LP investment in Finnish VC fund: How a Spanish family office found its Finnish match
A conversation on a ferry from Helsinki to Tallinn led to a Spanish family office’s investment in a Finnish VC’s newest €80 million fund.
But this wasn’t a chance encounter. Ana López Soler, Venture Investment Director at Secways, met Sakari Pihlava, Founder Partner of Vendep Capital at a Helsinki Partners event designed to connect Venture Nordics alumni with local VC fund managers.
The Secways-Vendep partnership points to a growing trend of limited partners investing in Finland-based funds, drawn to the city’s high-performing tech ecosystem.
Why are international LPs investing in Finnish funds?
Helsinki offers a unique combination for limited partner investments: a proven tech ecosystem and a high-trust business culture that fosters long-lasting partnerships.
High-performing tech ecosystem
Finnish VC funds consistently deliver top-quartile returns in Europe. According to Tesi, mature Finnish venture capital funds have achieved an average 18% IRR, outperforming public markets across multiple benchmarks. “We have a large startup ecosystem that’s been systematically built out,” explains Sakari. “The rise of Slush and Tesi-supported funds have created a cycle where entrepreneurs encourage other entrepreneurs to start new companies.”
As a result, Finland is home to over 10 unicorns including Supercell, Oura, and Wolt. Vendep’s portfolio also includes unicorns AlphaSense and Hostaway. As a Venture Nordics alum, Ana knows the Finnish ecosystem is full of potential. Vendep’s strong distributions to paid-in capital (DPI) track record and market reputation were key factors in attracting Secways’ LP investment.
“The Nordics offer excellent investment opportunities in terms of talent, dynamism, and liquidity, which is especially important with the current geopolitical situation,” says Ana.
Transparent business culture
Cultural fit matters for long-term LP relationships, and Vendep’s directness impressed Ana right away. “When I met Sakari, I realised he’s a reliable GP who really takes care of his portfolio,” says Ana. “One key differentiation was the transparency and clarity of the data he shared with me.”
That transparency reflects Finland’s broader business culture. “We’re very direct. It’s easy to get an answer from us—it might be short, but it’s honest.” says Sakari. “If people promise something, they’ll do it.” For international LPs evaluating new markets, this directness can reduce uncertainty and build confidence.
Internationally-minded founders
Finland’s small domestic market forces founders to think globally from day one. “Building in a small country means you have to break out immediately,” says Sakari. “Plus, our strong, stable education system gives us great engineers and product people who know how to solve global customer needs.” This international-first approach creates opportunities for funds like Vendep Capital, which focuses exclusively on the B2B SaaS business model. Their portfolio startups typically begin with 100-200 customers but are designed to scale to 20,000-30,000 globally with the same product.
For Ana, the alignment was obvious. “We also invest in B2B SaaS, so there was clear synergy. I believe we’ll learn from their insights and we’re proud to be their first international LP.”
How Helsinki Partners connects international LPs with local opportunities
We help facilitate LP investments in Finnish-based funds, connecting you with opportunities that match your goals and investment thesis.
Curated matchmaking
The Secways-Vendep partnership was the result of our curated matchmaking approach. Recalling the 2025 Venture Nordics alumni event where she met Sakari, Ana says, “Helsinki Partners understood my goals for the trip and made the right connection with Vendep Capital. They also made sure I had the contact details to follow up.”
For Sakari, this support solves a major challenge for Nordic VCs: getting to know international LPs. “Our primary job during fundraising is talking to existing investors, then after fundraising, it’s investing. So Helsinki Partners’ work is extremely valuable.”
Fast-track into the Finnish ecosystem
Programs like Venture Nordics give LPs a deep, immersive view of the Finnish tech ecosystem. “Thanks to the program, I understand the region’s potential firsthand and what key factors make it unique,” says Ana. “Helsinki Partners made us aware of key players—disruptive startups, corporates, universities, and private and public investors. The whole community is open to give feedback.”
Sakari also sees the program’s value: “Helsinki Partners doesn’t just set up meetings with GPs—they introduce LPs to the entire Helsinki ecosystem and help expand their networks.”
Explore investment opportunities in Finland
“Pay close attention to the region. The potential here rivals the US. Attend Slush to experience the ecosystem and join Helsinki Partners’ Venture Nordics program to access top professional networks.”
Ana López Soler | Venture Investment Director, Secways
Sakari agrees, urging LPs and founders to experience Slush at least once or every year, like Ana who sees real potential in the event. “This is a beautiful country with easily approachable people. You’ll understand why Helsinki is such an attractive hub in the Nordics.”
Join Venture Nordics Program
Venture Nordics is Europe’s top program for international investors interested in exploring the investment scene in the New Nordics, one of the region with most unicorns per capita (100+). Join the program to meet top-performing Finnish VCs, Nordic LPs, experience the ecosystem firsthand, and attend Slush.