3484 3346hannele.korhonen@finnfund.fiforename.surname@finnfund.fiwww.finnfund.fi198034Mr. Peter PlatanFinnfund is a Finnish developmentfinance company that provideslong-term risk capital for profitableprojects in developing countries andtransition economies outside theEU. We finance private projects thatinvolve a Finnish interest.associate members109Finnish Science Park Association TEKELContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsInnopoli 1, Tekniikantie 12, 02150Espoo, Finland+358 9 251 717+358 9 2517 5333tekel@tekel.fiforename.surname@tekel.fiwww.tekel.fi19883Mr. Kyösti Jääskeläinen,Executive DirectorMs. Pia Pere-Vanhanen,Communications ManagerThe Finnish Science Park AssociationTEKEL is a nationwide networkconnecting 24 member organisationsin Finland’s university cities. The networkhelps hi-tech enterprises to startup in business, grow and internationalise.TEKEL’s strategy is to promoteinternationalisation, and to developworld-class R&D and business environments,and to enhance their globalimage.TEKEL is a part of a national innovationsystem, and acts as a mediatorbetween policymakers and scienceparks. TEKEL also representsFinnish science parks at the internationallevel.

Finnvera Plcassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläesplanadi 8, P.O.Box 1010,00101 Helsinki, Finland+358 20 460 11+358 20 460 7237finnvera@finnvera.fiforename.surname@finnvera.fi(Scandinavian letters å, ä andö are replaced with a, a and o,respectively)www. finnvera.fi1999412Mr. Unto VäkeväinenFinnvera plc is a state-owned specialisedfinancing company providingrisk-finance for domestic operations,exports and internationalisation ofFinnish enterprises. Financial instrumentscomprise loans, guaranteesand export credit guarantees, includingCapital Loans. Veraventure Ltd,Seed Fund Vera Ltd and NordiaInvestment Fund for the TourismIndustry Ltd are Finnvera´s subsidiariesoperating in the Finnish venturecapital market.110Fondia OyContact informationAddressTelephone NoFax NoGeneral E-mailWeb AddressCompany InformationContact personsPL 4 / Mannerheimintie 2,00101 Helsinki, Finland+ 020 720 5400+ 020 720 5499msj@fondia.fiwww.fondia.fiMs. Marianne Saarikko Janson

Garantia Insurance Company LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsSalomonkatu 17 A, 00100Helsinki, Finland+358 20 7479 800+358 20 7479 801garantia@garantia.fiforename.surname@garantia.fiwww.garantia.fi199322Mr. Timo LehikoinenGarantia Insurance Company is anon-life insurance company specializingin guarantees in the Finnishdomestic market. Garantia´s principalproduct is a guarantee insurancefor long-term loans. Other productsinclude fund and bond guarantees aswell as subordinated loans, performancebonds and residual value guarantees.Fund guarantee is for investmentsin bond, equity and venturecapital funds. Fund guarantee enhancesthe risk category of the guaranteedasset for regulatory purposes.Garantia is owned by the pensioninsurance companies.associate members111Gearshift Group OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsAlbertinkatu 27 A, 00180Helsinki, Finland+358 9 6124 5925+358 9 6124 5923info@gearshiftgroup.comforename.surname@gearshiftgroup.comwww.gearshiftgroup.com200214Mr. Jyrki Laune (M&A)Mr. kai Talas (Fund-Raising)Mr. Jukka Kotovirta (Strategy andBusiness Development)Gearshift Group helps technologycompanies shift gears successfullyfrom the start-up phase all the waythrough to market leadership andexit. Our services include:• Creating and clarifying strategy• Hands-On Business Development• Going global with the help of ourinternational partner network• Fund-Raising• Mergers and Acquisitions

Hammarström Puhakka Partners, Attorneys Ltdassociate members112Contact informationAddressTelephone NoFax NoPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsBulevardi 1 A,00100 Helsinki, Finland+358 9 474 21+358 9 474 2222forename.surname@hpplaw.fiwww.hpplaw.fi197530Juho Lenni-TaattolaHammarström Puhakka Partners,Attorneys Ltd is a law firm specialisedin business law.The firm has a good corporate practicewith experienced M&A advisersacting constantly for domestic andcross-border clients.Specialists provide M&A services topublic and private companies relatingto assignments concerning private equityand venture capital transactions.The firm is constantly involved withcomplex transactions in connectionwith private equity firms and experiencedin advising private equity/venture capital investors in divestingtheir investments.Handelsbanken Capital Markets (Corporate Finance and Debt Capital Markets)Contact informationAddressTelephone NoFax NoGeneral E-mailWeb AddressCompany InformationNumber of EmployeesContact personsAleksanterinkatu 11, 00100Helsinki, Finland+358 10 444 11+358 10 444 2957robin.ehrnrooth@handelsbanken.fiwww.handelsbanken.com/capitalmarkets100 (Corporate Finance and DebtCapital Markets Professionals)Mr. Robin Ehrnroothand Mr. Jyrki Leppänen(Corporate Finance)Mr. Holger Schaumanand Mr. Pasi Heinaro(Debt Capital Markets)Handelsbanken Capital Markets isone of the Nordic region’s leadingplayers in the areas of CorporateFinance and Debt Capital Markets.We provide advisory services and implementationin the field of corporateacquisitions and divestments, IPOs,raising equity in public companies,capital markets-related debt financing,syndicated loans, acquisition financingand structured financing.Handelsbanken Capital Markets isa division of Handelsbanken whichis one of the leading banks in theNordic region.

Hannes Snellman Attorneys at Law LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläranta 8,00130 Helsinki, Finland+358 9 228 841+358 9 177 393hannes.snellman@hannessnellman.fiforename.surname@hannessnellman.fiwww.hannessnellman.fi1909192 (in February 2006)Mr. Tuomo VähäpassiMr. Tomas HolmbergMr. Heikki JaatinenHannes Snellman Attorneys at LawLtd focuses on transactions andrelated corporate and commerciallaw. Our practice areas are: M&A,Technology, Finance and CapitalMarkets, Dispute Resolution.Our Private Equity and VentureCapital team serves our clients in allareas of the industry, ranging frombuy-outs (e.g. MBO, LBO, publicto-private),exits to private placementsand transactions related toPE/VC funds.Head of the team: Tuomo Vähäpassi.associate members113Hanseatic CapitalContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsRoosikrantsi 11,10119 Tallinn, Estonia+372 627 7181+372 627 7190kalmer.kikas@hanseaticcapital.netforename.surname@hanseaticcapital.netwww.hanseaticcapital.net20038Mr. Kalmer KikasHanseatic Capital (HC) is the onlydedicated mezzanine financing providerfor LBO’s and growth financingin Estonia, Latvia and Lithuania.HC is active throughout the Balticsand typically invest up to € 2.5m perportfolio company.1. Mezzanine financing2. LBO’s3. MBO’s & MBI’s4. Growth Financing

