Borenius advised Tesi AIFM as it applied for a full AIFM authorisation

We advised Tesi (Finnish Industry Investment Ltd), the Finnish state-owned investment company, as its subsidiary Tesi AIFM Oy applied to become and became a fully authorised alternative investment fund manager (AIFM).

Previously, a Tesi group company has managed several funds of funds as a registered AIFM (a so-called sub-threshold AIFM), but as the assets under management have reached EUR 500 million, a full regulatory licence has become a mandatory requirement. Tesi AIFM now manages five funds-of-funds (KRR funds) and, in addition to managing alternative investment funds with private equity and fund-of-funds investment strategies, is also authorised to provide asset management, investment advice and reception and transmission of orders as an investment service.

We advised Tesi on all aspects relating to the AIFM authorisation and related changes to group corporate governance and processes, including regulatory, tax, employment law and corporate matters.

Tesi is a state-owned investment company. It invests on market terms in venture capital and private equity funds, and directly in startups, scale-ups and large industrial projects. The funds of funds managed by Tesi AIFM have given their investors access to a broad spectrum of unlisted companies by investing in more than 50 Finnish venture capital, growth and buyout funds, and indirectly in almost 500 Finnish companies.