Finnvera plc reorganises regional investment company holdings

In early February, the Ministry of Trade and Industry decided to review the division of labour between special financing companies providing regional investment capital under the aegis of the Ministry. Accordingly, Finnish Industry Investment will focus on the capitalisation and development of limited partnership (LPS) regional funds while specialised financing company Finnvera plc will assume responsibility for all corporate regional funds on behalf of the State.

To this end, Finnvera plc has established Veraventure Oy, an investment company responsible for capitalising and developing corporate regional investment funds. All Finnvera holdings in regional investment companies will be amalgamated into Veraventure Oy, a subsidiary of Finnvera plc. The Veraventure Oy Board of Directors comprises Director Veijo Ojala (Chairman), Director Seppo Arponen, and Deputy Director Juhani Sutinen of Finnvera plc. Managing Director of Veraventure Oy, which launched operations in April, is Leo Houtsonen.

Under Ministry guidelines, Veraventure Oy acquired in April shares in eight corporate regional funds from Sitra, the Finnish National Fund for Research and Development. In early May, Finnvera plc sold Finnish Industry Investment its one-third share in Start Fund of Kera plc and at the beginning of June, its partnership interests in LPS funds. Finnish Industry Investment acquired partner's shares in the following funds: Aboa Venture I Ky, Vakka-Suomen Pääomarahasto Ky, Ganal Venture Ky, Tampereen Seudun Kasvurahasto Tasku Ky, Savon Kasvurahasto I Ky, Lahden Alueen Pääomarahasto Ky and Karhu Pääomarahasto Ky. The partner's shares in Karhu Pääomarahasto owned by Finnvera plc and financed by the European Regional Development Fund (ERDF) were not included in the transaction. At the same time, Veraventure Oy acquired Finnish Industry Investment's partnership interest in Etelä-Savon Pääomarahasto Ky, an LPS fund that will be converted into a limited liability company.

The Board of Directors of Finnvera plc decided to increase the share capital of Veraventure Oy by ca. EUR 36.8 million subsequent to the arrangements. In connection with the in-crease, all Finnvera plc holdings in corporate regional funds (10 funds) and the ERDF financing of three limited partnership funds as well as Finnvera plc's partnership interest in Etelä-Savon Pääomarahasto Ky were transferred to Veraventure Oy. Finnvera plc will also assign to Veraventure Oy its role as intermediary for ERDF funding to regional investment companies. Veraventure Oy will initiate investment activities into corporate regional funds immediately. Projects concerning new regional funds are underway throughout Finland.

Further information:
Mr. Veijo Ojala, Director, Field Operations Tel. +358 (0)20 460 7405 or GSM +358 (0)400 672 401