Heimari OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressP.O. Box 112, 28101 Pori, Finland+358 2 641 5334+358 2 641 5235info@heimari.fiSame as abovewww.heimari.fiLeading consultancy firm for structuring,valuating and financing acquisitions,such as MBO, LBO andother buyout/buyin/sellout/turnoutsituations; capital and business restructuringand financing. Long experienceand excellent network.associate membersCompany InformationYear of EstablishmentContact persons1986Mr. Seppo Collander114Hermia Business Development LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsHermiankatu 1,33720 Tampere, Finland+358 3 316 5326+358 3 316 5552info@hermiayrityskehitys.fiforename.surname@hermia.fiwww.hermiayrityskehitys.fi199218Ms. Johanna NärhiHermia Business Development LTDis a private-public owned company,which aim is to help customers tocommercialise their technology basedproduct and business innovations,and to develop business of technologybased companies. Hermia BusinessDevelopment is located in SciencePark Hermia, Tampere.

HH Partners Attorneys-at-LawContact informationAddressTelephone NoFax NoGeneral E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsMannerheimintie 14 A,00100 Helsinki, Finland+358 9 177 613+358 9 653 873taina.tuohino@hhpartners.fiwww.hhpartners.fi200018Ms. Taina TuohinoHH Partners serves both domesticand foreign clients in all areas of businesslaw. Our expertise covers mergersand acquisitions, capital markets,loan arrangements, asset and projectfinance as well as other corporatefinance transactions. In addition, weadvice our clients in preparing managementincentive schemes and corporatedocumentation. Our specialistsare highly recognized also in theareas of tax law, IPR, IT law and disputeresolution. Our clients representa broad spectrum from multinationalcompanies to small privately held enterprises.associate members115Howden Insurance Brokers OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsAleksanterinkatu 17, WTC,P.O.Box 800, 00101 Helsinki,Finland+358 9 6969 2700+358 9 6220 0130reception@howdenins.fifirstinitialoffirstnamesurname@howdenins.com(example hvaara@howdenins.com)www.howdenins.com20006Mr. Heikki vaaraMr. Oskar RautiainenHowden are the leading specialistbroker for business critical risks. Ourjob is to make sure that our clientshave the personal and corporate confidencenecessary to succeed in today’svibrant business markets.We are the only insurance brokerserving the PE community to havecreated a policy wording specificallyto cater for the complex structuresand liability flows prevalent in theindustry. We are recognised by clientsand insurers as ‘thought leaders’, providingan intelligent service for yourindustry.Howden Oy provides access to theinternational insurance markets inco-operation with our London headoffice.

HSH Nordbank AG Helsinki Branchassociate members116Contact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläranta 12, 00130 Helsinki,Finland+ 358 9 6133 4600+ 358 9 6133 4620af@hsh-nordbank.fiforename.surname@ hshnordbank.fiwww.hsh-nordbank.fi200114Ms. Pia KarvonenHSH Nordbank AG, NordicLeveraged Finance team is throughits offices in Copenhagen, Stockholm,Helsinki and Oslo acting as Arranger,Underwriter, Lender and Agen insupporting Nordic and InternationalPrivate Equity Firms in connectionwith their investments in the Nordic,Baltic and Polish market. The bankis underwriting and providing longterm financing structured as senorfinancing or subordinated financing.The primary activity is focusing ontransaction with an Enterprise Valueof MEUR 50 to more than a billionEUR. Business is based on internationaland local knowledge, localcompetence and execution as well asa flexible approach to meet the clients’needs.Ilmarinen Mutual Pension Insurance CompanyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsPorkkalankatu 1, 00018 Ilmarinen,Finland+358 10 284 11+358 10 284 3830jorma.tammenaho@ilmarinen.fiforename.surname@ilmarinen.fiwww.ilmarinen.fi1961590Mr. Jorma TammenahoMs. Katja SalovaaraIlmarinen is a mutual pension insurancecompany managing statutoryearnings-related pension provisionon employees and self-employed persons.Ilmarinen is owned by its clients.Ilmarinen holds about one thirdof the employment pension marketin Finland. This means about 357.000insured employees and 244.000 beneficiariesat the end of 2005. Ilmarinenhas 23 billion euros under managementat 31.12.2006.

Industri KapitalContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsBirger Jarlsgatan 4, SE-11434,Stockholm, Sweden+46 8 678 9500+46 8 678 0336info@industrikapital.comforename.surname@industrikapital.comwww.industrikapital.com198970Mr. Michael RosenlewMr. Kristian KemppinenIndustri Kapital is a European privateequity firm with Nordic roots, managingclose to 4 billion euros in fundcommitments. Since 1989, IndustriKapital has acquired 64 companiesand the current portfolio includes20 companies with a total turnoverof close to 8 billion euros. IndustriKapital invests mainly in mid-sizedcompanies with strong cash flowand profit improvement potential.Industri Kapital’s investments inFinland include Moventas, Tradeka,Dynea, Eltel Networks, CPS Color,Enermet Group, Consolis, Paroc,Noviant, KCI Konecranes.associate members117InnovationsKapitalContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsKungsportsplatsen 1, 411 10Göteborg, Sweden+46 31 60 91 90+46 31 60 91 99info@innkap.seforename.surname@innkap.sewww.innkap.se199413Mr. Staffan IngebornInnovationsKapital invests in companiesrequiring seed, start-up, earlystage or expansion capital, in theInformation & CommunicationsTechnology and Healthcare and LifeSciences market sectors, in the Nordicregion. Additionally, investments arealso made in new technology sectorssuch as energy and clean-tech.InnovationsKapital plays an activerole in helping companies to developfrom their Nordic base into the largerand more demanding global markets.We are able to do this because wehave significant commercial/industrial,scientific and international marketknowledge and experience in themarket segments in which we invest.

JFP Executive Search Oyassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsAleksanterinkatu 15 A, 7 th floor,00100 Helsinki, Finland+358 10 617 7900+358 10 617 7999jfp@jfp.fiforename.surname@jfp.fiwww.jfp.fi197910Mr. Jukka HänninenJFP Executive Search went intobusiness in Finland back in 1979.It is a business consultant firmowned by its Finnish partners, withthe mission of executive search andhigh-end management audit processes.We are one of Finland’s biggestexecutive search agencies and partof the international IIC Partnerschain. We serve our Finnish clientsthrough 55 agencies in more than30 countries.JFP Executive Search is a memberof the Association of FinnishExecutive Search Agencies.118Keksintösäätiö, Foundation For Finnish InventionsContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesTekniikantie 12, P.O. Box 382,02150 Espoo, Finland+358 20 737 3000+358 20 737 3001keksintosaatio@keksintosaatio.fiforename.surname@keksintosaatio.fiwww.keksintosaatio.fi,www.innofin.com197133The Foundation supports and helpsprivate individuals and small entrepreneursresiding in Finland to developand exploit invention proposals.The Foundation’s constantly updatedInvention Market provides companieswith new business and productideas for licensing.

