Finnish Industry Investment Ltd. is an investment arm of Ministry of Employment and the Economy, Finland specializing in direct and fund of fund investments. It does not invest in real estate and makes only minority investments in companies. Within direct investments, the firm makes private equity and venture capital investments in start-ups, early-mid-late venture stages, recapitalizations, growth, buyouts, turnaround, internationalization, mergers and acquisitions, spin-offs, emerging growth, and sectoral and corporate restructurings. It also makes late stage investments in larger companies and provides mezzanine, convertible bond, equity, and quasi-equity financing. Within fund of fund investments, the firm invests in private equity, buyout, and venture capital funds focusing on small and medium sized late growth stage companies including sector and corporate restructuring, spin-offs, major industrial investments, and venture capital funds that invest in early and growth stage technology companies. The firm invests in all industries with a focus on mining in the development and construction phases, bioeconomy and cleantech sectors, ICT, industrial digitalization, healthcare sectors, telecoms and marine industry clusters. It focuses on Finland for both direct and indirect investments, but may invest in foreign companies and funds if the capital is used for business development in Finland. The firm also makes co investments typically in Finnish and foreign private equity and venture capital companies, pension funds, industrial investors and also private investors. The firm makes initial investments between €0.05 million ($0.06 million) and €10 million ($12.70 million) in its portfolio companies and may also participate in further financing rounds. It typically invests between €5 million ($6.32 million) and €20 million ($25.28 million) per fund and prefers a minority stake. The firm seeks to exit through IPO, Acquisition by e.g. an industrial buyer and Refinancing, i.e. the sale of a holding to an institutional investor. Finnish Industry Investment Ltd. was established on February 15, 1995 and it is based in Helsinki, Finland.