The future's bright

Matti Turunen, Eqvitec, Chairman FVCA

Matti Turunen, chairman of the Finnish Venture Capital Association (FVCA) and senior and founding partner of Eqvitec, speaks to Linn Ronning about the current status of the Finnish private equity and venture capital market. New funds and investments have been made in a buoyant market during the past 12 months. Finnish participants, just like local LPs, media and the Government, have started to show greater interest in the asset class, which is a clear sign of a healthy market. However, Turunen also points out that Finland is by no means immune to the recent market turmoil, but the outlook continues to be promising.

- What are the trends and developments you have seen over the past 12 months in the Finnish private equity and venture capital market?

- We have seen increased activity in Finland in the past 12 months. New funds have been raised and in an opportunistic market, an increasing number exits have been completed. Also, there has been a lot of interest from the media and the public, which gives the market a better understanding of the asset class.

- The Finnish Government has shown more interest in our investment form, which sets the table for better communication between the private equity industry and the local Government. Finnish institutional investors also continue to show an increased appetite for private equity due to the good returns the industry has produced in recent years.

- What are the priorities for the FVCA in the coming year and how are you planning to achieve those goals?

- The FVCA has been active in presenting important issues for the industry to the newly-elected parliament and the Finnish Government. The association has focused on presenting cases of how private equity and venture capitalists support the growth of companies and create new value by removing obstacles, as well as on new incentives for entrepreneurs, investors and funds that participate in the asset class.

- The association is actively aiming to demonstrate the positive effect of private equity and venture capital on the Finnish economy and society by performing an impact study of the industry that gives case studies and statistics on private equity in Finland.

- What is the association doing to ensure continued LP interest?

The association is continuing to keep LPs well informed on the industry's activities by performing surveys, organising networking meetings and distributing information about the market. The FVCA is participating in on-going structural and legal issues on behalf of the Finnish private equity and venture capital community. The FVCA is also keeping in touch with the other associations, primarily the EVCA, in order to stay involved in the European venture capital and private equity industry.

- What are your thoughts about the current market turmoil and how is this likely to affect Finnish private equity conditions?

The asset class was created to live through different cycles. Private equity and venture capital firms and investors are very good at adapting to different climates in order to survive, as well as at finding new ways to cope with changes in their environment. This notion is also supported by data that has been collected over the years from the Finnish market. The investment and fundraising climate in Finland is still very strong, but the industry is not immune to the recent market turmoil. However, I believe that the outlook in the market continues to be good.

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