Finnish health fund holds EUR41m second close

01 October 2008

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Fund

Korona Invest Oy has held a second close for its first fund Terveysrahasto Oy (Health Fund) on EUR41m. The fund was launched in September 2006 and expects to hold a final close in August next year. Minimum commitments were set at EUR1m, and the fund has a nine-year life span. PricewaterhouseCoopers and Roschier advised the GP on the fundraising.

Investor

Investors include the Finnish innovation fund Sitra, insurance companies and private foundations. Public investors represent 42% of the committed capital, of which Sitra contributed 37%. The remaining commitments were divided between insurance companies (24%) and private foundations (34%).

Investments

The fund provides early-stage and expansion capital to the healthcare and social services sectors in Finland as well as newly-established public-private partnership companies in these sectors. Investments range from EUR400,000-4m and the GP usually requires a minimum equity stake of 30%. The fund intends to make 15 investments during the next four years. Recent investments include Med Group Oy, a company providing ground ambulance services in Finland and medical evacuations by air ambulance worldwide; Invalidiliiton Asumispalvelut Oy, a company organising service accommodation for elderly people and for people with severe disabilities; and Iisalmen Veljeskoti, a company providing care and rehabilitation services for a wide range of customers in the Iisalmi and Kuopio area.

People

Vesa Lehtomaki is the manager of the fund.

Name: Terveysrahasto Oy

Closed on: EUR41m

Focus: Early-stage healthcare and social services in Finland

Contact: Pasi Lehtinen

Address: Innopoli 1, Tekniikantie 12, FIN-02150 Espoo, Finland

Tel: +35850 837 3196

Web: www.terveysrahasto.fi.