The MiFID directive and its impact on Finnish PE funds
25/06/2008. The implementation of the Markets in Financial Instruments Directive (MiFID) in Finland took place on 1 November 2007. The aim of MiFID is to integrate the European financial markets by introducing a system in which an operating license granted in one home member state would be valid throughout the European Economic Area. In connection with the Finnish implementation of MiFID, several Finnish Acts were amended or totally revised, such as the Act on Investment Firms (revised in its entirety), the Securities Markets Act, the Act on Trading in Standardised Options and Futures, the Act on Mutual Funds and a number of other acts relating to the financial markets, according to Paulus Hidén of Finnish law firm Borenius & Kemppinen.

Mutual funds to invest in private equity funds?
18/06/2008. Certain amendments have been proposed to the Finnish Mutual Funds Act and the Investment Firms Act. The changes would more clearly enable a special mutual fund (a Finnish non-UCITS fund) to invest in closed-end funds. Following the changes to the laws, a mutual fund could in principle be used as a feeder fund or as an evergreen fund of funds. There are, however, a number of restrictions which would be need to be considered, and the use of mutual funds as a new type of a fund-raising vehicle will also depend on what kind of mutual fund rules the Finnish Financial Supervision Authority is willing to approve, writes Paulus Hidén of Finnish law firm Borenius & Kemppinen.

Nordic private equity is going global
26/10/2005. In recent years Nordic private equity funds have increased their search for investors beyond the Nordic markets, says SJ Berwin, and Nordic LPs are increasingly investing in funds outside the Nordic countries. These two trends have impacted on Nordic market conditions, raised legal issues that arise in an international environment and prompted developments in the permitted allocation of funds.

Tailwind for private equity in the Fenno-Baltic area
20/07/2005. The latest Corpfin Monthly Review looks at trends in private equity in the Fenno-Baltic area and carries an analysis by value of Scandinavian-related acquisitive deals during the last year.

The Finnish Venture Capital Association Year Book 2004
16/09/2004. A total of E206m of capital was raised by Finnish private equity firms in 2003, dramatically below the record of E814m raised in 2002, according to the Finnish Venture Capital Association.

The private equity industry in Finland 2003
08/03/2004. A total of E328m of private equity investments were made in 431 companies in Finland in 2003. The services and manufacturing sectors dominated investment activity, according to the Finnish Venture Capital association.

Nordic institutions’ asset management 2003 alternative investments
11/12/2003. More than 60 per cent of Nordic pension funds, life insurers, and foundations currently invest in hedge funds or private equity and a significant proportion plan to increase their allocations over the next two years, according to the Nordic alternative Investments Survey by Prospera Research and IPM Informed Portfolio Management.

The private equity industry in Finland in 2002
25/06/2003. Private equity funds in Finland raised a record E814m in 2002, according to the Finnish Venture Capital Association. E340m of private equity investments were made in 259 companies, while E105m was realised through exits.

Finnish Industry Investment Ltd: an international evaluation (including overview of Finnish venture capital market and government intervention in venture financing)
31/03/2003. In this report on government-owned Finnish Industry Investment Ltd, Markku Maula of the Helsinki University of Technology and Gordon Murray of the London Business School provide an overview of the Finnish private equity market.

Finnish Securities Market Act 2002
26/03/2003. There is no specific legislation for Finnish venture capital funds and their management companies. Yet a recent amendment to the Finnish Securities Market Act of 2002 means that such management companies should take note of some of its provisions. Jari Vikio and Paulus Hiden of Borenius & Kemppinen discuss the impact of the amendment on Finland's venture capital community.

Finnish market comes of age
08/10/2002. A recent flurry of notable deals in Finland has raised the region's profile among private equity players. Jari Vikio and Paulus Hiden of Borenius & Kemppinen discuss the deals and describe the impact this has had on the industry.

Legal and fiscal environment
09/09/2002. Despite the lack of specific legislation governing private equity and venture capital in Finland, the market is relatively investor-friendly, says Jari Vikio of Borenius and Kemppinen. He provides a general overview of the investment climate and details some recent deals.

Finland's venture capital market in 2002: An overview
05/08/2002. Both the European and US venture capital industries are in the midst of a period of self-evaluation after the overheated years of 1999 and 2000. Both general and limited partners have been forced to look in the mirror and figure out what happened and why. The past few years saw expectations and valuations rise to levels no longer met by the demands of the current marketplace and, after this joyride, 2001 was about little more than survival for many companies. Pekka Lehtinen and Heikki Jaatinen at Castrén & Snellman consider the impact this environment will have on the private equity industry in Finland.

State of the venture capital sector in Finland
23/04/2002. The Finnish venture capital industry has been one of fluctuating fortunes – as with most other countries the promise shown in late 2000 was shattered by the technology downturn and the IPO slump of 2001. Olavi Anko of the Ministry of Trade and Industry in Finland gives a historical overview of the market and examines its current status.

How to value biotechnology firms: a study of current approaches and key value drivers
05/03/2002. The biotechnology industry in Finland has become attractive to investors as a result of its extensive government-backed R&D initiatives. This study by Olli Arojärvi of the Helsinki school of economics and business administration provides an overview of the biotechnology industry in Finland.

Biotechnology: a promising high-tech sector in Finland
26/02/2002. The growth in Finland's venture capital industry since its beginnings in the late 1980s has helped to shape the country's booming biotechnology sector. Hannele Kuusi of Finnish Bioindustries examines this influence and discusses the rise of biotechnology in Finland.

The characteristics of US institutional investors
19/02/2002. US institutional investors are increasingly looking to invest in European venture capital partnerships. This edited extract from SITRA's ‘Attracting foreign investment into early-stage Finnish technology companies' examines the characteristics of US investors, their criteria for placing commitments with VC funds and the opportunities for VC firms in Finland to raise capital from the US.

Finns looking further afield
05/02/2002. Finland's institutional investors are still approaching private equity with caution, says Perttu Järvenpää of Investments & Pensions Europe. Private equity funds have not been selling well recently, in stark contrast to the surge in international corporate bonds, with Europe becoming the dominant market.

Private equity in Finland
22/01/2002. Investment in venture capital from Finnish institutional investors has been steadily increasing since the early 1990s. Jyrki Tähtinen and Jari Vikjö of Borenius & Kemppinen examine the factors behind this trend, who the major players are, the legal issues concerned and current market trends.

The Finnish venture capital market
09/01/2002. Following the information technology boom in Finland in the late 1990s, the venture capital market experienced a period of significant growth. Here, Tarja Wist and Toni Siimes of Waselius & Wist outline the current legal environment for private equity and venture capital investment in Finland.

The Finnish Economy
13/07/2001. Following exceptional growth over the last few years, the short-term prospects for Finland's economic growth are good. However, the economy looks set to slow down in the medium term. This report from the Finnish Venture Capital Association examines the success story and the future of Finland's economic development.

Venture Capital Industry in Finland 2000
13/07/2001. Venture capital firms in Finalnd invested 2.4 bn FIM in 2000 – an increase of 40 per cent.This data from the FVCA provides an overview of venture capital activity in Finland during 2000.