Finland Readies $3.7 Billion Assets to Fund Digital Ventures
- Alcohol maker Altia’s IPO could bring the first assets to Vake
- Government appointed Vake’s board of directors on Thursday
The headquarters of the Finnish finance ministry stands in Helsinki, Finland, on Thursday, April 20, 2017.
Photographer: Roni Rekomaa/BloombergThis article is for subscribers only.
Finland’s government wants to generate cash from a part of its equity holdings to fund investments in start-ups in digital and platform businesses.
The new investment vehicle, Vake Oy, is being readied to manage assets worth about 3 billion euros ($3.7 billion), according to Jyrki Knuutinen, who started as the director of the Finnish government state ownership steering department last month. The first investments could be made as early as by the end of the second quarter this year, he said.