Finland’s state-owned venture capital and private equity investor has outlined a multi-tiered co-investment strategy designed to connect Qatari institutional capital with European tech scale-ups and large-scale industrial projects.
The co-investment pitch was delivered during a high-level bilateral trade delegation hosted recently by Qatar Chamber in Doha. Samuel Wendelin, director at Tesi (Finnish Industry Investment), told Qatari business leaders that the state entity manages roughly €4bn invested across nearly 140 funds and indirectly in close to 1,500 companies.
“We are return-driven, invest on market terms, and always alongside private investors as a minority owner,” Wendelin emphasised. He noted that Tesi acts as a natural partner for sovereign and institutional capital seeking long-term exposure in Europe.
“In that sense, we are perhaps the most natural counterpart in Finland for a sovereign or institutional investor. Our job is to bring in capital, not to compete with it,” Wendelin explained.
To facilitate entry into Finland’s technology and industrial markets, Wendelin presented three primary co-investment routes. The first door involves direct co-investments in growth-stage scale-ups alongside international institutional partners. He noted that few institutional investors globally match the long-term ownership perspective of Qatari capital.
“When we invest in a company, we welcome partners who share a long-term view, and few investors in the world have practised long-term ownership longer than those in this room,” Wendelin stated.
The second door offers participation through venture funds. Wendelin highlighted that Finnish venture funds raised a record €700mn last year, including the country’s first fund exceeding €400mn. Tesi serves as an anchor investor in a large share of these funds, assisting international partners in identifying top fund managers and co-investing with institutional limited partners, according to Wendelin.
“Tesi is an anchor investor in a large share of Finnish funds, so we can help you identify good managers, and we co-invest with international LPs to those funds,” Wendelin pointed out. The third door centres on industrial-scale projects. Wendelin explained that Finland provides some of Europe’s cleanest and most competitively priced electricity, backed by stable regulation, available land, and cooling infrastructure. These conditions are crucial for energy-intensive sectors, including data centres, hydrogen, batteries, and sustainable aviation fuel.
Under a revised operational strategy, Tesi holds an explicit mandate to invest in these large-scale industrial assets alongside private capital. “Under our new strategy, Tesi is mandated to invest in these large-scale industrial projects alongside private capital, and we’re actively looking for partners,” Wendelin said.
The investment pitch comes as Finland’s innovation ecosystem rapidly expands its international footprint. Wendelin stated that Finland ranks as the seventh most innovative economy in the world, with Helsinki standing as the EU’s most innovation-intensive cluster. The country of 5.6mn people has produced 18 unicorns to date.
“Finland has produced 18 unicorns, and we are currently investing in the next generation that is emerging from our universities and R&D facilities,” Wendelin announced.
Finnish startups raised a record €1.9bn last year, with roughly 75% of that total originating from international investors. Wendelin pointed to radar satellite company ICEYE, which raised over €1bn at a €10.5bn valuation in June, joining Supercell and Wolt as Finland’s third decacorn. Tesi targets a combined valuation of €250bn for Finland’s startup and growth ecosystem by 2035, he said.
“Quantum computing, health technology, space, clean transition, defence, and dual use are sectors where Finnish companies now lead rather than follow,” Wendelin said.
Wendelin stressed that the Finnish state maintains shareholder positions across major global leaders, including Nokia, defence firm Patria, and space technology vendor ReOrbit, co-investing alongside private and international capital.
“Tesi is the Finnish state investment partner for exactly the kind of long-term diversifying capital that Qatar National Vision 2030 describes,” Wendelin added.
