C&S fund expert Antti Vepsä’s peer-reviewed article on the management of variable-capital investment companies has been published in issue 2/2022 of the Finland Chamber of Commerce’s law journal Liikejuridiikka. In his article, Mr Vepsä analyses the best international practices of variable-capital investment companies’ management models and presents recommendations for legislation on the management structure of investment companies.
22.8.2022
Regulation on investment companies would increase the international competitiveness of domestic regulation of funds – Antti Vepsä’s article published in Finland Chamber of Commerce’s Finnish Business Law Journal
Related services
In variable-capital investment companies, the management structure is different from contractual investment funds and special investment funds particularly in that investors have more control in the former. Variable-capital investment companies cannot be established in Finland as there is no applicable special regulation and the regulation on limited liability companies is not very suitable for fund management activities.
Variable-capital investment companies are very common in Europe. They are used in the international marketing of funds in particular, as the investment company structure is easily understandable and widely known and enables a sub-fund structure for the flexible management of funds.
Regulation on investment companies was previously discussed in conjunction with the reform project concerning the Finnish Act on Common Funds, but preparation for the regulation was postponed. The funds industry considers the preparation of regulation on investment companies an important reform area for the regulation of funds in Finland.
The article by Mr Vepsä is available in Finnish to subscribers to the Edilex service.
As a senior associate, Mr Vepsä specialises in advising our clients on the structuring, promotion and management of alternative investment funds, investment funds and other types of collective investment schemes. In his career, he has been involved in establishing dozens of investment funds and alternative investment funds as well as fund investments. With a versatile and extensive background in funds, Mr Vepsä is able to provide the business-oriented advice he is well known for. He is currently writing a doctoral dissertation on the regulation of variable-capital investment funds established as companies at the University of Tampere. He actively takes part in academic debate in his field and is one of the leading researchers in Finland.
Latest news
Latest references
Jolt Capital and Tesi – Investment in VEV
We advised Jolt Capital and Tesi in connection with their investment in VEV, a leading provider of commercial fleet electrification solutions. The investment, led by Jolt Capital with Tesi as co-investor, will support VEV’s next phase of growth and expansion across Europe. As part of the transaction, VEV became an independent company following the acquisition of Vitol’s stake in the business. Founded by Vitol, VEV provides integrated fleet electrification solutions combining fleet strategy, charging infrastructure, energy supply and operational services. Through its VEV IQ platform, the company supports more than 6,000 commercial electric vehicles across Europe and has been deployed across more than 600 sites spanning the transport, logistics and waste sectors. Jolt Capital is a private equity firm focused on growth investments in European deeptech companies. Tesi is a Finnish state-owned investment company that promotes Finnish business and economic growth through investments. We advised Jolt Capital and Tesi on the equity financing and structuring aspects of the transaction. International law firm Goodwin advised the investors on the acquisition of VEV.
Case published 10.9.2026
VR Group – Intellectual property matters
VR-Group Plc is a transport and logistics group owned by the Finnish State, operating passenger and freight rail transport in Finland with activities also in the Swedish market. VR Group provides passenger, logistics and maintenance services with over 160 years’ experience in developing responsible transport of the future. We advise VR Group in intellectual property matters as part of the company’s wider brand protection efforts. Our assignments have included advice on copyright, design rights and trademarks, focusing on the protection of the company’s visual identity – including its distinctive green colour – in connection with transport services as part of a comprehensive IP protection strategy. VR Group’s consistent brand building has also received recognition, including the Finland Chamber of Commerce’s Brand of the Year award in 2026. In the competition, brands were viewed comprehensively from various perspectives, including their story, strategic role, brand renewal ability and intellectual property protection. The jury found that VR had understood the importance of the protection of its brand as part of a comprehensive business strategy.
Case published 9.9.2026
NoHo Partners – EUR 50 million secured notes and EUR 97 million senior secured facilities agreement
We advised NoHo Partners Plc on the issuance of EUR 50 million senior secured floating rate notes. The notes have a tenor of four years and mature on 10 September 2030. The notes bear interest at a rate of three-month EURIBOR plus a margin of 4.375 per cent. per annum. The notes were allocated to a mix of domestic and international investors. We also advised NoHo Partners on the negotiation of its new senior facilities agreement. The facilities agreement comprises a EUR 60,000,000 term loan facility, a EUR 10,000,000 capex facility and a EUR 27,000,000 revolving credit facility. “We are delighted by the interest investors have shown in the company’s Notes, which reflects confidence in our strategy. The successful issuance of the Notes, together with the new loan agreement, extends the maturity profile of our financing and enables the company to continue executing its growth strategy going forward. I would like to thank all investors for their participation, as well as our partner bank for the excellent execution of the Notes issuance”, says Jarno Suominen, CEO of NoHo Partners. OP Corporate Bank plc acted as the sole lead manager and bookrunner for the issue of the notes. NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe.
Case published 4.9.2026
Topfoods – Acquisition of Delice Plus
We advised Topfoods Oy, a Triton-backed Geia Group company, on its acquisition of Oy Delice Plus Ab, a Finnish supplier of cakes and pastries. Through the acquisition, Topfoods strengthens its retail business and further reinforces its position in the cakes and pastries segment. Founded in 2008, Topfoods supplies selected food products to professional kitchens, the retail sector, and the food industry.
Case published 4.9.2026