KPMG Oy AbContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsP.O. Box 1037,(Mannerheimintie 20 B),00101 Helsinki, Finland+358 20 760 3000+358 20 760 3399contact@kpmg.fiforename.surname@kpmg.fiwww.kpmg.fi1926540Ms. Raija-Leena HankonenAUDIT AND ATTESTATIONSERVICES: statutory audit for fundsand management companies; portfoliovaluationsDIRECT AND INDIRECTTAXATION: full scope of tax andrelated advisory servicesTRANSACTION SERVICES:Both vendor and buyer due diligence;advice on planning, structuring andmanaging corporate transactionsincluding disposals, acquisitions, restructuringand valuations.associate members119Krogerus Attorneys LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsGraniittitalo, Jaakonkatu 3 A,P.O. Box 533,00101 Helsinki, Finland+358 9 622 6520+358 9 631 811helsinki@krogerus.comforename.surname@krogerus.comwww.krogerus.com1992100Attorney-at-Law, PartnerMika StåhlbergKrogerus is the fifth largest Finnishlaw firm. We offer high-quality expertisein domestic and internationalbusiness law. Our expertise is availablethrough any of our offices inHelsinki, Tampere, Turku, Jyväskylä,Kuopio and Oulu. We provide ourclients with goal oriented and practicalsolutions. The services are providedin mutual collaboration so as tomeet our clients’ needs. We strive forlong-term partnership-based clientrelations. Our wide co-operation networkguarantees high-quality servicesfor our clients also in international assignments.

LTT Research Ltdassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsPohjoinen rautatiekatu 21 B,00100 Helsinki, Finland+358 9 4313 8570+358 9 408 417ltt@hkkk.fiforename.surname@hkkk.fiwww.ltt-tutkimus.fi193830Dr. Mika VaihekoskiLTT Research Ltd (LTT) is anapplied business studies orientedresearch company owned by theHelsinki School of Economics(HSE). LTT enhances the activities ofits clients through information basedon research and innovations. We areexperts in practical knowledge intensiveresearch and consulting projects.We work closely with our clients tounderstand their needs and to findout new value-creating solutions.120Luostarinen Mettälä Räikkönen Attorneys-at-Law LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressMannerheimintie 14 B, 9 th floor,00100 Helsinki, Finland+358 9 586 0100+358 9 586 01060mail@lmrlaw.fiforename.surname@lmrlaw.fiwww.lmrlaw.fiLegal services, especially in businesslaw. Key areas of expertise: Mergersand acquisitions, EU and nationalcompetition law, banking, finance andsecurities markets, business advisoryservices incl. dispute resolution.Company InformationYear of Establishment 1997Number of Employees 25Contact persons Mr. Jukka Luostarinen

Marsh OyContact informationAddressTelephone NoFax NoPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsAhventie 4 B,02170 Espoo, Finland+358 9 8677 4200+358 9 8677 4299forename.surname@marsh.comwww.marsh.fi199260Ms. Anne Kostian, Practice Leader,Private Equity and M&A PracticeThe Private Equity and Mergers &Acquisitions (PEMA) Practice is adedicated team of specialists focusedon the risks and insurance issues clientsface around a merger, acquisition, or divestment.The Private Equity and Mergers &Acquisitions (PEMA) Practice:comprises of over 160 dedicated colleaguesbased in 30 countries worldwide| has advised on more than 10 000M&A transactions globally since inception| has created and placed more than$5 billion of limit of M&A insurancesolutions | was awarded Risk Adviser ofthe Year by Financial News, 2006 | wasawarded Due Diligence Adviser of theYear by Unquote magazine, 2006.Services include:Risk and insurance due diligence |Transactional risk solutions | Post-acquisitionservices | Insurance protectionfor private equity professionalsassociate members121Mercuri Business Partner OyContact informationAddressTelephone NoGeneral E-mailPersonal E-mailWeb AddressTemppelikatu 4A,00100 Helsinki, Finland+ 358 9 406 487ismo.peltomaki@mercuri.fiforename.surname@mercuri.fiwww.mbp.fiManagement consultants and advisors;Merger & acquisition processes;Business Due Diligence; StrategyAudit; International operations;Strategy processes; Change managementCompany InformationYear of EstablishmentNumber of EmployeesContact persons20047Mr. Ismo Peltomäki,Senior Partner

Mercuri Urvalassociate members122Contact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressMannerheimintie 15 A,00260 Helsinki, Finland+358 207 420 500+358 207 420 509contact.fi@mercuriurval.comforename.surname@mercuriurval.comwww.mercuriurval.comCompany InformationYear of Establishment 1967Number of Employees 800Contact persons Mr. Carl-Magnus Westermarck,MDMercuri Urval matches key peoplewith the strategic needs of our clients.We work with you to identify, developand acquire the capabilities you needto make your strategies work.We help address and answer four keyquestions:- What capabilities do you need?- What capabilities do you have?- What capabilities can you develop?- What capabilities do you needto acquire?We help to clarify the link betweenyour future needs and essential peoplecapabilities, to utilise your existingpeople most effectively and torecruit strategically. Our integratedapproach will enable you to address,with confidence, both short term issuesand long term comptitiveness.Mutual Insurance Company Pension FenniaContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressKansakoulukuja 1,00100 Helsinki, Finland+ 358 10 5031+ 358 10 503 7711tatu.hemmo@fennia.fiforename.surname@fennia.fiwww.elake-fennia.fiCompany InformationYear of Establishment 1998Number of Employees 220Contact persons Mr. Tatu Hemmo

Mäkitalo Rämö & Co. Oy, Attorneys-at-LawContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläesplanadi 18,00130 Helsinki, Finland+358 9 684 4410+358 9 6844 4141attorneys@makitalo.fiforename.surname@makitalo.fiwww.makitalo.fi198915Mr. Risto Rämö,Senior Partner, Managing DirectorFull Service law firm in domestic andinternational business law matters likeM & A, Contracts, IPR, CompanyLaw, Competition Law, Finances,Real Estates & ConstructionLawLabour Law, ICT, EnvironmentalLaw, Biotech and Gene Technology,EU Law, Litigation, Arbitration andADR; Taxation etc.associate members123Nordea Bank Finland PlcContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationContact personsSatamaradankatu 5, Helsinki,00020 NORDEA,Finland+358 9 1651+358 9 1655 2162forename.surname@nordea.comwww.nordea.fiMr. Jari Lindholm,Nordea Acquisition FinanceMr. Jouni Manelius,Nordea Retail Branch NetworkMr. Pentti Mansukoski,Nordea Corporate FinanceNordea Bank is the largest commercialbank in the Nordic countries witha branch network throughout the region.Nordea provides senior and subordinatedfinancing including capitalloans, convertible bond loans andbond loans with warrants for comprehensivefinancial solutions forM&A’s, change-of-generation andexpansion of operations.Nordea has a special AcquisitionFinance unit, with offices in allNordic capitals, focusing on financingof public to private transactions,large management and leverage buyouttransactions. The unit providessenior, second lien and mezzaninefinancing.Nordea has also a separate CorporateFinance unit specialized in advisingthe different parties in the transactions.

