Tesi to invest €75m in circular economy initiatives
Finnish state-backed VC fund Tesi will invest €75m in a new responsible investment strategy using both direct investments and fund stakes.
Tesi director Matias Kaila confirmed to Unquote that the firm would invest €50m along with private investors in direct investments into Finnish companies active in the circular economy. It will also make two commitments to funds active in the strategy with a focus or significant presence in Finland.
The fund commitments could be increased up to €20m per fund if an extra pocket of capital is used, which would boost the overall amount available to €30-35m, Kaila added.
An example of a fund investment already made by Tesi under this strategy is Alder Fund II, a Swedish sustainable technology company that is targeting SEK 1.5bn and held a first close on SEK 1bn in April 2018.
In general, Tesi’s fund-of-funds programme makes 5-10 investments per year, totalling €100-150m.
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