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
Metsäliitto Cooperative – A EUR 200 million sustainability-linked revolving credit facility agreement
We advised Metsäliitto Cooperative in relation to a new EUR 200 million sustainability-linked revolving credit facility with a syndicate of eight banks. This new credit facility refinances the existing EUR 200 million facility signed in December 2018 and will be used for general corporate purposes. The facility has a tenor of five years and includes two one-year extension options. The pricing mechanism of the revolving credit facility is linked to two of Metsä Group’s ambitious sustainability targets: Target 1: Zero tonnes of fossil carbon dioxide emissions, Scope 1 and 2, by 2030. Target 2: Share of certified wood in wood supply 100% by 2030. ‘Incorporating sustainability criteria into our financing further demonstrates the company’s strong commitment to actions that reduce our carbon footprint and mitigate climate change,’ says Vesa-Pekka Takala, EVP, CFO of Metsä Group.
Case published 16.1.2025
NoHo Partners – A MEUR 119 Financing Package
We advised NoHo Partners Plc on a 119-million-euro financing arrangement. The financing arrangement frees up a significant part of the cash flow for the business and enables the implementation of an acquisition-driven growth strategy also in the future.
Case published 16.1.2025
CapMan Buyout – Divestment of Renoa Group
We advised CapMan Buyout in the exit of Renoa Group. Renoa Group management together with Korpi Capital and other investors have acquired the group. Renoa Group is a Finnish established expert in the building technology sector specializing in detached houses in Finland and Sweden. Renoa is a major provider of turnkey domestic water & heating, sewer system and electricity network renovations, with significant operations also in Sweden. The Group reported sales of €35 million and employed c. 300 personnel across its 10 offices in Finland and 6 in Sweden. Korpi Capital is a Finnish investment company with holdings in 29 companies.
Case published 14.1.2025
eQ Community Properties Fund – Acquisition of a property portfolio
We advised eQ Community Properties Fund in its acquisition of a property portfolio comprising a health centre in Espoo, a daycare property in Vantaa, an elementary school in Helsinki, and a parking facility property in Helsinki from Ilmarinen Mutual Pension Insurance Company. The lettable area of the first three properties is approximately 13,900 sq.m., while the parking facility offers 120 parking spaces. The portfolio’s tenants include the City of Helsinki, the City of Vantaa, the Western Uusimaa Wellbeing Services County, and Aimo Park Oy. In connection with the transaction, Ilmarinen invested in eQ Community Properties fund as per 31 December 2024.
Case published 9.1.2025