Nordic Adviser Groupassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressEteläesplanadi 24,00130 Helsinki, Finland+358 9 6126 610+358 9 6126 6126info@nag.fiforename.surname@nag.fiwww.nag.fiCompany InformationYear of Establishment 1998Number of Employees 20Contact persons Mr. Kalle Heikkinen,Kalle.Heikkinen@nag.fiNAG is focused on serving owners,boards and top management in strategicanalyses and implementation.We also support our clients in valuations,feasibility analyses and strategydriven transactions.124Contact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailPapula-NevinpatMechelininkatu 1 A,00180 Helsinki, Finland+358 9 348 0060+358 9 3480 0630papula@papula-nevinpat.comforename.surname@papula-nevinpat.comCompany InformationYear of Establishment 1975Number of Employees 47Contact persons Mr. Markku SimmelvuoPapula-Nevinpat is a patent andtrademark agency protecting clients’rights all over the world. We have atotal of nine offices in Finland, Russia,Ukraine, Belarus, Kazakhstan andUzbekistan. We are authorized representativesbefore European PatentOffice (EPO), OHIM and EurasianPatent Office (EAPO). Our servicesinclude: Applications for industrialproperty rights: patents, trademarks,registered designs, utility models,integrated circuits, supplementaryprotection certificates, patent termextensions. Consultation and guidance:e.g. in problem situations (infringements,pirates etc.), in drawingup strategies for industrial propertyrights. Technology review: for assessingindustrial property right portfolios,technology due diligence, auditingof industrial property rights assets,competitor analyses and monitoring,mapping of known technology.

PricewaterhouseCoopers OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressP.O. Box 1015, (Itämerentori 2),00101 Helsinki, Finland+358 9 22 800+358 9 2280 1970info@fi.pwc.comforename.lastname@fi.pwc.comwww.pwc.com/fiCompany InformationYear of Establishment 1954Number of Employees 670Contact persons Mr. Matias Lindholm,Partner/TSV LeaderMs. Karin Svennas, Tax PartnerMr. Mikko Reinikainen,Tax PartnerWith over 140.000 professionalsand locations in 149 countries,PricewaterhouseCoopers is one of theleading professional services organisationsin the world. In Finland wehave 11 local offices with total of 670professionals. Our services are:- Assurance: audit services- Advisory: transactions, performanceimprovement and risk andcompliance services- Tax and legal services: corporateand natural person income taxationand VAT questionsassociate members125Procopé & Hornborg Asianajotoimisto OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsKeskuskatu 8, P.O. Box 107700101 Helsinki, Finland+358 10 3090 300+358 10 3090 333law.firm@procope.fiforename.surname@procope.fiwww.procope.fi191840Mr. Vesa Turkki,Ms. Merja HasaProcopé & Hornborg representsFinnish companies on all types ofdomestic legal matters, and foreigncompanies in Finland on matterssuch as mergers and acquisitions,investments, licensing, and generalFinnish law.We advise venture capitalists in theformation of their funds, structuringtheir investments, managing and ultimatelyliquidating those investmentsand making distributions to theirinvestors. We also help companieslocate and screen potential equity investorsand assist those companies instructuring and negotiating the termsof those investments.

Proman Oyassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressKorkeavuorenkatu 30 A,00130 Helsinki, Finland+358 9 6120 260+358 9 6120 2650lars.wikholm@proman.fiforename.surname@proman.fiwww.proman.fi & www.imap.comCompany InformationYear of Establishment 1988Number of Employees 8Contact persons Mr. Lars WikholmProMan Oy is one of the leadingmid-market M & A advisers inFinland. We are the Finnish memberof the global International Networkof M & A Partners, IMAP, since2002. In 2006 we implemented 20acquisitions.126Ray & BerndtsonContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsBulevardi 5A,00120 Helsinki, Finland+ 358 9 607 300+ 358 9 680 1390finn.wardi@rayberndtson.comforename.surname@rayberndtson.comwww.rayberndtson.com1965690 in 60 offices, 35 countriesMr. Finn WardiMr. Teppo TabermanRay & Berndtson is a premier top10 globally international executivesearch firm, specializing in recruitingservices for top-level executives. Anexecutive search firm distinguishedby superior client service, Ray &Berndtson understands that leadershipcapital is the prime source ofcompetitive advantage. Our professionalsdeliver leadership in the automotive,business and professionalservices, consumer products and services,e-business, energy and utilities,financial services, healthcare and lifesciences, industrial products and services,education/not-for-profit, andtechnology industries.

Rite Internet Ventures ABContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsMalmskillnadsgatan 39, S-11138Stockholm, Sweden+46 8 454 32 93+46 8 454 32 01christoffer@riteventures.comforename@riteventures.comwww.riteventures.com20076Mr. Christoffer HäggblomRite Internet Ventures AB is a privateequity investor focused onScandinavian Internet companies instart-up and expansion stages.Company consists of a combination ofsuccessful entrepreneurs and venturecapitalists with substantial industryknowledge. Partners of Rite InternetVentures have previously investedin start-ups such as: Tradedoubler,Unibet, Projectplace and NeoNet.Beyond increasing capital we supportthe target company with experience,industry knowledge and with a vastcontact network. Rite is an activeowner backing entrepreneurs in theiractivities.associate members127Roschier, Attorneys LtdContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressKeskuskatu 7 A,00100 Helsinki, Finland+358 20 506 6000+358 20 506 6100roschier@roschier.comforename.surname@roschier.comwww.roschier.comCompany InformationYear of Establishment 1936Number of Employees 240Contact persons Mr. Mika AlankoMr. Ulf-Henrik KullMr. Kaj SwanljungMr. Jon UnnérusRoschier, as a leading law firm inNorthern Europe, operates in theinternational marketplace. The firm’sclients include leading domestic andinternational corporations, financialservice and insurance institutions,investors, growth and other privatecompanies with international operations,as well as governmental authorities.As a member of RoschierRaidla, across-border operation of approximately240 lawyers in five jurisdictionsincluding Finland, Sweden, Estonia,Latvia and Lithuania, the firm offerscross-border solutions based onuniform quality and best practices ofinternational standard by premier lawfirms in each jurisdiction.

