Directive 2024/927/EU amending the EU Alternative Investment Fund Managers Directive (AIFMD) and the EU UCITS Directive (AIFMD II) entered into force in spring 2024. AIFMD II is not a comprehensive reform of the fund industry regulation, but rather an update of specific areas of regulation. While most of its amendments impose new administrative tasks on fund managers, it also introduces some welcome elements that increase their operational possibilities.
7.11.2025
AIFMD II – implications for alternative investment fund managers in Finland
Hannu Huotilainen & Freja Harima
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Member States must transpose the amendments under AIFMD II into national law by 16 April 2026. To this end, the Finnish Government recently proposed amendments to both the Finnish Act on Alternative Investment Fund Managers and the Finnish Act on Common Funds (Government Proposal HE 139/2025). These amendments are similar in content in many respects, although some of them apply only to alternative investment fund managers (AIFMs) and some only to certain types of alternative investment funds.
It’s high time for AIFMs to start preparing for the new requirements under AIFMD II. While the reform can be considered limited, the changes could nonetheless have a significant impact on the activities of some funds.
To read more on the subject, visit our Finnish blog.
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NoHo Partners – EUR 50 million secured notes and EUR 97 million senior secured facilities agreement
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Case published 4.9.2026
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We advised Suominen Corporation in connection with its rights issue. The offering was oversubscribed, and the company raised gross proceeds of approximately EUR 28 million. We also advised Suominen in connection with the renegotiation of the terms of the company’s three-year EUR 100 million syndicated credit facility, under which the maturity was extended and headroom was added to the financial covenants. “I would like to thank our shareholders for their support and confidence in Suominen’s future. The completion of the Offering will enable us to accelerate the implementation of our Full Potential Program while strengthening our capital structure. Our transformation particularly focuses on enhancing the reliability and efficiency of our production and supply, and on reinforcing our commercial capabilities, allowing us to better meet the expectations of our customers and shareholders”, comments Charles Héaulmé, President and CEO of Suominen. Suominen is a nonwovens manufacturer operating in global markets. Suominen creates value by taking fiber raw materials and turning them into nonwovens that the company’s customers convert into both consumer and professional end products. Suominen’s vision is to be the frontrunner for nonwovens innovation and sustainability. Suominen’s net sales in 2025 were EUR 412.4 million and the company has almost 700 professionals working in Europe and in the Americas. Suominen’s shares are listed on Nasdaq Helsinki.
Case published 6.7.2026
Finnish Cultural Foundation – EUR 76 million secondary share sale in an accelerated book-building
We advised Finnish Cultural Foundation and Nordea, who acted as the Sole Bookrunner, in the sale of 3 million shares in Huhtamäki Oyj held by Finnish Cultural Foundation in an accelerated book-building. The shares represented approximately 2.8% of all shares in Huhtamäki Oyj. The aggregate selling price of the shares amounted to approximately EUR 76 million.
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Huhtamäki – EUR 300 million bond and tender offer of bond maturing in 2027
We advised Huhtamäki Oyj on its issuance of a EUR 300 million 6-year senior unsecured bond under the EMTN programme and on the tender offer of its EUR 500 million senior unsecured bond maturing in 2027. The new bond bears interest at a fixed rate of 3.875 per cent per annum. Huhtamäki used the net proceeds from the issuance of the new bond for the partial repurchase of its bond maturing in 2027 and for general corporate purposes.
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