In 2025, Finnish buyout and growth investors exited 29 companies, which is more than fifty per cent higher than the previous year, according to statistics published by Finnish Venture Capital Association. Most exits took place during the second half of the year, making it the most active six-month period since 2016. At the same time, a record €4.6 billion was invested in Finnish growth companies, driven significantly by a few large individual investments.
In 2025, Finnish buyout and growth investors exited 29 companies, which is more than fifty per cent higher than the previous year, according to statistics published by Finnish Venture Capital Association. Most exits were concentrated in the latter half of the year, which marked the busiest half-year period since 2016.
“The increase in exits is an important signal of improving market activity after a quieter period. Successful exits are a key part of the private equity cycle, as they release capital for new investments and enable continued financing for growth companies through active ownership,” says Anne Horttanainen, CEO of the Finnish Venture Capital Association.
During the ownership period, private equity investors help accelerate company growth through international expansion, acquisitions, and operational development, often resulting in faster revenue growth and employee growth than that of peer companies[1]. Once the growth plan has been successfully executed, the private equity investor sells its ownership stake — i.e. exits the company — while the company continues its growth journey under new ownership.
Domestic and international buyout and growth investors invested a record €4.6 billion in Finnish growth companies in 2025. The total was more than double the previous record set in 2023. The figure was significantly boosted by several large individual investments. Based on revenue, the largest investment targets last year included PHM Group and Mehiläinen.
“During the investment phase, the growth plan developed together with the company is implemented through systematic value creation and active ownership. By the time the private equity investor exits, the company is significantly stronger and well positioned for its next phase of growth,” says Mia Sirkiä, Vice Chair of the Board of Finnish Venture Capital Association and CEO of Saari Partners.
Buyout and growth investors typically invest in established growth companies with revenues ranging from a few million euros to several hundred million euros.
Fundraising by Finnish buyout and growth investors remained close to the long-term average. In 2025, a total of €535 million was raised for funds, of which €521 million was allocated to the DevCo continuation fund.
The impact of active ownership is often reflected in strong company growth and ultimately in successful exits. One example is Vaaka Partners’ exit from Lyyti, a developer of event management software, in 2025.
At the time of the investment in 2019, Lyyti was already the market leader in Finland in its sector, but rapid growth also increased the demands on leadership and organizational capabilities. During the ownership period, Vaaka Partners actively supported organizational development, recruitment, and the company’s international expansion strategy. Senior-level professionals were recruited to the company, and the board was strengthened with experts in international growth and scaling software businesses.
Despite challenging market conditions, Lyyti’s revenue doubled, and approximately one-third of its business originated outside Finland. Today, Lyyti’s platform is used annually by around 40 million event participants across more than 140 countries.
Lyyti’s story is part of Pääomasijoittajat ry’s buyout and growth success stories, which highlight the impact of active ownership on company growth and development.
Read more about the statistics here (pdf)!
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Additional information:
Anne Horttanainen
Managing Director, Finnish Venture Capital Association
anne.horttanainen@paaomasijoittajat.fi
+358 40 510 4907
Mia Sirkiä
Vice chair of the board, Finnish Venture Capital Association & CEO, Saari Partners
mia.sirkia@saaripartners.fi