Spinverse Oyassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsInnopoli 2, Tekniikantie 14,02150 Espoo, Finland+358 40 545 0008+358 9 2517 7888info@spinverse.comforename.surname@spinverse.comwww.spinverse.com200410Mr. Pekka Koponen,Managing DirectorSpinverse is the leading nanotechnology-focusedservice company inthe Northern Europe. We coordinateFinland’s 70 MEUR national nanotechnologyprogram for Tekes, organizeone of the sector’s leading Europeanevents Nanotech Northern Europe(www.nanotech.net) and advise companiesand investors in strategy, partnersearch, technology evaluation andfunding.128Stanton Chase InternationalContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressMetsänneidonkuja 10,02130 Espoo, Finland+358 9 887 4060+358 9 6150 0161helsinki@stantonchase.comforename.surname@stantonchase.comwww.stantonchase.comStanton Chase International providesexecutive search consulting serviceson a global basis. Our 350 memberscombine international expertise andlocal insight with specific industrysector expertise.Mr Stelander heads the GlobalTechnology Practice from Finland.Company InformationYear of Establishment 1971Number of Employees 350Contact persons Mr. Mikael Stelander

Staria OyjContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsBulevardi 6 A,00120 Helsinki, Finland+358 42 442 2000+358 42 442 2244juha.tommila@staria.fiforename.surname@staria.fiwww.staria.fi2003approximately 30Mr. Juha TommilaStaria Oyj is an independent finnishcompany that operates in the field ofFinancial Department in Scandinavia.Staria designs, builds and takes careof the target company´s FinancialDepartment. The concept is uniqueand creates a new form of value chainwithin the Financial Department. Theservices comprise of all the tasks thatthe company´s Financial Departmentperforms under supervision by theCFO. The Financial Managementservices are effective, process-orientedand integrated with reliable IT-solutions.Staria Inhouse Financial Departmentintegrates deeply with the customer´sbusiness processes. Staria InhouseExpress services ensure rapid implementationof necessary financialprocesses and functions.associate members129Tapiola General Mutual Insurance CompanyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressFIN-02010 Tapiola(Revontulentie 7, Espoo), Finland+358 9 4531+358 9 453 3201riitta.naaralainen-vallila@tapiola.fiforename.surname@tapiola.fiwww.tapiola.fiTapiola General is a mutual insurancecompany owned by its customers.Tapiola General is part of TapiolaGroup which comprises of four insurancecompanies and an asset managementcompany, a fund managementcompany and a bank.Company InformationNumber of EmployeesContact personsover 2400 (Tapiola Group)Ms. Riitta Naaralainen-Vallila

Technopolis Ventures Oyassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsTekniikantie 21,02150 Espoo, Finland+358 9 2517 5362+358 9 455 3117ventures@technopolis.fiforename.surname@technopolis.fiwww.technopolisventures.fi198540Mr. Tuomas Maisala,Deputy CEOMr. Martti Elsilä, CEOTechnopolis Ventures Ltd is the largestbusiness incubator in Finland,with upwards of 180 hi-tech andknowledge-based growth companiesin our development programs in theHelsinki region, as well as Oulu,Lappeenranta and Jyväskylä.Our mission is simple, but powerful:to find the best business ideas andhelp turn them into internationalsuccess stories by offering a comprehensiveset of packaged developmentservices.130Tekes, the finnish Funding Agency for Technology and InnovationContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsP.O. Box 69,00101 Helsinki, FinlandVisiting Address: Kyllikinportti 2+358 1060 55000+358-9-694 9196tekes@tekes.fiforename.surname@tekes.fiwww.tekes.fi1983270Mr. Ilkka KoivumäkiTekes, the finnish Funding Agencyfor Technology and Innovation is themain public funding organisation forresearch and development (R&D)and innovation in Finland. Tekesfunds industrial projects as well asprojects in research organisations,and especially promotes innovative,risk-intensive projects. Tekes offerspartners from abroad a gateway tothe key technology players in Finland.The funds, annually close to EUR 500million are awarded from the statebudget.

Tutor Partners OyContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsHämeenkatu 9,33100 Tampere, FinlandKeskuskatu 8,00100 Helsinki, Finland+358 10 548 0800+358 10 548 0810info@tutorpartners.comforename.surname@tutorpartners.comwww.tutorpartners.com200410Mr. Pekka Sillanaukee,Chairman of the BoardMr. Heikki Nuutila, PartnerTutor Partners is a Finnish CorporateFinance and professional servicesprovider specializing in corporatetransactions and the development ofbusiness operations.Services for companies:• Transaction services: M&A,Change of Generation, TradeSales/Leveraged Buyouts• Private Placement (equity) Services• Strategy & Business Planning• Gateway for Attractive InvestmentsOpportunities in Finlandassociate members131Varma Mutual Pension Insurance CompanyContact informationAddressTelephone NoFax NoPersonal E-mailWeb AddressAnnankatu 18, P.O. Box 400098 Varma, Finland+358 10 51513+358 10 514 5068forename.surname@varma.fiwww.varma.fiPension insurance services to privatesector companies and entrepreneursCompany InformationYear of EstablishmentNumber of EmployeesContact persons1984630Mr. Risto AutioMr. Tero Pesonen

Vencap Venture Capital Ltdassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsPohjoisesplanadi 21 B,00100 Helsinki, Finland+358 9 677 602+358 10 290 3000andreas.stenius@vencap.fiforename.surname@vencap.fiwww.vencap.fi19981Mr. Andreas SteniusConsultancy and venture capitalservices for small companies basedin Finland132Venture Cup FinlandContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressPohjoinen Rautatiekatu 21 B,00100 Helsinki, Finland+358 9 4313 9721+358 9 4313 9725info@venturecup.fiforename.surname@venturecup.fiwww.venturecup.fiCompany InformationYear of Establishment 2001Number of Employees 5Contact persons Ms. Anne SormunenVenture Cup Finland as a three-stagebusiness plan competition for aspiringgrowth companies brings together thebest business ideas from universities,polytechnics, institutes and technologycenters. During the three stages ofthe competition participating teamsgo through a demanding process ofeducation, coaching and screening,developing their business ideas intocomplete business plans with a clearfocus. Venture Cup facilitates thebirth of innovative growth companiesand links the start-up teams, investorsand entrepreneurial support networkin Finland.

VTTContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsPL 1000 / Vuorimiehentie 3,02044 VTT, Finland+ 020 722 6943+ 020 722 7090tapio.koivu@vtt.fiforename.surname@vtt.fiwww.vtt.fi19422780 (whole VTT)Mr. Tapio Koivuassociate members133Waselius & WistContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläesplanadi 24 A,00130 Helsinki, Finland+358 9 668 9520+358 9 668 95222ww@ww.fiforname.surname@ww.fiwww.ww.fi199740Mr. Mikko EerolaMs. Tarja WistWaselius & Wist is one of the leadingcommercial law firms in Finlandcommitted to providing legal servicesof outstanding quality from abusiness-minded solutions seekingperspective. The firm provides a fullrange of services in all fields of commerciallaw, with particular emphasison capital markets, mergers and acquisitions,property investment, EUand competition law and disputeresolution.

White & Caseassociate membersContact informationAddressTelephone NoFax NoGeneral E-mailPersonal E-mailWeb AddressCompany InformationYear of EstablishmentNumber of EmployeesContact personsEteläranta 14,00130 Helsinki, Finland+358 9 228 641+358 9 2286 4228rojantakanen@whitecase.comfirstinitiallastname@whitecase.comwww.whitecase.com19012000Mr. Risto OjantakanenMr. Timo AiristoMr. Petri HaussilaWhite & Case is one of the largestinternational law firms in the world.The Helsinki office of the firm wasestablished in 1992 and focuses oncomplex M&A, capital markets andfinance transactions. Our clientsinclude leading international andFinnish private equity investors, investmentbanks and corporations. TheHelsinki office is currently staffedwith 21 lawyers.134

national associations136

national associationsNATIONAL ASSOCIATIONS137

national associations138EUROPEEVCA (European Venture CapitalAssociation)Contact person: Javier EcharriTelephone: +32 2 715 00 20E-Mail: evca@evca.comWebsite: www.evca.comAustriaAVCO (Austrian Private Equity and VentureCapital Association)Contact person: Jürgen MarchartTelephone: +43 1 526 38 050E-mail: office@avco.atWebsite: www.avco.atBelgiumBVA (Belgian Venture Capital Association)Contact person: Guy GeldhofTelephone: + 32 3 297 10 21E-mail: info@bva.beWebsite: www.bva.beCzech RepublicCVCA (Czech Venture Capital Association)Contact person: Jaroslav HorákTelephone: +420 224 235 399E-mail: info@cvca.czWebsite: www.cvca.czDenmarkDVCA (Danish Venture Capital and PrivateEquity Association)Contact person: Ib BøghaveTelephone: +45 7225 5502E-mail: dvca@dvca.dkWebsite: www.dvca.dkFranceAFIC (Association Francaise desInvestisseurs en Capital)Contact person: Dominique NicolasTelephone: +33 1 47 20 99 09E-mail: info@afic.asso.frWebsite: www.afic.asso.frUnited KingdomBVCA (British Venture Capital Association)Contact person: Peter LinthwaiteTelephone: +44 20 7025 2950E-mail: bvca@bvca.co.ukWebsite: www.bvca.co.ukGermanyBVK (German Private Equity and VentureCapital Association)Contact person: Dr. Holger FromannTelephone: + 49 30 30 69 820E-mail: bvk@bvk-ev.deWebsite: www.bvk-ev.deHungaryHVCA (Hungarian Venture CapitalAssociation)Contact person: László OláhTelephone: +36 1 475 09 24E-mail: hvca@hvca.huWebsite: www.hvca.huIrelandIVCA (Irish Venture Capital Association)Contact person: Ciara BurrowesTelephone: +353 1 276 46 47E-mail: secretary@ivca.ieWebsite: www.ivca.ie

ItalyPortugalAIFI (Italian Private Equity and VentureCapital Association)Contact person: Anna GervasoniTelephone: +39 02 760 7531E-mail: info@aifi.itWebsite: www.aifi.itLatviaLatvian Venture Capital AssociationContact person: Sandis JursevicsTelephone: +371 916 29 39E-mail: info@lvca.lvWebsite: www.lvca.lvThe NetherlandsAPCRI(Associacão Portuguesa de Capital de Risco)Contact person: Paolo CaetanoTelephone: +351 21 330 45 04E-mail: pcaetano@mail.ptWebsite: www.apcri.ptRussiaRVCA (Russian Venture Capital Association)Contact person: Albina NikkonenTelephone: +7 812 326 61 80E-mail: rvca@rvca.ruWebsite: www.rvca.ruSpainnational associationsNVP (Nederlandse Veregning vanParticipatiemaatschhappijen)Contact person: Tjarna D. MolenaarTelephone: +31 20 571 2270E-mail: info@nvp.nlWebsite: www.nvp.nlNorwayNVCA (Norwegian Venture CapitalAssociation)Contact person: Knut T. TraasethTelephone: +47 22 70 00 10E-mail: ktt@nvca.noWebsite: www.norskventure.noPolandPPEA (Polish Private Equity Association)Contact person: Barbara NowakowskaTelephone: +48 22 258 84 30E-mail: psik@ppea.org.plWebsite: www.psik.org.plASCRI (Asociacion Española de Entidadesde Capital-Riesgo)Contact person: Dominique BarthelTelephone: +34 91 411 96 17E-mail: info@ascri.orgWebsite: www.ascri.orgSlovakiaSLOVCA (Slovak Venture CapitalAssociation)Contact person: Iveta GriačováTelephone: +386 421 905 640 181E-mail: slovca@slovca.skWebsite: www.slovca.skSwedenSVCA (Swedish Private Equity & VentureCapital Association)Contact person: Tom BerggrenTelephone: +46 8 768 30 90E-mail: info@svca.seWebsite: www.svca.se139

SwitzerlandSECA (Swiss Private Equity & CorporateFinance Association)Contact person: Ph.D. Maurice PederganaTelephone: +41 41 724 65 75E-mail: info@seca.chWebsite: www.seca.chnational associationsWORLDAustralian Venture Capital Associationwww.avcal.com.auBrazilian Venture Capital Associationwww.abcr-venture.com.brCanada’s Venture Capital Associationwww.cvca.caSouth African Venture CapitalistsAssociation www.savca.co.zaTaiwan Venture Capital Associationwww.tvca.org.twThai Venture Capital Associationwww.venturecapital.or.th140China Venture Capital Associationwww.cvca.com.hkHong Kong Venture Capital and PrivateEquity Association www.hkvca.com.hkIndia Venture Capital Associationwww.indiavca.orgIsrael Venture Associationwww.iva.co.ilKorean Venture Capital Associationwww.kvca.or.krMalaysian Venture Capital Associationwww.mvca.org.myNew Zealand Venture Capital Associationwww.nzvca.co.nzPhilippine Venture Capital InvestmentGroup www.philvencap.comSingapore Venture Capital & Private EquityAssociation www.svca.org.sgTurkish Private Equity and Venture CapitalAssociation www.turkvca.orgNational Venture Capital Association (USA)www.nvca.orgEmerging Markets Private EquityAssociation www.empea.net

