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European Proventure to take over management of Pohjola-Suomi’s private equity portfolios

Proventure has signed an asset management agreement with Suomi Group and Pohjola to take over the management of their private equity portfolios. The agreement will take effect from the beginning of 2004.

The agreement covers commitments made by Suomi and Pohjola in 80 private equity funds in Europe and the US, totalling in the region of E600m. Proventure also has a discretionary mandate to make new investments on behalf of Suomi, for an additional amount of E200m over the next two years.

Proventure is to recruit two new investment directors to help manage the portfolios. Ari Jauho and Samuli Sipila will join Proventure as partners.

‘This agreement increases our total funds under management to circa E1bn and reinforces our position as the leading independent private equity adviser in the Nordic region,’ said Turo Levanen, managing partner of Proventure.

‘By concentrating the management of our private equity activities in the hands of Proventure, we are seeking to enhance the efficiency and profitability of our private equity programme,’ added Timo Hukka, investment director of Suomi Group.

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