index of personsINDEX OF PERSONS141

index of persons142AAhoAhonenAhvenniemiAiristoAlankoAlbertsenAnderssonAnthoniAnttilaAutioBBeckerBeuchertBirkmandBlomqvistBorgBorgströmBurmeisterBützowEskoSeppoSamiTimoMikaHenrikMattsPeterOlliRistoKaiJoergenThorBerndtPeterJohanSebastianPeterSitraHelmet Business Mentors OyConor Venture Partners OyWhite & CaseRoschier, Attorneys LtdNordic Venture PartnersBaltcap Management LtdBützow Attorneys LtdSponsor Capital OyVarma Mutual Pension Insurance CompanyAhlström Capital OyHSH Nordbank Helsinki BranchNordic Growth OyHelmet Business Mentors OyAmanda Capital PlcAhlström Capital OyAhlström Capital OySivenius, Suvanto & Co Advocates LtdCCantellCardwellCarlbergCederbergCollanderAaroWillAndreasKariSeppoFenno Mangement OyConor Venture Partners OyDittmar & IndreniusAhlström Capital OyHeimari OyDDreimanisDagnisBaltcap Management LtdEEerolaEhrnroothElsiläEskelinenMikkoRobinMarttiMattiWaselius & WistHandelsbanken Capital MarketsTechnopolis Ventures OyVeraventure OyGGrundsténGrönholmGrönlundGustainisGöthnerHenriReijoLasseSimonasRobertFinnish Industry Investment LtdOKO Venture Capital LtdSentica Partners OyBaltcap Management LtdNordic Venture Partners

HHalonen PanuHankonen Raija-LeenaHannula AnttiHaraTimoHasaMerjaHaussila PetriHautsalo MattiHeikkilä SamiHeikkinen KalleHeinaro PasiHeinilä OlliHelenius Veli-MattiHemmo TatuHietala PekkaHietala IlkkaHietalahti ErkkiHietaniemi PekkaHintikka MarttiHirvonen TuomasHoffström PetterHorelli EdvardHoutsonen LeoHoviMarkoHuttunen KariHuuskonen MikaHyvönen OlliHäggblom ChristofferHägglund KajHäikiöMarkoHänninen JukkaHöjberg Andersen ClausEQT Partners OyKPMG Oy AbAldea OyOKO Private Equity Funds OyAttorneys at Law Prudentum LtdWhite & CaseAura Capital OySponsor Capital OyNordic Adviser GroupHandelsbanken Capital MarketsAmanda Capital PlcMidinvest Management OyMutual Insurance Company Pension FenniaSentica Partners OyOKO Venture Capital LtdNordic Growth OyNordic Mezzanine LtdInnofinance OyHelmet Business Mentors OyAmanda Capital PlcFairchild Executive SearchVeraventure OyAmanda Capital PlcSivenius, Suvanto & Co Advocates LtdVirtaa Hämeeseen OyBützow Attorneys LtdRite Internet Ventures ABSponsor Capital OyFinnish Industry Investment LtdJFP Executive Search OyNordic Venture Partnersindex of persons143IIirolaIiskolaIlkkaImmonenInborrIngeborgIsohaaroIsokangasJJaatinenJalonenOlliHannuHeikkiPeterJanStaffanHannuPenttiHeikkiRistoAttorneys-at-Law Juridia LtdAmanda Capital PlcErnst & Young OyNordic Growth OyAhlström Capital OyInnovationsKapital Ab3i Nordic PlcMidinvest Management OyHannes Snellman Attorneys at Law LtdProfita Management Ltd

JansonJauhoJokelainenJuholaJuvonenJåfsJänkäläJääskeläinenMårtenAriAriJanneHannuStaffanPasiKyöstiCastrén & Snellman Attorneys LtdOKO Private Equity Funds OySponsor Capital OyVeraventure OyKorona Invest OyAmanda Capital PlcBio Fund Management Oy LtdTekel, Finnish Science Park Associationindex of persons144KKaarisaloKangasluomaKantonenKariKarppinenKarppinenKarttunenKarvonenKaukonenKemppinenKeränenKikasKivinenKõdarKoivistoKoivumäkiKoponenKorjaKortelaKoskinenKostamoKostianKotovirtaKrokforsKuittinenKullKulmalaKulvikKumpulainenKuparinenKurkijärviKursuKuvajaKääriäinenMikaKeijoMarjaMattiSamiVeijoKaiPiaReijoKristianHannuKalmerJuusoMartinHeikkiIlkkaPekkaJukka-PekkaRistoKaiAriAnneJukkaMartinEijaUlf-HenrikPenttiPauliMikkoMikkoKaleviVesa-PekkaPenttiAntti-PekkaPricewaterhouseCoopers OyProfita Management LtdMidinvest Management OyAldea OyNexit Ventures OyVNT Management OyStratos Ventures LtdHSH Nordbank Helsinki BranchHelmet Business Mentors OyIndustri Kapital ABFIM Investment Banking OyHanseatic CapitalSponsor Capital OyBaltcap Management LtdHelmet Business Mentors OyTekes, National Technology AgencySpinverse OyMidinvest Management OyHelmet Business Mentors OyAugust Associates OySentica Partners OyMarsh OyGearshift Group OyCAG - Corporate Advisor Group OyPricewaterhouseCoopers OyRoschier, Attorneys LtdHelmet Business Mentors OyHelmet Business Mentors OyHelmet Business Mentors OySentica Partners OyBio Fund Management Oy LtdVeraventure OyMidinvest Management OyEQT Partners Oy

LLaineLampinenLappalainenLatvalaLaube-PohtoLauneLehikoinenLehtinenLehtomäkiLeireLenni-TaattolaLeppänenLeskinenLiimatainenLindforsLindholmLindholmLukkariniemiLummeLundmarkLuostarinenPetriSamiMattiPiiaSeppoJyrkiTimoPasiVesaEricJuhoJyrkiPetteriEeroJuhaMatiasJariIlkkaEeroKurtJukkaVeraventure OyInventure OySentica Partners OyAmanda Capital PlcMidinvest Management OyGearshift Group OyGarantia Insurance Company LtdKorona Invest OyKorona Invest OyBio Fund Management Oy LtdHammarström Puhakka PartnersHandelsbanken Capital MarketsStora Enso Ventures OySentica Partners OyEQT Partners OyNordea Bank Finland PlcPricewaterhouseCoopers OyProfita Management LtdDeloitte & Touche OyFIM Investment Banking OyLuostarinen Mettälä Räikkönen Oy, Attorneys-at-Lawindex of persons145MMaisalaMandahlManeliusMansukoskiMarjosolaMayrMcDonaldMertsolaMielckMieskonenMiettinenMikanderMikkolaMyllynevaMäkeläMäkinenMäkinenTuomasMichaelJouniPenttiJuhaAnton W.LaurenceMattiJanneJariHeikkiHenrikJuhaPetriManuSeppoJukkaTechnopolis Ventures OyNexit Ventures OyNordea Bank Finland PlcNordea Bank Finland PlcFinnish Industry Investment LtdStratos Ventures LtdNordic Venture PartnersMB FundsOrienteq Capital OyConor Venture Partners OyInnofinance OyAhlström Capital OyEqvitec Partners OyEQT Partners OyConor Venture Partners OyBio Fund Management Oy LtdEqvitec Partners OyNNaaralainen-Vallila RiittaNaukkarinen ArtoNiemelä UllaTapiola General Mutual Insurance CompanyHelmet Business Mentors OyOKO Private Equity Funds Oy

NiivaNummenpääNurmioNuutilaNärhiEeroTeroPerttiHeikkiJohannaMB FundsFinantec OyEqvitec Partners OyTutor Partners OyHermia Business Development Ltdindex of persons146OOhmeroluomaOilaOjalaOjantakanenOllilaOnninselkäOrpanaPPaasonenPalinPalmrothPalotiePekkarinenPeltolaPeltomäkiPentikäinenPere-VanhanenPesonenPetäjäPeyretPihlajamaaPiiponniemiPlatanPohjolaPuhakkaPuontiPursiainenPuskalaPykäläRitvaKimmoPetriRistoJanJariJyrkiSaijaSamuliJussiTaunoErkkiJuhaIsmoIlkkaPiaTeroTimoPatricePasiJariPeterJukkaHannuKaleviAarniMarkkuKalleNordia Management OyAttorneys-at-Law Juridia LtdErnst & Young OyWhite & CaseDittmar & IndreniusErnst & Young OyAmanda Capital PlcDeloitte & Touche OyCastrén & Snellman Attorneys LtdVNT Management OyAttorneys-at-Law Veikko Palotie & CoBio Fund Management Oy LtdOKO Venture Capital LtdMercuri Business Partner OyOKO Venture Capital LtdTekel, Finnish Science Park AssociationVarma Mutual Pension Insurance CompanyBio Fund Management Oy LtdNexit Ventures OyOKO Private Equity Funds OyDeloitte & Touche OyFinnish Fund for Industrial Cooperation Ltd(FINNFUND)Research Company Corporate Image LtdMB FundsHelmet Business Mentors OyFenniaEqvitec Partners OyOrienteq Capital OyRRantasaariRauhalaRauramoRautiainenReilinReinikainenKristaJukkaJuhanaOskarJukkaMikkoFinnish Venture Capital AssociationNordic Venture PartnersBio Fund Management Oy LtdHowden Insurance BrokersAttorneys-at-Law Kallioinen, Tolppanen, Salminen Co OyPricewaterhouseCoopers Oy

RekolaRosenlewRusanenRytkönenRämöKimmoMichaelMattiKariRistoCastrén & Snellman Attorneys LtdIndustri Kapital ABSentica Partners OyMB FundsMäkitalo Rämö Juutilainen Oy, Attorneys-at-LawSSaaranenSaksSalonenSalonojaSarkamiesSchalinSchaumanSekkiSillanaukeeSimmelvuoSipiläSiponmaaSjöblomSjöblomSneckSonninenSormunenStelanderStenholmSteniusStåhlbergSundbladSundströmSunilaSuomelaSuominenSuurmunneSuutarinenSvennasSwanljungSysi-AhoJarmoPeeterPetriPekkaSamiBerndtHolgerAnttiPekkaMarkkuSamuliAriAstaMagnusSeppoJariAnneMikaelEeroAndreasMikaHansMirjaPekkaJuhaniJariVesaKarinMattiKajSampsaVNT Management OyBaltcap Management LtdAura Capital OyNexit Ventures OyStratos Ventures Ltd3i Nordic PlcHandelsbanken Capital MarketsFinnish Venture Capital AssociationTutor Partners OyPapula-NevinpatOKO Private Equity Funds OyAura Capital OyFinnish Industry Investment LtdSitraMidinvest Management OyCastrén & Snellman Attorneys LtdVenture Cup FinlandStanton Chase InternationalSentica Partners OyVencap Venture Capital OyKrogerus Attorneys LtdAttorneys-at-Law Peltonen, Ruokonen & Itäinen OyMB FundsNordic Mezzanine LtdMB FundsAstrea Ltd, Attorneys-at-LawNordic Mezzanine LtdSponsor Capital OyPricewaterhouseCoopers OyRoschier, Attorneys LtdVirtaa Hämeeseen Oyindex of persons147TTabermanTaivalojaTalasTammenahoTarjanneTirkkonenTeppoTinaKaiJormaArtturiTimoRay & Berndtson OyBio Fund Management Oy LtdGearshift Group OyIlmarinen Mutual Pension Insurance CompanyNexit Ventures OyInventure Oy

TolvanenTommilaTulonenTuohinoTurkkiTurunenTurunenTuunalaTähtinenKariJuhaMarkoTainaVesaMattiJuhaPenttiJyrkiSitraStaria OyjInnofinance OyHH Partners Attorneys-at-LawAttorneys at Law Prudentum LtdEqvitec Partners OyInnofinance OySentica Partners OyAttorneys-at-Law Borenius & Kemppinen Ltdindex of persons148UUnnérusUotilaVVaaraVaihekoskiViertolaVihavainenVirénVirtanenvon Frenckellvon Martensvon ZelowitzVuorelaVähäpassiVäkeväinenVäkipartaVälinenJonMikaHeikkiMikaKimmoMarikaAskoVisaMikaelSamuelPerPanuTuomoUntoKeijoVesaRoschier, Attorneys LtdSentica Partners OyHowden Insurance BrokersLTT Research LtdFinnish Industry Investment LtdAon Finland OySentica Partners OyMidinvest Management OySponsor Capital OyNeomarkka OyjNordic Venture PartnersOKO Venture Capital LtdHannes Snellman Attorneys at Law LtdFinnvera PlcBio Fund Management Oy LtdFinnish Venture Capital AssociationWWardiWendellWesterlundWestermarckWikholmWistFinnMichelHeikkiCarl-MagnusLarsTarjaRay & Berndtson OyNexit Ventures OyCapman Capital Management LtdMercuri UrvalProMan OyWaselius & WistYYli-TainioÄÄnkiläÖÖrndahlRistoPetteriJanNexit Ventures OyAmanda Capital PlcCastrén & Snellman Attorneys LtdAttorneys-at-Law

Finnish Venture Capital AssociationWorld Trade Center HelsinkiAleksanterinkatu 17, 6 th floorFI-00100 Helsinki, FinlandTel: +358 9 6969 3300Fax: +358 9 6969 3303Email: info@fvca.fiwww.fvca.fi